In order to meet the growing demand and capture business opportunities, in April 2022, Indo Count acquired the home textile business of GHCL including its manufacturing facility of 45 million meters. With this acquisition, Indo Count becomes one of the world’s largest home textiles bedding manufacturer with a presence of more than three decades, Indo Count is the largest manufacturer and exporter of bed sheets, bed linen, and quilts from India. It is recognised among the top three global bed sheet suppliers in the US. The product basket of the company includes sheet sets, fashion bedding, utility bedding and institutional bedding. Indo Count is a four-star export house and has state-of-the-art manufacturing facilities at Kolhapur, Maharashtra. With the successful acquisition of the home textile business of GHCL, the company now has presence in twin states geographies viz. Gujarat and Maharashtra.Starting with a capacity of 36 million meters, the company has enhanced its capacity to 135 million meters and 18 million meters is under progress. The company has three divisions, namely, spinning, home textiles and retail. As Anil Kumar Jain, Executive Chairman, Indo Count, said: “We believe in preparing ourselves in capturing future opportunities and we never rest on our achievements. To maintain consistent performance for the coming years, we were looking at building capacities and strategic investments. I am delighted to share that in April 2022, Indo Count successfully completed the acquisition of the home textile business of GHCL.”
Source: The Textile magazine
First phase is expected early next fiscal year; CBIC in talks with six major concerned regulatory agencies with the vast majority of export matters. A new web-based system for faster export consignment clearance is likely to be rolled out in a graded manner, starting early next financial year (2023-24), according to government officials.
Source: The Business Standard
Withdrawal of EU Generalised System of Preferences (GSP) for certain sectors, goods and services tax on ocean freight, export duty on stainless steel, longer period of realization and repatriation of export proceeds, and a demand slowdown in China and the US are some concerns exporters flagged with the government amid slowing growth of merchandise shipments
Source: The Economic Times
Indian trade service officers would be engaged more in the negotiations of free trade agreements (FTA), industry deliberations and policy-making, Commerce Secretary Sunil Barthwal said on Tuesday. He was addressing an Indian Trade Service Officers conference, which was held at Kevadia, Gujarat. It was conducted for brainstorming on future foreign trade policy (FTP), and to formulate sector-wise and state-wise export strategies to boost exports from India. Over 75 officers attended the conference.The secretary emphasised the importance of specialising in the specific area of international trade. He underlined the importance of institutional memory for any department and urged the trade service officers to specialise, and become a more effective resource for the Department of Commerce."He also laid out the plans for deeper engagement of the cadre into FTA negotiations, industry deliberations and policy making," the commerce ministry said in a statement.Earlier, Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi stated that sector-wise and state-wise export promotion strategies need sharper focus in coming years to achieve USD 2 trillion of exports in merchandise and services by 2030. The officers have been divided among 10 sector-specific groups that focus on specific sectors of the industry, including goods, projects, and services.The teams are working to develop a sector-specific strategy in collaboration with experts, industrialists and export promotion councils, it said. "A presentation on the Global Trade Promotion Organization (GTPO) was also made. GTPO is a key recommendation of BCG consultancy in their report for revamping the Department of Commerce. GTPO is expected to play a key role in future export promotion initiatives in the country," the statement noted.The proposed body would be manned by the trade service officers at key positions, it added.
Source: The Economic Times
India is working with a vision to bring the entire world together to achieve the common objective of a better future during its G20 presidency, even though the world is going through a deep crisis, Prime Minister Narendra Modi said on Tuesday.Unveiling the logo, theme, and website of India’s upcoming G20 presidency, the prime minister said India’s national flower lotus was the inspiration for the logo with the theme of ‘One World, One Family, One Future’. Earth is placed above the lotus in the logo with the seven petals of the flower representing the seven continents. “With its ‘One Sun, One World, One Grid’ slogan, India has called for a revolution in renewable energy. With its ‘One Earth, One Health’ vision, India has also started a campaign to strengthen global health. And now in G20 as well, our mantra is ‘One Earth, One Family, One Future’. It is these thoughts, this culture, these values of India that will pave the way for the welfare of the world,” Modi said. The prime minister will be travelling to Indonesia next week to attend the G20 summit, where the presidency of the next G20 will be formally handed over to India. The country will assume the G20 presidency on December 1, 2022. Modi said India’s G20 presidency is coming at a time of crisis and chaos in the world. “The world is going through the aftereffects of disruptive, once in a century pandemic, conflicts, and a lot of economic uncertainty. The symbol of lotus in the G20 logo is a representation of hope in these times. No matter how adverse the circumstances, the lotus still blooms,” he said. “Even if the world is in a deep crisis, we can still progress and make the world a better place. In Indian culture, both goddesses of knowledge and prosperity sit on a lotus. This is what the world needs most today. G20 aims to bring the world together in harmony, while respecting diversity,” Modi said.
