The Union Minister was responding to a query on Karnataka Chief Minister Basavaraj Bommai's statement requesting the Centre to extend the GST compensation period, which ends in June. Union Finance Minister Nirmala Sitharaman on Wednesday said the GST compensation cess period has already been extended till March 2026 to enable the Centre to repay loans taken to compensate all states for the year 2020. During an interaction with reporters, she said, "It's not just for me to take a call. It's for the GST council to decide and we have discussed it." The Union Minister was responding to a query on Karnataka Chief Minister Basavaraj Bommai's statement requesting the Centre to extend the GST compensation period, which ends in June. Elaborating further, Sitharaman said the GST council has already decided to extend the compensation cess period till March 2026. "It is already extended for paying off the loan, which was taken for all the states, for the compensation that could not be paid in 2020. And again, which could not be somewhat, not fully, paid in 2021," the Finance Minister said. As for the GST amount between 2020 and 2021, which was due to the states, with compounded interest at 14 per cent each year, she said in view of it, the central government took a conscious decision at the GST council meeting that it will borrow backto-back and give it to the states. "Both the loan and the repayment, together with the interest itself, will require compensation cess to be extended till March 2026 and that's what we have done. So the amount collected from the extended cess collection will go towards payment of the compensation amount borrowed and the interest on it," the FM explained. On the impact on import of edible oil into the country due to the Ukraine crisis, Sitharaman said India is looking for alternatives. "Edible oil is also an area where we have challenges, where we have to see how we can address it," she said. India is encouraging farmers in the north east region to grow palm, since the climatic condition there is similar to Malaysia and Indonesia. We have taken up palm mission and are helping farmers get into production of palm oil in those areas, where palm can be cultivated, because we import huge quantities of palm oil, both the crude and refined, she added.
Source: Money Control
A new panel of secretaries has been formed, under the watch of the government's topmost think-tank Niti Aayog, for the "privatisation , divestment and closure" of CPSEs in nonstrategic sectors. The Centre, which has set a disinvestment target of Rs 65,000 crore for FY23, is turning its focus towards the privatisation of central public sector enterprises (CPSEs), CNBC TV18 reported on March 9. A new panel of secretaries has been formed, under the watch of the government's topmost think-tank Niti Aayog, for the "privatisation , divestment and closure" of CPSEs in nonstrategic sectors, sources told the news channel. The Department of Public Enterprises (DPE), the Department of Investment and Public Asset Management (DIPAM), the Department of Economic Affairs and the NITI Aayog will suggest the government on selecting the CPSEs for sale, divestment of privatisation, the officials privy to the development reportedly added. The initial work on categorisation of CPSEs for closure, divestment and privatisation has been completed, the report further said. Few CPSEs under the ministries of textiles, commerce & industry, and chemicals & fertlisers have been identified for closure, merger and divestment, the sources claimed. The DPE will be responsible to drive process of closure, whereas, the DIPAM will work on divestment or privatisation of the selected CPSEs, they added. The CNBC TV18 report comes amid the government's announcement of the Union Cabinet approving the formation of National Land Monetisation Corporation (NLMC) to handle the sale of surplus land and buildings of the government, its agencies, and CPSEs. NLMC will be a wholly owned central government entity with an initial authorised share capital of Rs 5,000 crore and paid-up share capital of Rs 150 crore, the government said in a statement.
