BIS hallmarking soon to curb sub-standard imports
Mega textile parks to be set up in seven states, says PM Modi
Piyush Goyal lays emphasis on the advantages of having a full majority government to effect changes
India should target $350 bn exports through e-commerce by 2030: GTRI
Why India’s exports and imports have been contracting
PM Mitra parks to boost India's $100 bn textile export goal, says industry
How India-Australia relations are set for deeper commitment
India Fashion Tex Geared For A Huge Success In 3rd Edition
India, EU conclude another round of talks for proposed trade agreement
INTERNATIONAL
RMG export hit by global inflation blowback
Banking crisis on cards as textile sector near brink of default
Exports in focus amid this year's economic expansion drive
NATIONAL
The government is planning to come up with quality control orders for 250-300 goods in the coming months as part of a strategy to contain import of substandard products that tend to flood the markets and dent domestic manufacturing. Cigarette lighters, pens and household electrical items are some of the products that would be bound by the new norms. The department for promotion of industry and internal trade (DPIIT) is understood to be working on these quality standards, which are likely to be brought in over the next few months. Once notified, these products would have to bear certification by the Bureau of Indian Standards and imports of noncertified goods would not be permitted. The move is in line with the government’s efforts to curb non-essential imports at a time when exports are witnessing contraction owing to the global economic slowdown, raising concerns over the trade and current account deficits. The idea is to use non-tariff measures to curb imports in areas where domestically manufactured alternatives are available. At the same time, imports of raw materials and intermediate goods won’t be restricted. “There are a lot of imported products that have flooded the markets and are being sold at extremely cheap rates. There are no uniform standards for these products and they need to be regulated to ensure that cheap and low-quality imports do no stifle the domestic industry,” noted an official source. However, an import duty hike on these items is not being planned as of now. According to official data, India’s merchandise exports shrank for the third month in a row, and imports for the second straight month in February, reflecting the impact of global demand slump in India’s external trade. Export of goods contracted by 8.82% to $33.88 billion and imports by 8.21% to $51.31 billion last month, precipitating a trade deficit of $17.43 billion, the lowest since January, 2022, easing the pressure on the current account. But concerns exist over the current account deficit (CAD), especially since the banking sector crisis in the US is seen to trigger capital outflows. The country’s CAD for the first half of 2022-23 stood at 3.3% of GDP, but it is expected to moderate in the second half. Officials pointed out that the quality control order for toys proved to be very successful in lowering imports and promoting home made goods.To control import of cheap and sub-standard toys, the government has issued Toys (Quality Control) Order, 2020 on February 25, 2020 through which toys were brought under compulsory BIS certification from January 1, 2021. The norms are equally applicable to domestic manufacturers as well as foreign manufacturers who intend to export their toys to India. The government has also gradually hiked the import duty on toys and components with a hefty 70% import duty proposed in the Union Budget 2023-24.Following various measures taken to this effect, import of toys declined to `870 crore in 2021-22 from Rs 2,960 crore in 2018-19. Exports of toys by India increased to Rs 1,017 crore during the AprilDecember period this fiscal and was Rs 2,601 crore in 2021-22.
Source: Financial Express
Prime Minister Narendra Modi announced on Friday that ‘PM MITRA mega textile parks’ will be set up in Tamil Nadu, Telangana, Karnataka, Maharashtra, Gujarat, Madhya Pradesh and Uttar Pradesh, and asserted that they will attract massive investments and create lakhs of jobs. “The PM MITRA mega textile parks will provide state-of-the-art infrastructure for the textiles sector, attract investment of crores and create lakhs of jobs. It will be a great example of ‘Make in India’ and ‘Make For the World’,” Modi tweeted. He added, “PM MITRA mega textile parks will boost the textiles sector in line with 5F (Farm to Fibre to Factory to Fashion to Foreign) vision. Glad to share that PM MITRA mega textile parks would be set up in Tamil Nadu, Telangana, Karnataka, Maharashtra, Gujarat, MP and UP.” In a Facebook post, Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles Piyush Goyal said these mega textile parks will be set up with an outlay of Rs 4,445 crore and this would be the biggest ever initiative for infrastructure in this sector. These parks will create 20 lakh direct/indirect jobs and attract an estimated Rs 70,000 crore of domestic and foreign investment, he added. Goyal further said they will be shining examples of sustainability, with zero liquid discharge, common effluent treatment, use of emission-free renewable energy and adoption of global best practices. Meanwhile, in a series of tweets, Goyal also described the announcement by the Prime Minister as “India’s big leap towards becoming a global textiles hub”. He said this cluster-based approach will enhance the quality and competitiveness of products, boost exports and strengthen India’s position in global supply chains. “It is an unmissable opportunity for investors, manufacturers, exporters and international buyers,” he said. The minister congratulated the people of seven states who will “further fuel the Aatmanirbhar Bharat journey & make India a textiles hub”. In his Facebook post, Goyal said India’s rich tradition of textiles, which dates back to the ancient era, is poised for a quantum leap that will make India a global investment, manufacturing and export hub. He said inspired by the Prime Minister’s 5F vision, PM MITRA park is a major step forward to achieve the Aatmanirbhar Bharat and ‘Vocal for Local’ initiatives. “It will revolutionize the sector and create global champions with the help of world-class facilities, state-of-the-art infrastructure and an integrated value chain at each location. A Master Developer (MD) will be selected who will be responsible for designing, planning, building, financing, operating and maintaining the PM MITRA Park,” he said. Goyal further said this is a big jump for the industry as the value chain is currently scattered across the country, which adds costs and delays in each link of the chain. “Indian industry will become globally competitive as the parks will help scale up operations, cut costs, improve efficiency and supply high-quality textiles and apparels,” he said. PM MITRA parks were selected through a transparent process, which was validated by the innovative PM GatiShakti National Infrastructure Master Plan, the minister said. It is another example of collaborative federalism as both the Centre and the states concerned will be partners in the Special Purpose Vehicles (SPV) that will set up and manage these parks, he added. PM MITRA dovetails with the government’s initiatives to sign free trade agreements, which open up developed markets for Indian textiles, apparels and several other sectors. India has already signed trade deals with the UAE and Australia, and is negotiating with Canada, the UK and the European Union. These efforts, Goyal said will help Indian textiles get deeper access to profitable developed markets. India is already one of the largest exporters of textiles and apparel in the world, but the aspiration in the Amrit Kaal, as the country marches to become a developed nation by 2047 under the decisive and visionary leadership of the Prime Minister, is to be the largest exporter in the world.