The 18th G20 Heads of State and Government Summit will take place on September 9-10, 2023, in New Delhi. The Summit will be a culmination of all the G20 processes and meetings held during the year among ministers, senior officials, and civil societies. A G20 Leaders’ Declaration will be adopted at the conclusion of the New Delhi Summit, stating leaders’ commitment towards the priorities discussed and agreed upon during the respective ministerial and working group meetings. During its G20 presidency, India will be holding about 200 meetings in 32 different sectors at multiple locations across India. The G20 Summit to be held next year would be one of the highest-profile international gatherings to be hosted by India. A look at the newly launched G20 website shows India has invited the leaders of Bangladesh, Egypt, Mauritius, the Netherlands, Nigeria, Oman, Singapore, Spain, and the UAE for the G20 summit. The list of special invitee nations changes every year and is usually fixed at the discretion of the host nation. Modi said India’s role as president of G20 is very important at a time the world is looking with a lot of hope towards collective responsibility. “On one hand, India has close relations with developed countries and on the other, it understands the views of developing countries very well and it gives voice to them. It is on this basis that we will create a framework for G20’s presidency along with all those countries of the global south that have been for decades fellow travellers of India in the development journey,” he said. Modi said India can assure every human in the world that both “pragati (progress)” and “prakriti (nature)” can go hand in hand. “We have to make sustainable development an integral part of human lives and not limit it to the government system. The environment is for us, a global cause, but it needs to become a personal responsibility, as well,” he added. G20 is the premier forum for international economic cooperation representing around 85 per cent of the global GDP, over 75 per cent of the global trade, and about two-thirds of the world population.
Source: The Business Standard
A 40 per cent quarter-on-quarter (QoQ) growth was witnessed in leasing among India’s logistics and industrial businesses during the July-September quarter this year. The growth was 18 per cent on a yearly basis, according to a report by real estate consulting firm CBRE South Asia. Among cities, Delhi National Capital Region (NCR) and Mumbai led absorption, together accounting for 57 per cent share. In the first nine months this year, 22 million leasing activities took place—almost stable on an year-on-year (YoY) basis. Sectors that dominated leasing included third-party logistics (50 per cent), engineering and manufacturing (17 per cent), retail (9 per cent), e-commerce (7 per cent) and fast-moving consumer goods (4 per cent). Total supply addition of 13 million sq. ft. was recorded during same period in 2022, the report, titled ‘India Market Monitor—Q3 2022’, said. Holistic policy initiatives such as PM GatiShakti, and National Logistics Policy, among others, are anticipated to transform the sector and bring it to par with global standards, the report added.
Source: Fibre2Fashion
As the jobs in the service industry grow and India moves on from the primary sector, challenging the assumption that India’s growth is a jobless growth, Morgan Stanley believes that the per capita income will increase from $2200 today to $5200 by 2031.
Zoya Springwala
India has the potential to turn into the world’s third largest economy, driving a fifth of the world’s economic growth in the next decade – significantly rising from 14.7% in the last ten years. The primary factors that will contribute to this boom are an increased focus on India’s manufacturing capabilities and outsourcing of jobs to India, which in turn will fuel discretionary consumption spending as incomes rise, Morgan Stanley said in its recent report ‘Why This Is India’s Decade’.
Outsourcing to boost job creation, domestic consumption
A large number of global jobs were outsourced and offshored to India during the pandemic, so companies could save on labor costs. Global captive centers grew and employment rose significantly. Morgan Stanley said offshoring is a structural change, since the labor skills, lower wages and higher productivity has led to many large companies setting up permanent captive centers.
This could mean that India’s large talent pool will benefit greatly from the influx of jobs and give India a large share in global IT services expenditure. As the jobs in the service industry grow and India moves on from the primary sector, challenging the assumption that India’s growth is a jobless growth, Morgan Stanley believes that the per capita income will increase from $2200 today to $5200 by 2031.