Source: Money Control
Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, Shri Piyush Goyal today said the Venture capitalists have played a pivotal role in India’s Startup story and in economic growth of the country. Addressing the Indian Venture and Alternate Capital Association’s (IVCA) Conclave, he said they have been driving innovation and bringing new ideas to the fore that is legendary. “Venture capitalists and Angel investors have a very important role to play in the Startup ecosystem. I remember the Prime Minister had once said that the current decade is going to be the ‘Tech-ade’ of India. And this will be a decade where technology & innovation will drive the future of Indian economy, whether it is UPI or Covin. Today we are showing to the whole world what Indian capabilities are and how we can leverage digital platforms from mass transformation of the lives of a billion plus people,” said Shri Goyal, in his Keynote Address delivered through video conference. Shri Goyal said the IVCA can act as a Golden bridge between the Government, Startups, market and consumers and promote innovation. “India has carved a distinct niche for itself in the Startup map of the world. We have over 60,000 Startups and I see it as the DNA of the future of India,” he said. Urging venture capital funds to reach out to the Tier 3&4 towns, Shri Goyal said the Startup Advisory Council recognises there is a large pool of talent in the interiors of India. Domestic capital can play a huge role in the next wave of innovation, he said. “Atal Tinkering Labs are a good example. The whole ecosystem is going to grow by leaps and bounds. Soon ideas will choose what funds to take. Many good ideas have been taken over by small ticket cheques for lack of alternatives. We must seriously look at some kind of instruments and a little more compassion towards these ideas,” he said. Shri Goyal urged the investors & capital providers to focus on 4Fs: • Fostering Innovation & Future Technologies • Facilitate mobilisation of domestic capital • Fast tracking self-reliance: An AatmaNirbhar Bharat • Focus on Tier 2, Tier 3 & Tier 4 cities and towns Shri Goyal said we are on the cusp of reaching the $400 bn merchandise exports mark. “I wish our Startups contribute significantly as we move towards a trillion dollars of Goods and Services exports each,” he said. Shri Goyal said the Startups will play a defining role in the Amritkaal i.e next 25 years, when India completes 100 years of its Independence.
Source: PIB
India's textiles exports are expected to cross $40 billion during the current fiscal, Textiles Secretary UB Singh said on Wednesday. However, he said that if the maximum increase in exports would come from the shipment of cotton yarn, then "I am not too comfortable". "We would not only touch $40 billion exports target, (but) we should be crossing the $40 billion mark this year as far as exports are concerned," Singh said. He asked the industry to look at exports, whether the growth is coming through volumes or price increase. "I would be happy if it comes through larger volumes," he said at a function. The secretary said that some garment industry players have suggested banning the export of cotton yarn or raw cotton, but the government deliberately has not taken those decisions because it does not believe in interfering too much with the market forces. On Mega Integrated Textile Region and Apparel (PM MITRA) parks, he expressed hope that 12 states would come forward for that
Source: Millennium Post
Reopening application window for Production Linked Incentive (PLI) scheme for White Goods has put the spotlight back on this very significant economic reform of the Government of India. The scheme has enormous potential to transform manufacturing sector by encouraging domestic and local productions to the tune of Rs. 30 lakh crore over the next five years, boosting economic growth and amplifying exports. This economic move has the potential to generate around 60 lakh employment opportunities, especially micro jobs which India need the most at this juncture. PLI schemes are also aimed at enhancing competitiveness and leverage the untapped potential of Indian industries to fulfill the vision of an Aatmanirbhar Bharat. Keeping in view this vision, an outlay of INR 1.97 lakh crore had been announced in Union Budget 2021-22 under PLI schemes for 13 key sectors starting from fiscal year 2021-22. With the announcement, significant creation of production, employment, and growth is expected over the next five years and more. Finance Minister Nirmala Sitharaman announced an additional allocation of Rs 19,500 crore under the PLI scheme for manufacturing high efficiency solar modules in her Union Budget 2022-23, besides committing financial support to farmers to take up agroforestry. The PLI schemes presently in place for 14 sectors, are being implemented by the concerned ministries and departments. Earlier, there was no plan to relax PLI scheme for White Goods, but considering their potential, the decision was taken to give this sector a big boost, attracting 42 applicants with indicative investment of Rs. 4,614 crore as on 03.11.2021. The PLI schemes for various sectors are helping a lot to the post-Covid industrial and economic recovery. There appears to be positive industry feedbacks about these schemes as textile, automotive and white goods have started giving a good sign of growth. As per Piyush Goyal, Union Minister of Commerce & Industry, India wants to double its exports of auto components to 30 biliion dollar by 2026, which is presently 15 billiion dollar, though the present global auto component trade hovers around 1.3 trillion dollar. The 14 key sectors coming under the PIL scheme include already existing 3 sectors namely – Mobile Manufacturing and Specified Electronic Components, Critical Key Starting materials/Drug Intermediaries & Active Pharmaceutical Ingredients and