Source: Financial Express
Union Minister for Commerce and Industry Piyush Goyal on Saturday said the country is on the path of rapid transformation into a developed nation and is the "jewel" that would drive that change. He expressed confidence that would come back to power in Karnataka with a big majority after the upcoming Assembly polls. "India is on the path of rapid transformation into a developed nation. Karnataka, of course, is the jewel that will drive this transformation and the growth faster and more efficiently," Goyal said. Speaking to reporters here on the Union Budget, he said Minister Nirmala Sitharaman has made sufficient provision of Rs 7,561 crore for expansion of railway network in Karnataka, and also adequate allotment to speed up the work on the suburban rail system for Bengaluru. Nation fast changing into developed one; Karnataka will drive this: Piyush Goyal He said he was happy about the Rs 5,300-crore assistance announced in the budget for the Upper Bhadra lift irrigation project in central part of Karnataka, benefiting people of the region. Stating that the Finance Minister under the guidance of Prime Minister Narendra Modi has come out with the budget which lays the foundation for a developed nation, which would take prosperity to every single person in the country, Goyal said, "Our vision is inclusive growth, sustainable growth, holistic development of the entire country and prosperity for all." "This budget has brought series of steps, the outcome of which will naturally be the growth of the economy, more jobs, economic opportunity for youth, which will help every section of society. All of this will be on the back of green or sustainable growth," he said. Listing out pro-people initiatives of the BJP government, the Minister said this budget is the first step in the journey of the nation to a developed one. Highlighting the multiplier effect of infrastructure funding proposed in the Union budget, which would help propel economic growth, he spoke about ease of doing business and ease of living steps that have been initiated through the budget. Youth power of the country is aspiring for better and more, he further said, this budget would give strong message to "Young India." Responding to a question on Karnataka State Contractors' Association's allegation of '40 per cent commission' for awarding contracts and clearing Bills in the State where BJP is in power, Goyal said the Prime Minister is totally committed to make the nation corruption-free, so are State governments run by the party. "Any allegation is investigated into, action taken, whoever is guilty will not be spared. We have heard about allegation that you have mentioned. I can assure you and the people of Karnataka that BJP government in the State will provide a transparent and honest government, and anybody found indulging in wrongdoings will not be spared," he added. Asked about action not taken by Modi despite contractors' writing to him twice, Goyal said action is taken on "specific allegations" when brought to notice, and the action would be strict. Reacting to Congress's poll promises of free power among others, the Union Minister said short-term election-related policies are detrimental to the country, and people are aware of it.
Source: Times of India
India should target USD 350 billion worth of goods export through e-commerce by 2030 and for that the government needs to address pain points of the sector by taking steps like formulating a separate policy, a report by economic think tank GTRI said. With Global business-to-consumer (B2C) e-commerce exports estimated to grow from USD 800 billion to USD 8 trillion by 2030, India's strengths in high-demand customized products, expanding seller base, and higher profit margins per unit of export place it in a prime position to benefit from this trend. GTRI has identified 21 action points for accelerating the country's exports through online medium. India's current e-commerce export numbers remain far below their potential. Currently, ecommerce exports account for only USD 2 billion, less than 0.5 per cent of the country's total goods export basket. The country must plan to export USD 350 billion, or about one-third of its total goods, through e-commerce by 2030. This will require focus on developing the ecosystem for e-commerce exports to fully realize its potential, the report said. It added that the current export provisions for the medium creates an enormous compliance burden on small firms. To address such needs, the report recommends that the government issue a separate ecommerce export policy. Such policies in countries including China, Korea, Japan, and Vietnam, have helped many firms sell globally. As the needs of the e-commerce export sector are vastly different from the regular export sector, the e-commerce export policy should be an independent document addressing all pain points faced by exporters. It added that this policy should be jointly issued by the RBI, customs, and the directorate general of foreign trade (DGFT) after making necessary changes to their regulations. It should include provisions for business development, easing regulatory burden, and setting up a national trade network. The GTRI suggestions include redefining responsibilities of sellers; simplifying payment reconciliation and processes; developing business ecosystem; and setting up of a National Trade Network for the medium. Small and medium-sized firms rely on online platforms for global exposure and value- added services, such as timely payment assurance. However, it said that this conflicts with FEMA (Foreign Exchange Management Act) regulations as the platform is responsible for receiving payment, while the ownership of goods remains with the seller. Compliance procedures can be challenging for small sellers due to high sales volume. The report added that payment reconciliation is a major roadblock for third-party e-commerce exporters and the RBI guidelines for B2B exports need changes to accommodate B2C exports. To simplify payment reconciliation, it suggested more time to receive export proceeds, lower restrictions on receipt of export proceeds, annual financial reconciliation process; and simplification of forex payments. A 25 per cent reduction cap is too restrictive for e-commerce sales that involve discounts and returns. Exporters need flexibility in keeping annual turnover, and restrictions per consignment should be removed, it said. The report also recommended raising the value cap for e-commerce exports from Rs 5 lakh to Rs 25 lakh to allow exporters to choose the shipment mode as per their business requirements. As most trade is shifting to global value chains requiring timely deliveries, exporters must be allowed to choose the shipment mode as per their business requirements. China has created an efficient and seamless logistics system