Manufacturing gaining pace too, finally
However, the services sector and outsourcing aren’t the only factors that will contribute to India’s large-scale growth. The manufacturing sector in India has traditionally played an important role in the economy and contributes 15% to the GDP. While the report believes that the sector’s contribution to the GDP will increase to 21% by the next decade, the government wants it to contribute 25% by 2025 and launched significant reforms to foster the sector’s advancement. The PLI schemes launched by the government focus on vital sectors seeing rising demand or essential to building manufacturing capacities. Some sectors that have seen great government involvement are semiconductors, textiles, autos & drones, along with large scale electronic manufacturing. The government has also cut the corporate tax rate and incentivized new manufacturing firms to boost manufacturing. Their labor reforms provide healthier working conditions, the logistics portal reduces the costs of logistics, while all permits for construction have been simplified and are issued within stringent deadlines.
India – Factory of the world, thanks to infrastructure
India could turn into the ‘factory of the world’ since they are also revamping their domestic infrastructure which will aid manufacturers. Over 2,000 projects from the National Infrastructure Pipeline, including bridges, roads and railways, have already been implemented, which will benefit the manufacturing landscape. With better project preparedness, it will be much easier for firms to attract foreign investments. More companies are benefiting from the government’s PLIs and other policies, which encourages healthy competition and diffuses the concentration of capital, the report said.
Potholes to watch on the road to prosperity
Several elements, including strong domestic consumption, a developing middle class and a high ROI, make India a reliable investment location. Moreover, institutional support for the sector is boosting production and job creation, while reducing dependency on imports and increasing exports. Combined with the broadening services sector and offshoring, India could see immense growth within the next decade.
Even though India is relying on these factors, there could still be many speed bumps in the way. As India takes its cues from the global economy and the threat of global recession looms, India might be negatively impacted due to the rise in commodity prices or any supply chain disruptions. This could pose an impediment to India’s economy, curtailing its growth to the $7.5 trillion economy the report believes the country could reach by 2031.
Source: The Financial express
Sustainability in the finance sector can be measured through business practices and internal management. The finance sector has the power to create huge change through lending to, investing in, or insuring businesses that have an ethical sustainability policy. By doing so, businesses across all other sectors will need to revaluate their practices to be supportive of the environment. Organisations such as the WWF are calling on the finance sector to invest in more low carbon and sustainable sectors, and support innovation and research. The internal operations of individual businesses within the finance sector is also an area that needs examining. It has been the norm for organisations in the sector to have large and impressive office spaces in major cities across the country. As the finance world moves towards making better decisions for the circular economy, the amount of real estate necessary for the running of a business should be assessed. Workers are spending less time at the office, with recent findings stating 31 million square feet of empty work space is currently taking up central London. Many companies are choosing to downsize as a result and the future of the office is under scrutiny. If finance businesses do decide to cut down on their real estate, the next question is how to do this in line with the circular economy principles. One straightforward solution could be to repurpose the building so it can be used for another business. Instead of tearing down a whole building and using new resources to build something else, the infrastructure should stay the same. More simple amendments such as the building’s aesthetics can be changed to suit its new usage.
Source: The Global banking and finance
Austrian cellulosic fibre producer Lenzing Group has released a suite of new features on its E-Branding service platform that is now available across its textile brands. Lenzing Group says users will be able to use the new features – Artwork Approval, Fiber Blending Quick Check Tool, Onboarding Tool, E-Branding Master Class and E-Branding Helpdesk – for an enhanced experience providing greater convenience. These new features are available for the company’s Tencel, Lenzing Ecovero and Veocel brands. They also complement existing services, such as fibre certification, application for product licenses, and branding materials.
“Since the introduction of Lenzing E-Branding Service in 2018, we have been on a mission to pioneer the digitalisation of value chain management,” said Harold Weghorst, vice president of global marketing and branding at Lenzing Group. “While we remain committed to providing unprecedented traceability across the industry value chain, ensuring better user experience remains the key foundation of the Lenzing E-Branding Service. “With our latest upgrade, users can leverage the new Artwork Approval process to access licensed marketing or co-branding materials with a few clicks, and learn about our service offerings via a suite of comprehensive resources. While material verification during the production process is important, we will not stop there. We aim to extend such verification services to finished garments, enabling greater traceability along the value chain.”