manufacturing of medical devices and 10 new key sectors like Automobiles and Auto Components, Pharmaceuticals Drugs, Specialty Steel, Telecom & Networking Products, Electronic/Technology Products, White Goods (ACs and LEDs), Food Products, Textile Products: MMF segment and technical textiles, High efficiency solar PV modules, and Advanced Chemistry Cell (ACC) Battery. PLI Scheme for drones and drone Components, has also been approved by the Union Cabinet in September 2021 taking the tally to 14. The investments made by the companies in different sectors approved under the PIL scheme are different. For example, the companies coming in the category of large scale electronics manufacturing, have invested approximately Rs. 3,000 crore after first of April, 2020, while from pharmaceuticals sector, 55 applications have been approved with a total committed investment of Rs.5146.19 crore. Implementing this scheme, the Government of India does underline the need to reduce logistics costs to make our production processes competitive in global markets. In the process, states are advised to reduce their specific procedural disabilities, if any, to boost the manufacturing sector. They are also urged to undertake suitable amendments in labour laws to take ample advantages of PLIs induced manufacturing growth. The Central government also wants the states to take advantages of the PLI scheme thanks to their relatively low labour costs and huge demographic dividend. Since all states can’t be good in all sectors, hence niche and specific areas are being suggested to excel by taking comparative cost advantage in key areas. States are also advised to work in areas like land acquisition, skill development, government-industry partnership to take maximum advantage of the schemes along with technology transfer between companies and industries, indigenisation of chip manufacturing and localization of the manufacturing of television, air conditioner, Set Top Box, CCTV, mobile handsets and others. Government support is also helping and inspiring AC manufacturers to switch over to CFL-free cooling technology, shifting to clean energy in automobiles sector and indigenous production of magnets and electric motors. Coming back to the recent initiative of the central government, the PLI Scheme for White Goods for manufacturing of components and sub-assemblies of Air Conditioners (ACs) and LED Lights, which was approved by the Union Cabinet in April last year with an outlay of Rs 6,238 crore, was notified by the Department for Promotion of Industry and Internal Trade (DPIIT) on 16 April 2021. Now, applicants were given flexibility to choose the gestation period either up to March 2022 or up to March 2023. The Union Cabinet had given approval for the PLI Scheme for White Goods for manufacture of components and sub-assemblies of Air Conditioners (ACs) and LED Lights on 7.04.2021 in pursuance of Prime Minister’s clarion call for ‘Atmanirbhar Bharat’ to bring manufacturing at the center stage and emphasize its significance in driving India’s growth and creating jobs. The Scheme is to be implemented over a seven-year period, from FY 2021-22 to FY 2028-29 and has an outlay of Rs. 6,238 crore. A total of 52 companies had filed their application for the PLI scheme. After evaluation of all the applications, 42 applicants with committed investment of Rs 4,614 crore have been provisionally selected as beneficiaries under the PLI scheme for the sector. The selected applicants include 26 for Air Conditioners manufacturing with committed investments of Rs. 3,898 crore and 16 for LED Lights manufacturing with committed investments of Rs. 716 crore. Additional applications are invited under Clause 9.2 of the Scheme Guidelines for investments under the Scheme on the same terms and conditions as stipulated in the Scheme Guidelines issued on June 04, 2021, as amended from time to time. The incentive shall be available only for the remaining tenure of the Scheme. The application window for the Scheme shall remain open for the period from the 10th March to 25th April, 2022 (inclusive) on the same on-line portal having URL as https://pliwhitegoods.ifciltd.com/. No application shall be accepted after the closure of the application window. The on-line applications for the Scheme, which is to be implemented over a seven-year period, from FY 2021-22 to FY 2028-29, were invited from 15 June 2021 to 15 September 2021.
Source: News on Air
India and Canada will be holding the 5th Ministerial Dialogue on Trade and Investment (MDTI) from March 10-13. Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, Government of Canada will be visiting New Delhi to attend the event, read the Ministry of Commerce and Industry press release. The meeting will be co-chaired by Piyush Goyal, Minister of Textiles, Commerce and Industry and Consumer Affairs, Food and Public Distribution. During the MDTI meeting, various bilateral trade and investment issues will be discussed in order to further strengthen the bilateral ties and economic partnership including IndiaCanada Comprehensive Economic Partnership Agreement (CEPA), added the release. There has been a strong recovery in bilateral trade in 2021 after the fallout as a result of the COVID-19 pandemic, with bilateral trade in goods reaching USD 6.29 billion registering a growth rate of 12 per cent as compared to the previous year. Total bilateral trade including goods and services crossed USD 11 billion. In the current financial year during April 2021-January 2022, Indian exports to Canada have increased to USD 3 billion approx. registering a growth of almost 25 per cent over the previous year, said the release. Major Indian exports to Canada include drugs and pharmaceutical products, iron & steel products, marine products, cotton fabrics & readymade garments (RMG) and chemicals etc, while key Canadian exports to India comprise pulses, fertilizers, coal and crude petroleum etc.