to ship goods to global customers, it added. Besides, the government should create a separate customs code of such shipments, exempting import duties on rejects and treating reimports as duty-exempt imports in line with global practices to reduce costs and expedite the delivery of merchandise, and allowing these exporters to claim GST refunds. India should focus on developing market intelligence, organizing training for artisans, and facilitating the fulfilment of export orders for high-potential product categories such as handicraft, jewellery, ethnic wear, decorative paintings, and Ayurveda, it said. Regarding setting up the network, it said, this will bring together the RBI, Customs, DGFT, GSTN, India Post, courier companies, platforms like Amazon and eBay, and the user to create a central technology platform that streamlines the entire process. GTRI Co-founder Ajay Srivastava said that the internet, technology, and secure online payments have made exporting via ecommerce simple and safe, enabling small firms from a wide range of cities and regions to participate in international trade. Over 100,000 Indian sellers are already exporting through e-commerce, and this number is set to multiply. Exporting through e-commerce channels can result in higher profits per unit of export, as businesses can cut out intermediaries like indenting agents, bulk buyers, and shopkeepers, he added
Source: Business-Standard
Trade data released by the Ministry of Commerce and Industry last week showed that India’s merchandise exports and imports continued to contract in February, pointing towards slowing momentum across both the global and domestic economies. Especially worrying is the deepening of the pace of contraction in both exports and imports. Merchandise exports fell by 8.8 per cent in February, after declining by 6.6 per cent in January and 3.1 per cent in December, while imports declined by 8.2 per cent in February, after falling by 3.6 per cent in January. On the flip side, a consequence of this deepening contraction is that the country’s merchandise trade deficit narrowed further to $17.4 billion in February The disaggregated data shows that core-exports, which exclude exports of oil, gold and gems and jewellery, have continued to contract. In fact, 16 of the 30 main export segments actually fell in February, with even labour intensive segments such as leather and textiles witnessing deep contraction. As per a report by Nomura, as of January, the sharpest declines have been observed in the country’s exports to the US, China, Japan and the rest of Asia. While higher export growth in the first half of the financial year has pushed overall growth for the year so far (April-February) to 7.55 per cent, non-oil non-gems and jewellery exports are almost at the same level as last year. This is a worrying sign. On the imports side too, a similar scenario exists. Core imports, which exclude oil, gold and gems and jewellery, have continued to contract. The data points towards a softening of imports of consumer and investment goods, indicative of weakening domestic demand. The outlook for exports remains subdued. According to a report by Crisil, India’s merchandise export growth is likely to moderate to 2-4 per cent in the coming fiscal year as two of the country’s biggest destinations for exports — the US and EU — are expected to slow down sharply. As per the International Monetary Fund’s latest World Economic Outlook, the US economic growth is expected to slow down from 2 per cent in 2022 to 1.4 per cent in 2023, while the Euro region is expected to moderate from 3.5 per cent to 0.7 per cent over the same period. This assessment implies that exports are unlikely to provide a fillip to growth. The overall economic momentum will be further weighed down as the full impact of the RBI’s tighter monetary policy will be felt across the country.
Source: Indian express
If there remains a sore spot in India’s growth story, it is manufacturing. The government has been attempting to spruce up the sector for a long time now. Production Linked Incentives (PLI) scheme is one such initiative under the flagship Atmanirbhar Bharat Abhiyaan. With the objective of transforming domestic manufacturing by augmenting its capacity and competence, the scheme aims at creating more jobs, attracting greater investments, reducing imports and making India a global manufacturing hub. In fact, PLI is often touted as the panacea to India’s manufacturing problems. A number of scholars and experts feel that the PLI can significantly restructure India’s domestic manufacturing, push its share in the GDP to 25 per cent and foster seamless upgradation of domestic firms into the regional and global production networks. Ambiguities galore The real picture, however, is not all that rosy. A closer scrutiny unfolds several chinks in the armour of the scheme and raises serious concerns on its ability to deliver. Forget implementation, the design of the scheme too is riddled with flaws. Firstly, an Empowered Committee has been constituted by the government for overseeing the scheme’s implementation; it is additionally responsible for fund disbursement under each sector. But the manner in which these incentives are to be awarded remain ambiguous. There are no set criteria or common parameters for consideration by the ministries and departments for giving these incentives. Further, the lack of a centralised database that captures information like increase in production or exports, number of new jobs created etc. make the evaluation process an administrative nightmare. This information ambiguity impacts transparency and can lead to malfeasance, further widening the fault lines and weakening the policy structure. Secondly, unlike what was promised, the scheme’s orientation appears to be greatly predisposed to larger firms. Evidence from fund disbursement in some of the PLI sectors alludes to a bias towards bigger players. Unintended effects Further, beneficiary sectors under the scheme such as automobiles, electronics and technical textiles are largely constituted by big firms. Obviously, this is not representative of the actual configuration of the Indian industrial structure, which is largely composed of Micro, Small & Medium Enterprises (MSMEs). These MSMEs not just contribute to a bulk of the manufacturing output and exports but generate much of the employment in the manufacturing sector. It is worth mentioning that the next phase of PLI scheme will incorporate labour-intensive sectors such as toys, furniture, leather, bicycle manufacturing in its fold. While the intention is to stimulate the growth of labour-intensive manufacturing, it is important to understand that an unqualified expansion of this list may potentially risk the creation of a subsidies-dependent manufacturing industry. Withdrawing of these benefits at a later stage