Artwork Approval – As more consumers become aware of greenwashing, there is a growing need for brands and retailers to enhance descriptions of the sustainability elements in their products. Since 2017, the number of applications for fabric certifications, product licenses and swing-tickets in the E-Branding Service platform has grown exponentially, by around 1.5 times annually. To address the growing need for co-branded marketing content, the Artwork Approval process was launched to ensure fast turnaround for artwork confirmations. With a structured online collection of approved artworks, users can access their artwork collection anytime, anywhere, and apply selected artwork for multiple license applications.
Fiber Blending Quick Check Tool – To ensure accurate labelling of product ingredient, fabric manufacturers can leverage the new Fiber Blending Quick Check Tool to easily check whether the planned fibre blend of a specific fabric is in accordance with Lenzing’s Certification Standards. The tool can also verify the correct Lenzing fibre brand for each fibre type, which significantly helps retailers promote the final product among consumers. The Fiber Blending Quick Check Tool can be found on the landing page of the E-Branding Service. It is accessible to all visitors to the platform and does not require one to register.
Onboarding Tool, E-Branding Master Class and Helpdesk – To support the increasing number of users from different regions, the new E-Branding Service Onboarding Tool features a series of step-by-step guides that advises users on how to use the platform’s features. The recently launched E-Branding Masterclass also enables users to expand their knowledge of the platform through live webinars and recorded self-study learning modules covering certification and licensing of Lenzing’s Tencel Veocel and Ecovero brands. The self-study learning modules are available in English with subtitles in ten languages. The E-Branding Masterclass is supplemented by the E-Branding Helpdesk service which provides users with live support from a dedicated team of Helpdesk specialists, creating a comprehensive knowledge sharing platform. Last month, Lenzing Group became a partner of the recently-launched CISUTAC (Circular and Sustainable Textile and Clothing) project co-funded by the European Union (EU).
Source The just-style
The EU is leading the global pathway towards sustainable clothing… but a course correction is needed. Do more. Go further. Be ambitious. That’s the message to industry from consumers, investors and policymakers when it comes to tackling the biggest issues we face as a society. Attitudes are changing and we are demanding more from businesses, not least when it comes to the environment. Europe has a history of leading the way in sustainability measures, so it is no surprise that the EU wants to promote a more sustainable textiles industry. The European Union is intent on “putting fast fashion out of fashion”. That is the very clear ambition for the EU’s strategy for sustainable and circular textiles. Textiles are the fourth largest cause of environmental harm after food, housing, and transport.
These efforts are laudable and, if done right, could have a huge impact. Textiles are the fourth largest cause of environmental harm after food, housing, and transport according to the European Environment Agency. Between 2000 and 2014, global clothing production more than doubled. We are buying more clothes than ever before and throwing them away even faster. This problem of overconsumption, fueled by a surge in production of cheap, fossil fuel-based textiles, must be addressed. Fossil fuel-based fibers, such as polyester, recycled polyester and nylon, now make up 62 percent of global fiber production, and this is expected to continue growing rapidly. When fewer and better products are produced, it will be possible to use those we have for longer, and circular textile models such as repair, rental, reuse and recycling will become viable. The European Commission is seeking to address the environmental damage done by the textiles industry and make the transition to a circular textile economy. The EU Ecodesign for Sustainable Products Regulation and the upcoming proposal for the substantiation of green claims are both critical efforts. However, a change in course is needed for the Commission to deliver its laudable goals.
The Commission has cited the Product Environmental Footprint (PEF) methodology as a possible tool to deliver those pieces of legislation. But the methodology is out of date. It doesn’t include indicators for microplastic pollution, plastic waste and circularity that are critical for the EU if it wants to achieve its goals.
Put simply, the EU cannot manage what it does not measure.
Put simply, the EU cannot manage what it does not measure. Failing to include these indicators targeted at fast fashion will give brands license to greenwash, guiding well-intended consumers to unintentionally purchase more, rather than less, fossil fuel-based, fast fashion products. Adding these new indicators to PEF, and giving them sufficient weighting against the other 16 indicators to have meaningful impact on the overall PEF score, is vital to influencing consumer choices and delivering the EU’s goals.