Source: The Print
Wednesday, New Delhi, 9th March 2022: The Hon’ble Minister of State for Textiles and Railways, Smt. Darshana Vikram Jardosh inaugurated CITI’s Man-Made Fibre Conclave 2022 on 9th March 2022 held through virtual platform. The theme of the Conclave was US$ 450 Billion Global MMF Textiles Trade: Growth Beacon for the Indian Textile Industry. Wazir Advisors was the Knowledge Partner of the Conclave. The Chief Guest, Smt. Darshana Vikram Jardosh, Hon’ble Minister of State for Textiles and Railways, while inaugurating CITI’s MMF Conclave 2022, appreciated the efforts of CITI for organizing such an important Conclave for the MMF Sector which is one of the priority sectors for the Government of India. The Minister stated that the India has to cover a long way to emerge as one of the leading manufacturers of MMF textile products. The Minister stressed that the growth path is not so easy, and India has to face stern competition from the established players of MMF like China, Taiwan, South Korea, etc. in terms of product quality, scale, lead times and prices. However, with increasing labour and manufacturing costs in these countries, there is an ample opportunity for India to attract global investments in the manufacturing of high value-added MMF product categories. The Minister also stressed that the Government is looking towards the inclusive and participative development of Indian textile sector and accordingly, the Government’s central focus has recently been on increasing the textile manufacturing many-folds by developing the best-in-class manufacturing infrastructure, up-gradation of technology fostering innovation, enhancing skills and utilising traditional strengths in the MMF textile sector. The Hon’ble Minister urged to the industry captains to take a quantum jump by heavily investing in the MMF Sector and take maximum advantage of the schemes like PLI and PM MITRA for the holistic development of this particular sector. It will not only increase India’s share in the global trade but also provide huge employment opportunities for the Indian youths. The Secretary (Textiles) while delivering the KeyNote Address stated that the Government has realised that the growth in the textile sector can be achieved only through promoting right policies in the MMF Sector. The world is adopting China+1 policy for obvious reasons, and therefore, it is the right time for the Indian textile manufacturers to boost the trade of MMF products and increase its share in the global arena. The Secretary (Textiles) further said that the Government is aware of the issues of the MMF Sector, however, it will only adopt the right policy measures keeping in view the interests of the larger segment. He said that the PLI and PM MITRA schemes were designed keeping in the mind the growth potential of the MMF Sector and apprised the industry that a number of states have shown interest to be a part of PM MITRA scheme for promoting growth of textile sector in their states and provide adequate employment opportunities. He concluded by saying that good days are ahead and appealed to the industry captains to work in tandem with the Government to emerge again as the second largest exporter of T&A products in the world within the next 2-3 years. While delivering the Welcome Address, Shri T. Rajkumar, Chairman, CITI thanked the Hon’ble Minister of State for Textiles and Railways, Smt. Darshana Vikram Jardosh Ji, for inaugurating CITI’s MMF Conclave 2022. He also thanked the Hon’ble Secretary (Textiles), Shri Upendra Prasad Singh, IAS, for taking out his precious time and delivering the Special Address in the Inaugural Session. Shri Rajkumar congratulated the Hon’ble Union Minister of Textiles, Commerce & Industry, Consumer Affairs and Food & Public Distribution, Shri Piyush Goyal for successfully signing the India-UAE Comprehensive Economic Partnership Agreement (CEPA). He said that the textile industry is very excited about this trade pact and is also optimistic about the ongoing trade agreements with the leading Textile & Apparel markets such as Australia, UK, EU, Canada, etc. Chairman, CITI also thanked the Government for giving special emphasis to the MMF Sector by announcing Production-Linked Incentive (PLI) Scheme and PM Mega Integrated Textile Region and Apparel (PM MITRA) Parks Scheme, which according to him, will be a game changer for the Indian textile industry. Shri T. Rajkumar pointed out that the issues, such as, inverted duty structure, lack of technical know-how, huge dependence on imported machineries, etc. are acting as bottlenecks in the overall growth of the Indian MMF Sector. He urged to the Hon’ble Minister to bring the entire MMF value chain under 5% GST ambit to address the issue