may be onerous on account of political economy considerations. This would ultimately lead to industrial inefficiencies and engender a decline in productivity both at sectoral and firm-level thus adversely impacting the aggregate manufacturing output. In other words, an imprudent expansion of PLI sectors may be a retrograde move. Thirdly, the efficacy of production subsidies to galvanise sector-specific manufacturing depend on a combination of factors like a steady stock of raw materials available at competitive prices, size of the domestic market, relationship between upstream and downstream manufacturers, among others. For instance, PLI extension to the container manufacturing industry is unmindful of an understanding of the prevailing dynamics in India and that of the global container manufacturing business. Around 80 per cent of the total cost of production of these containers is composed of a single raw material called Corten steel, the price of which is ₹120-130 per kg in India, as compared to ₹80-90 in China. In fact, India has limited capacity to manufacture A-grade Corten steel. Domestic manufacturers source it from China, Japan and South Korea. Thus, the high cost of primary input makes the sector uncompetitive, limiting its ability to compete in the global market. To complicate things further, the demand in the sector is driven by the global shipping industry controlled by a few developed countries and China, thus creating significant entry barriers. Since the domestic market for containers is driven only by a handful of shipping companies involved in port-to-port shipment mostly in the neighbourhood, it is quite small to support large-scale production with an assured demand. The bottomline is that production subsidies to scale container manufacturing will not work until other critical factors shaping the ecosystem are understood and factored in. More importantly, this holds true for other sectors as well. Finally, the scheme paints manufacturing with a broad brush as if all sectors are at the same stage of development and technological advancement, and, have the same requirements. Consider this — a technology-intensive sector such as pharmaceuticals requires more resources for Research and Development (R&D), and, innovation infrastructure so as to sustain manufacturing at the optimum level. The needs and nature of incentives required for a sector like textile are totally different. The PLI for textiles rightly underpins the importance of boosting the production of man-made fibres (MMF) and technical textiles. It does not, however, cover fabric which remains a highly imported category in the country. It further excludes from its scope synthetic fabrics such as viscose, polyester and nylon, that are major inputs for apparels. The complexities and nuances that characterise particular sectors are, thus, hardly taken into consideration in the design of the PLI scheme. The PLI scheme is a classic case of ‘ good intentions but bad approach’. For the scheme to deliver positive results, the structural problems within the policy design and economic system need to first be addressed. Only then will India fulfil its dream of becoming a global manufacturing hub. Singh is an Associate Professor at FORE School of Management; and Abrol is a Doctoral Researcher at Centre for Development Research, University of Bonn, Germany
Source: The Hindu Business line
The Indian textile industry believes the opening of seven PM Mega Integrated Textile Regions and Apparel (PM Mitra) Parks across the country will help develop the country as a global hub for textile manufacturing and exports. The textile sector is expected to attract major global investment, helping to boost its exports to $100 billion by 2030. On Friday, the government had announced the setting up of PM MITRA Parks in Tamil Nadu, Telangana, Gujarat, Karnataka, Madhya Pradesh, Uttar Pradesh and Maharashtra. The move has been inspired by the 5F vision of the Centre focussing on farm to fibre to factory to fashion to foreign. “These parks will fuel investment once the global slowdown is over and attract large foreign direct investment as they provide world class infrastructure at a scale,” said Sanjay Kumar Jain of Delhi-based TT Ltd According to sources, the Central and Tamil Nadu State Governments have identified and proposed to set up a Mega park on about 1,100 acres near E Kumaralingapuram in Virudhunagar district. “The parks will attract major global investment in textiles helping to boost the sector's exports to $100 billion by 2030. With the realignment of the global value chain and focus on friendshoring, India is on the radar of global investors looking for opportunities outside China. A scheme like PM Mitra will hasten the process of decision making by such investors in India's favour,” said A Sakthivel , President of Federation of Indian Export Organisations (FIEO). A special purpose vehicle owned by the Centre and the State Government will be set up to handle each park. The ministry of textiles will provide financial support in the form of Development Capital Support up to Rs 500 crore per park, while a competitive incentive support (CIS) up to Rs 300 crore per park to the units in PM Mitra Park shall also be provided to incentivise speedy implementation. State governments will provide contiguous and encumbrance-free land parcels of at least 1000 acres of land and will also facilitate provision of all utilities, Reliable Power Supply and Water availability and Waste Water Disposal system, an effective single window clearance as well as a conducive and stable industrial/textile policy. “The parks will bring much needed boost to scale and integrated manufacturing infrastructure. Global buyers are now looking for large, integrated and compliant facilities to bring more business to India as an apparel sourcing diversification strategy. The TN Mitra park can be visualised with a specific theme like ESG to attract investment from international buyers,” said Prabhu Damodaran, secretary, Indian Texpreneurs Federation (ITF), a textile industry body. Modern industrial infrastructure facilities for the entire value-chain of the textile industry will also significantly reduce logistics costs and improve competitiveness of textile exports with access to state-of-art technology. “The parks will attract investment and generate more employment, particularly for women workers. We have also suggested to create an ecosystem to attract MSMEs in Tirupur, plug-and-play facilities, building area to commence from 15,000 sq ft for the benefit of MSMEs, requirement of an additional incentive to setup units in PM Mitra Park, inclusion of PLI-2 scheme to avail the incentives by the units being set up in the project and solar power for the industry and common effluent treatment,” said K M Subramanian, President, Tiruppur Exporters’ Association.