Synthetic clothing accounts for more than a third of primary microplastic release to the world’s oceans. It should be reflected in the overall PEF score as a main indicator. Too much is known about the scale of microplastic pollution and its environmental impacts to hide this information from consumers. Circularity must be prioritized in any tool that is being used to deliver on the EU’s circular economy goals. The Commission claims that circularity is already addressed in PEF. But its definition of circularity is extremely narrow — especially compared to credible indicators such as the Ellen MacArthur Foundation’s Material Circularity Indicator — omitting or under-weighting important attributes such as biological circularity.
A clearly-defined plastic waste indicator is also necessary given the significant contribution of synthetic clothing to fast fashion, Europe’s landfills are overflowing with discarded clothing and the goals of the EU’s Plastics Strategy. This is not a controversial idea — solid waste production is the least-preferred option in the EU waste hierarchy. Current PEF calculations for a polyester sweater demonstrate that the score only increases by 0.7 percent if the sweater goes to landfill, because of the minimal prioritization placed on plastic waste. This is not enough for a product that will not biodegrade and will remain in landfill indefinitely.
Ensuring that consumers can easily access reliable information about a garment’s environmental impact and make responsible purchasing choices is key to driving the necessary changes in the textiles sector. In an industry flooded with greenwashing, facilitated by brand-dominated and self-governed definitions of sustainability, the need for regulation and harmonized claims for consumers has never been more important.
This was recently signaled by consumer authorities in both the Netherlands and Norway when they issued joint guidance on the use of the Higg Material Sustainability Index (MSI) tool to communicate product sustainability, stating that environmental claims based on the Higg MSI methodology need to be revised to mitigate the risk of misleading consumers. The two authorities send a timely and important message to the fashion industry and governments: environmental claims need to be accurate if they are to empower consumers to make well-informed and truly impactful purchasing decisions.
Only with a change in course will the EU reach its goals sooner, meet the high expectations society has for its leaders and put fast fashion out of fashion.
Source: The Politico
South Korea recently unveiled its maiden container freight index to better reflect shipping rates on Asian routes, according to its oceans and fisheries ministry, which said the Korea Ocean Business Corporation (KOBC) Container Composite Index (KCCI) stood at 2,892 for the second week of November.KCCI is based on rates for cargo on 13 routes from Busan, the largest port on the country's southeast coast, to Asia, North America and Europe.The ministry collaborated with the state-run KOBC in July 2020 to develop KCCI to better tackle rising uncertainties from global supply chain disruptions.The index utilises freight rates unveiled by shipping companies registered with the ministry and provided by logistics companies, according to a South Korean news agency. South Korean exporters and importers bank on the Shanghai Containerised Freight Index (SCFI) now for data on freight rates.
Source: Fibre2Fashion
President Shavkat Mirziyoyev chaired a meeting on the development of the local industry. Small-scale production is increasing in the regions thanks to the conditions created in Uzbekistan for entrepreneurship. Workplaces are being created, demanded products are being manufactured. However, the current difficult situation in the world, disruptions in the operation of transport and logistics chains affect this industry as well.
For 9 months of this year, the volume of industrial production in Uzbekistan increased by 5.3 percent. However, there was a decrease in production at 65 large enterprises in the regions. Despite the allocation of the necessary funds by the state, the infrastructure has not yet been brought to 118 industrial zones. The possibilities of the GSP+ system in export are not used to the full extent. These and other shortcomings, priority tasks for the next year were discussed at the meeting, which was held in a critical spirit. “Heads of industries, hokims should look for opportunities in this difficult situation, use internal reserves, come up with proposals and initiatives”, Shavkat Mirziyoyev said. Instructions were given to provide guaranteed raw materials to manufacturers of household appliances, carpets and furniture, to assist enterprises that cannot operate at full capacity. As is known, last year Uzbekistan joined the GSP+ system of preferences of the European Union. More than 6.2 thousand types of products can be exported to the European market duty-free. Along with this, the state provides subsidies for transportation costs up to 70 percent. However, Europe accounts for only 6 percent of textile exports, 3 percent of electrical goods, and 1 percent of silk and food products.