of inverted duty structure and also requested to announce schemes for the production and development of MMF raw-materials similar to that of natural fibres like cotton, wool, silk, jute, etc. The eminent speakers, industry captains, moderators and subject-experts from the entire textile value chain brainstormed the Sessions on “Global Market Situation and Emerging Trends in the MMF Based Textile Industry” and “Growth Opportunities for Indian Companies in the MMF Sector”. The 1st Session was Chaired by Shri O.P. Lohia, Chairman, Indorama Synthetic (I) Ltd. The Panelists deliberated upon the current state of affairs in the global MMF textile industry covering consumption & trade patterns and emerging market and product trends. The 2nd Session was chaired by Ms. Roop Rashi, IA&AS, Textile Commissioner, Government of India. In this Session, the Panelists held detailed discussions on specific business opportunities for the Indian textile stakeholders in the context of changing global scenario and Government thrust on MMF Sector. Shri Rakesh Mehra, Deputy Chairman, CITI and Chairman, Banswara Syntex Ltd. proposed Vote of Thanks in the Inaugural Session. Shri R.K. Vij, Advisor, Indo Rama Synthetics (I) Ltd. proposed Vote of Thanks on the successful completion of CITI’s MMF Conclave 2022 and thanked the Knowledge Partner – Wazir Advisors, Sponsors, Media Persons and Delegates. The MMF Conclave 2022 was attended by over 500 plus delegates from all over the world and was a huge success.
Source: Press Release
The Centre has asked the state governments to send their proposals for the establishment of textile parks under PM MITRA by March 15. At least nine states have submitted proposals for setting up Mega Integrated Textile Region and Apparel (PM MITRA) parks announced in the Union Budget for 2021-22, Darshana Vikram Jardosh, minister of state for textiles & railways, said on Wednesday. The states that have shown interest are Tamil Nadu, Punjab, Odisha, Andhra Pradesh, Gujarat, Rajasthan, Assam, Madhya Pradesh and Telangana. Proposals are expected from many other states, she added. The Centre has planned to invest around Rs 4,445 crore by 2027-28 to develop these parks with world-class infrastructure, including plug-and-play facility for investors in the sector. The Centre has asked the state governments to send their proposals for the establishment of textile parks under PM MITRA by March 15. Speaking at a webinar organized by the Confederation of Indian Textiles Industry (CITI) on man-made Fibre (MMF), the minister said that MMF accounts for 60-65% of the total textile trade globally. MMF has overtaken natural fibre in terms of consumption in the last decade. In contrast, cotton continues to dominate the textile and apparel sector in India and accounts for more than 60% of the total trade. India’s contribution in MMF is very small as compared to China, despite the fact that India is the world’s second largest producer of polyester and viscose, she said. The new Mega Mitra scheme will help bring in investments in the sector on a large scale, she said. The government has set a target of $ 100 billion exports in textiles by 2025-26 and MMF can play a major role in this, the minister said. China’s share in MMF textiles (as of 2019) is 38%, while new entrants Bangladesh and Vietnam have already mopped up 9% and 6% share, respectively. In the last few years, the government has taken several steps to encourage MMF, including scrapping the anti-dumping duty (ADD) on viscose staple fibre (VSF), a manmade cellulosic fibre, purified terephthalic acid (PTA), a key raw material to make polyester staple fibre and acrylic fibre. The government also announced a productionlinked incentive (PLI) scheme for textiles with focus on MMF and technical textiles was announced, involving incentives worth Rs 10,683 crore, the minister said. Army clothes, balloons, furnishings and technical textiles will get a boost through this scheme, she mentioned. This was quickly followed by the Remission of Duties and Taxes on Export Products (RoDTEP) scheme to reduce the tax burden on exporters and make them more competitive in exports, the minister said. The government is in the process of signing free trade agreements (FTAs) with major countries such as the UAE, which was signed recently. The FTA is India’s first comprehensive trade agreement in a decade and under the deal, duty is eliminated on 80% of tariff lines and it is expected to bring in $2 billion revenues in the next five years, according to the minister. India is also in the process of working on FTAs with Australia, the UK and Canada. India still has a long way to go and has to compete with countries strong in MMF such as China, Korea and Taiwan, she said.