Source: Business-Standard
THE SECRET OF LOVE, according to the pop diva Cher in her ‘Shoop Shoop Song’, is “in his kiss”. But in the diplomatic world, it is the playlist. At the banquet for Australian Prime Minister Anthony Albanese in Delhi, in the midst of the background score of the Mahatma’s favourite bhajan ‘Raghupati Raghav Raja Ram’, were two songs from the Aussie pop bands The Triffids and The Go-Betweens. Their biggest hits―unsurprisingly, both heartbreak songs―were strummed for a blossoming romance between India and Australia. For Albanese, it was personal. The Triffids features on the top of his playlist. He played ‘Wide Open Road’―the song chosen for the banquet―on loop as a young man as he drove with his girlfriend to Perth to watch the band perform. Two and a half months after the Economic Cooperation Trade Agreement between India and Australia came into force on December 29, Albanese flew to India to convey his commitment to the deal. Trade is certainly a game-changer. While the strategic shift towards the Indo-Pacific was visible in the past few years, the trade agreement has set the tone for a deeper commitment. Albanese’s three-day visit was very much a display of his intentions and of how important India has become―he played Holi, visited IIT Delhi and travelled to Mumbai with 25 CEOs to attend the first India-Australia CEO conference. At a function in Mumbai, Australian minister for trade and tourism Don Farrell said that $2.5 billion worth of trade benefitted from the lower tariffs under the ECTA. The ECTA―which had been through nine rounds of negotiations and was almost abandoned midway―has now become a symbol of what is possible in the relationship. It gives Australia the much desired access to the Indian market and a first-mover advantage over the much-hyped-but-yet-to-be-signed US-India and UK-India trade deals. Touted as a win-win, the ECTA ensures duty-free access for Indian goods in some 6,000 sectors, including textiles, leather, furniture, jewellery and machinery, to the Australian market. In return, India has opened up its markets for critical minerals, pharmaceuticals, cosmetics, lentils, seafood, sheep meat, horticulture and wine. The trade between India and Australia in 2021 was at $34.3 billion. It is estimated to go up to $50 billion in five years. The Global Trade Research Initiative, a think tank, says it may even go up to $70 billion. “The ECTA has probably given a psychological boost for businesses that thought India was a hard market to crack,” said Navdeep Singh Suri, former Indian ambassador to Australia. The agreement was negotiated soon after India walked out of the Regional Comprehensive Economic Partnership because of China. Albanese’s visit was also symbolic of the people-to-people connection. The Aussies clearly want closer bonds and the ECTA opens up new avenues for Indians. Australia will welcome 1,800 new Indian chefs and yoga instructors and also grant Indian students work opportunities after their education. The next step will be the mobility agreement. The mutual recognition of Australian and Indian education qualifications will be a game-changer. Indian students contributed $6.4 billion to the Australian economy in 2019, the biggest after China. The relationship has come a long way. “Australia will not be at the periphery of our vision, but at the centre of our thoughts,” said Prime Minister Narendra Modi while visiting Down Under in 2014. He had to wait for the last leg of his second term for that to bear fruit. The economic benefits―very much a Modi plank for a reach out―has only emerged, and become an imperative for Australia after the pandemic. The reason? China. “Of course, there is a layer of strategic convergence,” said Harsh Pant of the Observer Research Foundation. Australia has been in a bitter battle with China over trade in the past two and a half years. The bitterness began with Australia raising concerns over the Chinese telecom giant Huawei and introducing foreign interference laws to counter it. The spat turned into full-scale battle when in 2020 Australia asked for an investigation to the origins of the Covid-19 pandemic and China chose to flex its muscles. It slapped high tariffs on coal, barley, lobsters and wine imported from Australia. The impact has been devastating. The Chinese market for Aussie wines accounted for $1.3 billion before the tariffs; it fell to $12.4 million after, according to a Wine Australia report. Australia has taken China to the WTO for the tariffs. The deepening of Australia’s military engagement with India, too, points to how determined Australia is to move away from China. This year, the Malabar exercise―so far held without the Aussies―will be hosted by them. That the Australians were willing to accept the ECTA, which has kept out their biggest exports like diary and walnuts, shows how desperately they want to move away from China. “The perception is that the deal is in favour of India,” said Pant. “It points to how Australia is looking at geopolitical considerations. For India, it will be time to step up.” The signing of the agreement is crucial for India, too. It broke the jinx and has sent signals to the rest of the world that there is a lot to be gained. But more importantly, there is also the message that was wrapped by in the 50-point joint statement by the two leaders―very much a vision for the relationship. But there are challenges ahead. “There is still work to be done,” said Suri. India is hoping that more than trade, there will be Australian investment in India. “The superannuation schemes in Australia are conservative,” he said. “There is a push-and-pull factor to deepen our engagement, we will have to do a decent marketing job.”