The Head of the state noted the need for assisting domestic enterprises in obtaining international certificates and entering the foreign market. The possibility of increasing the volume of industrial exports to Europe up to $700 million next year was noted. One of the largest branches of the local industry is the textile industry. In recent years, entrepreneurs of Uzbekistan have mastered this direction well. However, some products are still imported. Therefore, the Uzbekistan textile and garment industry Association was tasked with localizing at least 50 types of new products. For such projects, $100 million will be allocated to commercial banks, and $50 million to carpet production. The state compensates 70 percent of transportation costs for the export of fabrics and knitwear to European countries, Türkiye, Egypt, Morocco. In general, it was noted that it is necessary to develop the textile industry with new dynamics. Next year a program will be adopted to export industry products worth more than $5 billion. Another important area is the production of building materials. The industry’s potential allows to produce a wide range of goods and provides jobs for a large number of people. In this regard, the President took the initiative to develop an industrial mortgage program aimed at supporting such enterprises. In the first stage, $50 million will be allocated for this. Loans will be issued for 7 years with a two-year grace period. Industrial zones of building materials will be created in the city of Nukus, Bulakbashi, Karaulbazar, Farish, Chust, Pakhtachi, Sariasiya, Uzbekistan districts, and a cluster of porcelain and sanitary ware in the city of Angren.
The goal was set to bring exports in this industry to $1 billion.
Uzbekistan is famous for its long tradition of furniture production. So, about 100 mahallas in Bukhara, Namangan, Samarkand, Andijan, Fergana and Khorezm specialize in this. The President noted the need for creating the furniture industry centers around these mahallas to expand conditions for artisans. An instruction was given to extend the validity of customs benefits for furniture manufacturers until January 1, 2024, to increase the number of projects in this area.
There are also ample opportunities in the jewelry business. Uzbekistan has a $300 million worth market. This demand can easily be met by local jewelers. Therefore, starting from December 1, several preferences will be established to support them. In particular, guarantees from any banks and the Export Promotion Agency will be accepted for deferred payment for gold and silver. This option will also be available to individual jewelers. The requirement for a license for the temporary import and export of raw materials required for jewelry will be abolished, precious and decorative stones will be exempt from customs duties.
Particular attention at the meeting was paid to increasing exports.
“Next year we will expand export support. From now on, there will be a system in which subsidies to industries will be given depending on the volume of exports. Following today’s meeting, an additional $300 million and 350 billion UZS will be allocated for the development of the regional industry. If the goals are achieved, it will be possible to provide an additional $2 billion in exports next year”, the President said. Measures to export goods of a regional industry worth more than $8 billion next year were analyzed. The ambassadors of Uzbekistan were instructed to promote the attraction of modern technologies and investments from abroad. Information on the issues discussed at the meeting was heard from the heads of industries and hokims.
Source: The Einnews
The Directorate General of Culture at the Education, Culture, Research and Technology Ministry promoted Balinese local wisdom to ASEAN members through the Natural Dyes of ASEAN Workshop held on November 7-11, 2022, in Bali.Secretary of the directorate general, Fitra Arda, noted in a statement on Tuesday that one of the themes raised during the workshop was the promotion of local wisdom as a cultural way of life for sustainable living. He said that the event became an example on how to empower cultural ecosystems, cultural resilience, and cultural contributions on the international stage with the concept of cultural sustainability. "We gather in Bali to introduce local wisdom to the world, especially to the ASEAN members, to increase awareness that it is important for us to preserve local materials and wisdom (as well as) to foster creativity and protect the environment, so that it remains sustainable,” he remarked.He expressed optimism that the cultural forum would generate a resolution that can strengthen the implementation of sustainable traditional practices, such as the use of natural dye."By exploring the cultural practices of using natural dyes, it can encourage the cultivation of various plants that are the sources of dye, thereby improving the agricultural value chain, the carrying capacity of nature, as well as (the growth of) crafts and the tourism industry," the official remarked.The forum is also expected to serve as an educational platform for the millennial generation to explore, continue, and promote local wisdom that pays attention to environmental aspects, he remarked. Hence, implementation of the activity is necessary to encourage the preservation, development, and promotion of cultural heritages in all ASEAN member countries, he remarked."We can enhance mutual understanding and collaboration between ASEAN member countries through idea exchanges and consultations, leading to a (joint) commitment for environmental conservation and cooperative programs, particularly in traditional and contemporary textile (industry)," Arda stated. Furthermore, he noted that the ASEAN delegates would visit the local craftsperson to learn ways to use natural dyes in various textile products, as one of the agendas of the workshop.