Source: Financial Express
Moroccan industry and trade minister Ryad Mezzour has said that the entrepreneurs of Bangladesh and Morocco should enter into joint ventures in potential sectors. He has also said that Bangladesh and Morocco should enhance the institutional cooperation. The Moroccan minister came up with the ideas when state minister for foreign affairs Md Shahriar Alam met with him recently at his office. He highly commended the socio-economic development of Bangladesh noting that Bangladesh’s economic progress has set an example for other nations. The state minister proposed that given the excellence of Morocco in agriculture, Bangladeshi entrepreneurs may establish contract farming in Morocco with participation of Moroccan agriculture entrepreneurs. He invited the Moroccan business delegations to visit Bangladesh to identify possible areas of mutual trade and investment. Shahriar Alam also suggested initiating discussions on a preferential trade agreement with Morocco, said the ministry of foreign affairs on Wednesday. The representatives of FBCCI commented that there should be B2B contacts between the two countries. The state minister also met with minister of agriculture, maritime fisheries, rural development and water and forests of Morocco Mohammed Sadiki at his office. The state minister was accompanied by the ambassador of Bangladesh in Morocco, officials of the foreign ministry and representatives of business manufacturing industries, and chamber representatives including e-commerce, textile and pharmaceuticals sectors. Shahriar Alam said as a part of developing Bangladesh’s relations with the external world, the government of Bangladesh has been enhancing contacts with like-minded countries. He said the government of Bangladesh was keen to establish contract farming in Morocco as Bangladesh had expertise in the agriculture sector. The state minister also sought cooperation with the Moroccan government on blue economy areas, especially, deep sea fishing and long line fishing. The Moroccan minister of agriculture and maritime fisheries informed the Bangladesh delegation about the green development plans of Morocco. He mentioned that the Moroccan government encourages investment in the agricultural sector by foreign countries. The state minister proposed that the Moroccan investors can invest in agro processing and agro-food processing sectors in Bangladesh. He also met with Youssef El Bari, director general of Moroccan Investment and Exports Development Agency. He said Bangladesh wants to enhance mutual trade and economic relations with Morocco and pointed out that Bangladesh’s trade with African countries is not at a satisfactory level. The state minister stated that Bangladesh has excellence and expertise in the readymade garments sector and Bangladesh wants to establish cooperation with Morocco in this particular sector. He also suggested that Bangladesh’s pharmaceutical companies can be allowed to export pharmaceutical products to Morocco and there might be joint collaboration in production of pharmaceuticals. The director general of the AMDIE said RMG, pharmaceuticals, automobiles and chemical products are potential sectors of cooperation between Bangladesh and Morocco. He encouraged Bangladeshi investors to invest in Morocco. The representatives of pharmaceuticals industries stated that Morocco may import more pharmaceutical products from Bangladesh. The representative of Bangladesh Garments Manufacturers and Exporters Associations invited the Moroccan businessmen to establish a joint venture in the textiles sector in Bangladesh. Earlier on March 7, the state minister joined the programme marking the historic 7th March organised at Bangladesh Embassy in Rabat.
Source: Newage
Promoting two-way trade between Vietnam and the European Union (EU) and attracting foreign direct investment (FDI) inflows from the bloc are the two main pillars in implementing the EU-Vietnam Free Trade Agreement (EVFTA), experts told a recent workshop in Hanoi. Vietnamese exports focus on a few large markets like Germany, the Netherlands, France and Italy, while staying modest to other markets throughout the bloc. Statistics from Vietnam’s ministry of industry and trade indicate despite the negative impact of the pandemic, two-way EU-Vietnam trade reached $57 billion last year, up by 15 per cent from the previous year. Of the total value, the country shipped $40.07 billion worth of exports to the EU, an increase of 14 per cent, while it spent $17 billion on imports from the bloc, up by 16.1 per cent compared to 2020. Andreas Soffers, country director of the Friedrich Naumann Foundation for Freedom Institute in Vietnam (FNF), suggested Vietnamese businesses open the market up to each EU member state more strongly, reasoning that the bloc proves to be a neutral and fair trading partner amid rising tensions between the United States and China. The faster that market penetration occurs, the greater benefits Vietnamese export industries will reap from the process, the researcher was quoted as saying by a Vietnamese media outlet. Vietnam attracted more than $31 billion in FDI capital last year. The majority of the capital flows were sourced from Japan and South Korea, while capital from the EU remained limited.