Source: The week.in
To strengthen the Indian Woolen Textile Industry, Powerloom sector, Textile and India’s exports globally, Wool &Woollens Export Promotion Council (WWEPC) jointly with Powerloom Development & Export Promotion Council (PDEXCIL) under the aegis of Ministry of Textiles and Ministry of Commerce & Industry, Government of India is organizing India Fashion Tex 2023- A Global Buyer Seller Meet (RBSM). India Fashion Tex will be held from 20-22 March, 2023 at Delhi’s centrally located hotel, The Ashok, New Delhi. The three-day Buyer Seller Meet will be attended by over 200 international buyers from countries such as the United States, EU, Scandinavia, UK, Australia, Japan, Middle East, Vietnam, Sri Lanka and many more. A delegation of more than 20 importers from Japan has come to witness the innovative range of products being displayed by exhibitors. Along with this more than 200 buying offices and liaison offices who are a nodal part of sourcing from India will also be part of the exhibition. Impulse, Li &Fung, Triburg, Puma, Adidas, Ikea, Newtimes Group, Falabella and many other established buying houses have confirmed their presence at the show. Indian Fashion Tex is a platform that gives Indian exporters and manufactures a platform to interact with international buyers, buying houses, sourcing agents and domestic volume buyers which will further boost the Indian woollen industry. India exports multiple woollen products including wool top, yarn, fabric, blankets, garments, knitwear, sweaters, cardigans, pullovers, hosiery goods, socks, pashmina shawls, stoles, mufflers, clothing accessories, made-ups, carpets etc. India exports wool and woollen products to more than 150 countries around the world. The major importing countries are USA, UK, France, Germany, Italy, Spain, Belgium, Canada, UAE, Saudi Arabia, Indonesia, China, Australia, Japan, South Korea, Russia etc. There is a 29% of growth in exports of wool & woollen products during the period April 2022 to January 2023 as compared to the same period previous year. The Indian woollen textile industry is a significant contributor to the Indian economy and generates employment for millions of countrymen, through exports the industry earns substantial returns from the foreign countries. The Powerloom sector producing all kinds of woven fabric and made-ups had an export of US$ 8.3 billion approx. The three- day exhibition will have an extensive range of woollen merchandises including Yarn & fabrics apparels, clothing knitwear, hosiery goods, pashmina shawls / stoles, Scarves, mufflers, blankets, blazers and home textiles crafted by Indian weavers and artisans. The inauguration ceremony will be graced by Smt. Shubhra, Trade Advisor and Development Commissioner (Handicrafts & Handlooms) Ministry of Textiles, Gov of India. Romesh Khajuria, Chairman, Wool &Woollens Export Promotion Council, said, “Today, WWEPC has become an international face of Indian woolen textiles which is helping the Indian exporters in having a presence across the international arena. Under the supreme guidance of Hon’ble Union Minister of Commerce & Industry and Textiles, Shri Piyush Goyal, the Indian textile industry have come a long way, from small beginnings as a cottage industry and is now able to meet the international standards through constant innovations in techniques, styles, textures and colors. Through Indian Fashion Tex will help in building the brand image of Indian Textiles and will showcase the strength of Indian textile manufacturing base among the visiting foreign buyers/importers. He also thanked the Hon’ble Prime Minister Shri Narender Modi ji for approving seven PMMITRA Parks which will transform India’s textile sector and help India become a global hub for a wide variety of textiles and generate employment”. While, Shri Vishwanath R. Agarwal, Chairman, Powerloom Development & Export Promotion Councilsaid, “India Fashion Tex” is representing textile manufacturers and traders from all over India such as Delhi, Mumbai, Ichalkaranji, Solapur, Erode, Tirupur, Erode, Karur, Ahmedabad, Varanasi, etc. with each place having its own unique product. I am sure that the global textile buyers visiting the RBSM will get a good opportunity to source their requirements of various textile products under one umbrella of ‘India Fashion Tex’.” India Fashion Tex is also organizing a fashion show that will display the latest collections of participating companies on the ramp. The products on display are being designed keeping in mind the latest trends in the international market, colour themes and ongoing fashion practices. Both the organizing Councils are very optimistic about the show and are looking forward to creating substantial business for both buyer and seller.
Source: India Education Diary
India and the European Union (EU) on Saturday concluded the fourth round of talks for a comprehensive free trade agreement in Brussels, a move aimed at further strengthening economic ties between the two sides. The next round of the talks is planned for 12-16 June here. India and the 27-nation bloc resumed negotiations on June 17 last year after a gap of over eight years on the proposed agreements on trade, investments and Geographical Indications (GI). “Round 4 of India EU-FTA negotiations held at Brussels,” Nidhi Mani Tripathi, Joint Secretary in the Department of Commerce has said in a tweet. She is India’s chief negotiator for the agreement. Also read: FCI sells 3.37 MT of wheat in open market since Feb 1 India had started negotiations for a trade pact with the EU in 2007 but the talks stalled in 2013 as both sides failed to reach an agreement on key issues, including customs duties on automobiles and spirits and the movement of professionals. India’s merchandise exports to EU member countries stood at about USD 65 billion in 2021-22, while imports aggregated USD 51.4 billion. A GI is primarily an agricultural, natural or manufactured product (handicrafts and industrial goods) originating from a definite geographical territory. Typically, such a name conveys an assurance of quality and distinctiveness, which is essentially attributable to the place of its origin.
Source: Financial Express
INTERNATIONAL
Bangladesh's apparel makers say they are now finding export orders ebbing down amid the buyers' changed sourcing strategy induced by economic jitters amid high inflation and geopolitical tensions. As part of the emerging sourcing trend, western buyers are placing work orders in small sizes, instead of large volumes, in a downturn due to declining demands as a fallout from record inflation in the major markets, including the European Union and the USA, they said Saturday. The adverse economic situation resulted in a fall in work orders, making it difficult for the local readymade garment sector to cope with the changing circumstances, they added. "The buyers are changing their sourcing strategy and placing work orders in small slots. As a result, our production at factory level is facing difficulties," Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Faruque Hassan told a press conference at the trade body's headquarters in Dhaka. Despite falling orders for the last few months, however, export earnings from readymade garments had maintained a positive growth until February last riding on increased unit prices and shipments of value-added products, he said. And exports to non-traditional markets also saved the situation, helping them in sustaining the growth momentum in the country's main export industry that fetches the highest quantum of foreign exchange. He further explained that the consumers' interest in the western countries have been growing in discounted apparel products, and in response, the buyers have reduced the volume of orders. "As a result, factories are upset in preparing their production plan." Regarding the change in global trade policies, the BGMEA president said Bangladesh needs to enhance its capacity to comply with the human-rights and due-diligence protocols adopted by the European Union to navigate future challenges in global business. He urged the EU and other countries that have been providing Bangladesh with preferential market access to extend the facilities for six years, instead of three years, from graduation of the country from the least-developed-country status. Though there are measures to diversify the export basket, the RMG sector's contribution to the overall export earnings increased and reached about 85 per cent, he said, adding that the contribution would be about 90 per cent if home-textiles and other textile products are taken into consideration. Though there are challenges stemming from the rise in energy prices, there are opportunities, too, he noted, seeking government policy support especially for import of post-consumer waste and re-export of those after value addition. They are also investing in the recycling industry as the sector produces 0.5 million tonnes of textile and garment wastes annually, he said, adding that an additional US$5.0 billion could be earned if these wastes are recycled and exported.