Source: The Antara news
Phnom Penh recently announced the implementation of the National Policy Framework for Cambodia’s Economic Productivity 2022-35 to raise the potential of investment and trade and improve national economic productivity, according to Aun Pornmoniroth, minister of economy and finance and chairman of the National Committee for Economic Productivity of Cambodia. During the official launch ceremony, Pornmoniroth said the socio-economic policy framework aims at achieving economic security and well-being of the people by raising income, support the needs of the nation, address the challenges and risks of disruption in the global supply chain and energy insecurity by increasing access and capacity. The nation aims to achieve a high value-added economy by improving the competitiveness of Cambodia’s production, services, trade and investment, he was quoted as saying by Cambodian media reports. He said the Cambodian National Productivity Framework has set the vision to build and enhance national economic productivity, based on a highly skilled and innovative workforce, to promote better socio-economic development, and strengthen economic security and social welfare. When the framework is fully implemented, the country’s economy will improve, products will see more value addition, production and services will improve, and the country will be better connected to regional and global economies.The framework will also lead to Cambodia having increased income and the ability to improve livelihoods, attract high value-added investment, reduce poverty and lower the cost of providing public services to the people, he said.The external demand and the domestic economy’s return to normalcy will give a big boost to economic expansion, said a summary report of the ministry.The foreign exchange reserve would increase to $22.14 billion, the report added.
Source: Fibre2Fashion
South Korea recently unveiled its maiden container freight index to better reflect shipping rates on Asian routes, according to its oceans and fisheries ministry, which said the Korea Ocean Business Corporation (KOBC) Container Composite Index (KCCI) stood at 2,892 for the second week of November. KCCI is based on rates for cargo on 13 routes from Busan, the largest port on the country's southeast coast, to Asia, North America and Europe. The ministry collaborated with the state-run KOBC in July 2020 to develop KCCI to better tackle rising uncertainties from global supply chain disruptions. The index utilises freight rates unveiled by shipping companies registered with the ministry and provided by logistics companies, according to a South Korean news agency. South Korean exporters and importers bank on the Shanghai Containerized Freight Index (SCFI) now for data on freight rates.
Source: Fibre2Fashion
Vietnamese businesses were advised to adopt green practices to secure sustainable growth in textile and garment export to Canada, where Việt Nam ranks second among the exporters of such products. Data from Canada show that Việt Nam exported about US$1.2 billion worth of textiles and garments to the North American market in 2021. The export growth stood at 40.8 per cent during 2018 - 22. By optimising the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), to which both sides are signatories, the revenue could reach $1.5 billion this year. However, Trần Thu Quỳnh, Commercial Counsellor and head of Việt Nam’s trade office in Canada, said to obtain sustainable export growth, businesses should devise a carbon emission reduction strategy, adopt a circular production model, use recyclable materials and clean energy, and practise energy efficiency. They also need to stay updated with new certificate systems in the industry and comply with buyers’ report requirements, she told the Vietnam News Agency.
The official noted the trade office was working to advertise Vietnamese companies’ capabilities of sustainable and circular production and introduce the firms with Leadership in Energy and Environmental Design (LEED) certificates to Canadian partners. Quỳnh said “greening” was an inevitable trend in the textile and garment industry, forcing businesses in Việt Nam to strive for sustainable development. Notably, in response to Canada’s demand for supply source diversification, India, Indonesia, and Sri Lanka have been emerging as strong rivals thanks to their capabilities to manufacture sophisticated products. This is another challenge for Vietnamese businesses, according to Quỳnh. At Apparel Textile Sourcing Canada held at the Toronto Congress Centre on November 7 - 9, the pavilion of Việt Nam is giving international partners an overview of the country’s textile and garment industry, which is working to apply environmentally friendly technology. It is also encouraging major brands in North America to pay attention to CPTPP-created chances for boosting connectivity in production and supply chains with Việt Nam. Also at this event, the largest of its kind in North America, the trade office of Việt Nam had a meeting with the head of the Canadian Apparel Federation to discuss cooperation orientations in the industry. Thanks to the complete reopening, Canada’s demand for textile and garment imports had strongly bounced back. Insiders held that there remained much room for Việt Nam to increase exports to this market despite considerable competition pressure.
Source : Newswires