Source: Fibre 2 Fashion
American multi-national firm, Nike, has launched a variety of seasonal collections that scale sustainable materials and methods to help Nike accomplish some of its ambitious 2025 sustainability targets — like reducing its greenhouse gas emissions by half a million tons and diverting 100 per cent of waste from its extended supply chain out of landfills. These capsules, which cover popular apparel and footwear silhouettes, from Tech Pack to the Air Max Motif, show the impact Nike can have when it scales its innovations. For the spring/summer 2022, Nike sportswear capsule collection, design teams and manufacturers collaborated to transform manufacturing waste into new canvas, fleece and rain jacket materials for iconic sportswear styles, from an everyday pant to technical outerwear. A Nike icon, the WinRunner jacket is made with at least 75 per cent recycled TPU, the company said in a press release. In fact, each piece in the capsule is made with at least 50 per cent recycled and/or organic materials. The woven track jacket is made with 100 per cent sustainable materials using a blend of recycled nylon and organic cotton fibres. (The blend is at least 10 per cent recycled fibres or at least 10 per cent organic cotton fibres.) The Women’s parka is made with at least 75 per cent recycled polyester. The insulated vest features Thermore EcoDown Marble insulation made with 100 per cent recycled polyester fibres. The beautiful washed colour featured in the woven unlined overalls and high-rise woven pants are the result of a dyeing process that uses fewer chemicals than conventional methods. Nike Pro apparel shows how Nike is working to achieve its 2025 targets by scaling lower-impact materials in high-volume products. A prime example: Since spring 2021, all Women’s Nike Pro shorts and tights — seven million units a year — have been made with at least 50 per cent recycled polyester. In fact, most Nike Pro options are now made with at least 50 per cent recycled polyester. If Nike Air was a standalone athletic company, based on revenue, it would be the third-largest in the world. At that scale, Nike Air technology and Air Max are significant players in advancing Nike’s sustainability targets. For spring 2022, teams took on the challenge of redesigning Air Max classics and creating new styles through the lens of sustainability, specifically by using more synthetic leather and recycled polyester. The Air Max 90, 95 and 97 — Nike’s most iconic and high-volume Women’s models — now feature uppers made with at least 25 per cent recycled synthetic leather and 100 per cent recycled polyester. The contemporary designs and sensational comfort of the Nike Air Max 2021, Air Max Dawn and Air Max Motif are now created with at least 20 per cent recycled content by weight, according to Nike. The Nike Waffle One Crater Next Nature, Nike Blazer Mid ’77 Next Nature and Nike Dunk Low Next Nature are each made with at least 20 per cent recycled content by weight and feature some combination of recycled polyester, recycled synthetic leather and Nike Grind rubber. Delivering iconic style with less environmental impact honours Nike’s roots while looking to its future. The Nike Sun Club Pack brings the fun and sustainability-minded designs to summer 2022. Features such as recycled textile uppers, recycled synthetic suede and recycled laces show up in silhouettes like the Nike Air Max Pre-Day, Nike Blazer Low ’77 NN, Nike Air Force 1 LV8 NN and Nike Court Vision Lo NN. Each Sun Club silhouette is made with at least 20 per cent recycled content by weight.