Source: The Financial Express
The textile sector has reached the brink of default in the wake of its inability to service the loans it received under TERF (Temporary Economic Refinance Facility) and LTFF (long-term facing facilities) which may also lead to a possible banking crisis, discloses the letter of APTMA to the State Bank of Pakistan written on February 27, 2023. The State Bank of Pakistan (SBP) during the PTI era provided the TERF and LTFF facilities to help industrialists to install more textile units and expansion of units for more growth in exports of the country. However, because of the ongoing LCs crisis, stuck-up consignments of imported cotton at the ports owing to the dollars liquidity crunch and withdrawal of RCET by the government in line with IFM diktat, all the new and expansion units in the sector have become non-functional. This has led to immense pressure on export-reignited units which are unable to generate funds to pay even interest on the loans, leading to massive defaults, curtailment capacity and a possible banking crisis. The textile industry has asked the State Bank of Pakistan to extend the moratorium on debt under TERF and LTFF from June 1, 2023, to December 2023 to avoid large-scale Non-Performing Loans (NPLs) and severe negative impacts on the banking sector. The APTMA asked for a zoom meeting with top functionaries of the central bank of Pakistan. Banks are not opening LCs or retiring cotton imports, the letter says, which had led to the non-functioning of the textile units. “Now loyal international customers are reluctant and asking Pakistani suppliers whether or not they will be able to meet deadlines and ship orders on time resulting in a loss of export orders. The industry is running out of cotton stocks and textile mills have either shut down or will shut down in the very near future if decisive and urgent action is not taken.” The textile sector also urged the SBP to declare the opening of LCs of cotton imports the status of “Must Open.” The commerce ministry says that textile industry representatives may hold today (Monday) an urgent meeting with top mandarins of the State Bank of Pakistan. The commerce ministry’s top sources said that the prime minister convened meetings on exports sector issues four times but the said meetings couldn’t be held mainly because of the Premier’s pressing engagements. However, the APTMA letter to the SBP government also mentions that the business plan for new industrial units and expansion of the existing units had been carved out based on RCET (Regionally Competitive Energy Tariff) ---- electricity tariff of Rs19.90 per unit and gas rate at 9 cents per MMBTU. However, with the withdrawal of RCET, the industry is forced to run on an electricity tariff of 40 per unit owing to which the textile sector has started dying out day by day. The letter also disclosed alarming facts saying that the textile sector is already running at less than 50 percent capacity. Around 7 million workers in the textile sector and textile-related industry were laid off since last summer and if this sector is closed down it will lead to more layoffs resulting in significant unemployment of more than 10 million workers and further deterioration in the balance of payments in the shape of at least $10 billion exports per annum. The textile industry also highlighted in its letter about the bleak cotton production in the country, saying that the country’s cotton production has declined to a historic low this year dropping to 5 million bales due to heavy rains and floods. The cotton production loss has been worth more than $2 billion. The textile industry consumes nearly 15 million bales and the current season’s anticipated demand indicates that about 10 million bales will need to be imported. However, banks are not opening LCs for the import of cotton.
Source: Thenews.com
China's exports continued their mild momentum at the start of the year, falling 6.8 percent from a year earlier to $506.3 billion for the January to February period, said the General Administration of Customs. Imports, meanwhile, also extended their downward trend over the same stretch, falling 10.2 percent year-on-year to $389.42 billion. Exports to the European Union and the United States, in the first two months, continued to decline as high inflation undercut demand for Chinese products. That said, exports to the Association of Southeast Asian Nations — China's biggest trading partner — rose by 9 percent year-on-year. Among all products, export volumes of electromechanical products, such as automobiles and mobile phones, saw a slight increase, while labor-intensive products including clothing and textiles dipped. Though struggling for the time being, exports had been a major highlight and a forceful driver of growth in the Chinese economy since the beginning of 2020 till the middle of last year. In particular, China's exports maintained strong performance throughout the whole year of 2021, growing by 29.9 percent compared to the previous year. In combined figures for the first three quarters of 2022, exports still witnessed a 12.5 percent year-on-year increase. Since the fourth quarter of last year, however, China's exports began to soften considerably. In October, exports fell 0.3 percent from the year before, followed by 9 percent and 9.9 percent drops in November and December, respectively — record lows not seen since March 2020. As a number of containers have been lying idle in ports recently, compounded by the continuous decline in export freight rates, people's growing concerns about dim export prospects have been brought to the fore. Given such factors as economic slowdowns in the US and Europe, the complex international landscape and diversification of industrial chains away from China, the country's export outlook for the whole year could be gloomy. To begin with, the economies of the US and Europe have slipped into stagflation, a combination of recession accompanied by high and rising inflation, which is a key factor behind China's sharp decline in exports. According to the World Economic Outlook released by the International Monetary Fund in January, it is expected that US economic growth rates will drop from 2.0 percent in 2022 to 1.4 percent in 2023, and the euro zone will plunge sharply from 3.5 percent in 2022 to 0.7 percent. The US and Europe are heading for an economic downturn, which, as a result, will dampen demand and stifle global trade to a great extent. The World Trade Organization projected in October that after expanding at a 3.5 percent pace in 2022, growth in the trade of goods this year will drop to just 1 percent. That's considerably below its previous estimate in April, which had trade expanding at a 3.4 percent clip this year. Imports by North America and the EU will drop 1 percent and 0.7 percent, respectively, compared to last year. All the aforementioned data bode ill for a significantly contracted overseas demand and pose serious challenges to China's exports. On top of this, the US and other Western countries are promoting a move away from reliance on China in the global supply chain and core technology industries such as chips amid the