Source: Fibre2 Fashion
The fashion industry in Nigeria is beset with different problems. Why is Nigeria's fashion industry not contributing much to its annual Gross Domestic Profit (GDP) despite having a population of over 200 million people? This is not the same situation in other countries. The United States, the largest apparel market in the world, raked in approximately $359,906.12 billion in revenue. According to Statista, the revenue of the global fashion market in 2020 was approximately $1.46 trillion U.S. dollars; it is anticipated to increase to about $2.25 trillion by 2025. Africa's share of the global apparel market is less than one percent. According to Euromonitor, the Sub-Saharan African fashion market is valued at $31 billion, Nigeria's share in that is 15 percent, a mere $4.7 billion. Why is this so? To tackle this, we have to start from the root of all clothing production - textiles and fabrics. Nigeria still imports most of its fabrics from China, even though Cotton is found in 26 of Nigeria’s 36 states and Nigeria is the fifth-largest cottonproducing country in West Africa. As of 2019, Nigeria spent $312,464.56 million to import textiles from China. Although the CBN has attempted to revive textile production in the country by banning the importation of finished textiles and offering loan services to cotton farmers. These textile materials are smuggled into Nigeria through neighbouring countries' borders. This is because the government needs to oversee the entire process from production to distribution, and create a effective industry and market regulation. However, with textile companies lying fallow this does not seem possible. According to Manufacturing Agency of Nigeria (MAN), in the 1970s and early 1960s, Kaduna, Kano, Lagos and Aba had over 100 functional textile factories but this is not the story today.In 2010, these textile industries were less than 25. Before the untimely demise of these industries, they contributed about N6 billion naira yearly to Nigeria's GDP. With inflation and devaluation of the Nigerian currency, the cost of running businesses is at an all-time high. Business owners have to provide their own water, buy raw materials and machines, pay for electricity, rent and staff salaries. Staying profitable might be more important than contributing massively to the GDP. Nigeria's Bank of the Industry has loans for the fashion industry with an interest rate of nine percent to alleviate some of the hardships fashion designers face. But is this enough? What designers need is foreign direct investment like we see in Tech. The fashion industry is divided into design and production on one side and then sales and distribution on the other hand. Nigerian fashion designers need to have a better distribution model. Few fashion designers have stores in other states apart from Lagos and Abuja. When it comes to distribution, reliance is placed on unreliable courier services with high delivery fees. All is not gloom. Events like Lagos Fashion Week, GTB Fashion Weekend and Arise Fashion week put Nigeria's fashion industry in the limelight and showcase many Nigerian designers. Certainly, many Nigerian designers have gained international recognition. Kenneth Ize, a Lagos Based but Austria born fashion designer was an LVMH 2019 Prize finalist. He recently collaborated with Karl Lagerfeld to release a capsule collection. Interestingly, Ize uses Aso-Oke fabrics locally made in Nigeria. Other notable Nigerian designers with global impact are Lisa Folawiyo, Deola Sagoe, David Wej and Andrea Iyamah but their outfits are high end. Andrea wants to make clothes of international standard and not for the average Nigerian. The market for haute couture designs is not the average Nigerian and, not even most Nigerian celebrities. Nigerian celebrities have Lagos based fashion designers like Xtrabrides Lagos, Chic by Veekee James, Tubo, and 2207 by Tbally churning beautiful but similar outfits for them. But where does that leave the average Nigerian who finds some of these Nigerian designers outrageously expensive? Affordable ready-to-wear fashion that cater to average Nigerian are rare. Nigerians are still heavily importing ready-to-wear clothes from China and buying thrift or used clothes or relying on our brothers in Abia.
Source: Pulse
The Fashion Institute of Technology (FIT) with The Museum at FIT (MFIT) is presenting Asian Americans in New York Fashion: Design, Labour, Innovation. Conceived and organised by graduate students in the Fashion and Textile Studies programme, the exhibition is celebrating the Asian American community's significant contributions to the fashion industry. The ongoing exhibition is providing recognition of the need for greater support for Asian Americans and their continued significance to the fashion industry, especially following the recent rise of racially motivated attacks, MFIT said in a press release. Asian Americans in New York Fashion: Design, Labour, Innovation is divided into two sections, the first of which focuses on fashion production, labor, and the use of materials in the design process from the 1980s to the 2010s. The second section explores design narratives from the 1950s to the present, which exemplify a variety of Asian American fashion aesthetics. The exhibition is slated to run till March 27, 2022. Organised by the graduate students in the Fashion and Textile Studies programme, Asian Americans in New York Fashion: Design, Labour, Innovation is featuring a perspective on fashion production, including issues of labour and the use of materials in the design process. The exhibition centres on exploring design narratives, exemplifying the variety of Asian American design. This exhibition is comprised of designs by YeohleeTeng, Vivienne Tam, Naeem Khan, Thakoon Panichgul, Vera Wang, and Prabal Gurung, among others The exhibition opened with an illustration by Ruben Toledo titled “The Tug of War Continue,” featuring designers Anna Sui, Vivienne Tam, and Zang Toi acting as pillars supporting one another and the American fashion industry as a whole. Their positions in the industry have been recognised by the Council of Fashion Designers of America, with all three receiving honours and awards.
Source: Fibre2 Fashion