growing complexities and uncertainties in the international landscape, which will also bring down the growth of China's exports Last year, the US government signed two bills into law — the CHIPS and Science Act and the Inflation Reduction Act — in a bid to relocate enterprises involving chips, automobiles and other industries to its own territory through massive subsidies. The above-mentioned bills attempt to impose a technological blockade on China and hinder the production and exports of China's chip-related industries, which account for some 15 percent of China's total exports. Beyond these two factors, cross-border relocations of large-scale labor-intensive industries — which are an important force behind China's exports — from China to ASEAN countries also pose mounting challenges to Chinese exporters. Induced by deglobalization, trade disputes between China and the US and rising domestic labor costs, the outward migration of Chinese labor-intensive industries has to some extent mitigated risks inherent in some global industrial chains. ASEAN member states such as Vietnam, Indonesia, the Philippines and Cambodia are wellpositioned to accommodate China's labor-intensive firms with their low tariffs, abundant labor resources and low costs. In the US luggage import market, for instance, China's share fell from 65 percent in 2015 to less than 30 percent in 2021, while ASEAN's share rose from 14 percent to nearly 33 percent over the same period, more than doubling in six years. Going forward, deeper ties with ASEAN countries should serve as an important fulcrum to tackle the drop in China's exports. The role of ASEAN countries in underpinning the country's exports will be better leveraged, and coordination and complementarity of the industrial chains between China and ASEAN will be better enhanced. Since 2010, ASEAN's share of China's exports has been picking up pace, from 8.8 percent in 2010 to 15.8 percent in 2022, and has now overshadowed the EU as the second-largest partner for China's exports, second only to the US. China's two-way trade with ASEAN came to 6.52 trillion yuan ($947.8 billion) in 2022, a significant annual increase of 15 percent, significantly outpacing trade partners such as the US, Europe and Japan. ASEAN countries have become the leading force supporting China's exports. As China and ASEAN members both signed the Regional Comprehensive Economic Partnership agreement, along with the more frequent local currency settlement and currency swaps with enhanced infrastructure connectivity, there is still broad room to tap the potential of China's exports to ASEAN. Though ASEAN countries are taking over large-scale labor-intensive industries from China, such relocation will help China push ahead its trade structure upgrade and export more high value-added goods to the region. China and ASEAN countries will gradually develop a mutually beneficial trade model where ASEAN exports primary goods to China, imports capital-intensive and technology-intensive goods from China, and exports consumer goods to China and elsewhere. In a bid to boost its exports, China should further accelerate regional integration in the AsiaPacific region, better harness the RCEP and the Belt and Road Initiative, and cultivate hubs for industrial integration. The country should open up even wider, foster a more enabling business environment, slash restrictions on access to foreign enterprises and strengthen coordinated development of industrial chains.
Source: Chinadaily.com
After a positive 2022, the Italian textile machinery industry looks with optimism to the current year. In 2023, after eight years, ITMA, the most important trade fair in the sector, returns to Milan. It is an opportunity to highlight the excellence of Italian technology and stimulate new investments in the textile industry. Promoted by ACIMIT, the Association of Italian Textile Machinery Manufacturers, a press conference was held on 15 March at Villa Frua (Stresa, Italy) to unveil Italian participation in ITMA, the leading textile machinery exhibition, scheduled from 8 to 14 June at Fiera Milano – Rho. During the event, Alessandro Zucchi, President of ACIMIT, showed the preliminary figures for 2022. Both Italian production and exports of textile machinery increased by more than 10% compared to the previous year. The production value exceeded 2.6 billion euro. Of this value, 87%, or around 2.3 billion euro, was realised abroad. Italian exports went mainly to Asia and Europe. Overall, the two areas absorbed 79% of foreign sales. China, Turkey, India and the United States of America were the main destinations of Italian sales abroad in 2022. Alessandro Zucchi: “The positive results do not, however, cancel out the obstacles that companies still face in this period. The critical issues following the Covid-19 pandemic have been amplified by the ongoing Russian-Ukrainian conflict. Even in this early 2023, unfavourable conditions to business still exist, such as high inflation, constraints on the functioning of value chains, and energy commodity prices above the average of recent years. However, forecasts prepared by our Economic Office show an improvement in the second half of the year and in the 2024-26 period, which gives us hope”. With these forecasts, ITMA 2023, the leading trade fair for the textile machinery industry, to be held in June in Milan, could be the driving force able to stimulate investment in the textile sector, not only the Italian one. Zucchi commented: “Our manufacturers are very confident about next June’s event. As shown by the figures on the Italian presence at the event: almost 400 Italian exhibitors, about 36,000 square metres, with an increase in the occupied surface area of over 20% compared to the previous edition held in Barcelona. 30% of the total exhibition area at ITMA 2023 will be taken up by Italian machinery manufacturers” During the press conference, the various initiatives that ACIMIT, with the support of – Italian Trade Agency (ITA), has put in place to promote Italian participation in ITMA were announced. Roberto Luongo, the General Director of ITA, stated: “The Italian textile machinery industry represents one of the leading production sectors for our country due to its strong projection on international markets. Our textile technologies are considered to be of a high quality level, and for us at ITA this represents an element of great pride and satisfaction, which pushes us to support Italian companies in an increasingly convinced and decisive manner, through an effective collaboration, now consolidated and tested, with ACIMIT. ITMA is a unique opportunity for the Italian textile machinery industry, due to the high number of exhibitors and the tens of thousands of visitors it usually attracts. As ITA we have therefore prepared, in accordance with ACIMIT, an extensive project aimed at promoting the Italian textile machinery sector through the enhancement of the three drivers that distinguish it: technology, digitalization and sustainability. We will have an incoming of 140 top foreign buyers from 25 different Countries; this will be accompanied by an intense and widespread communication campaign in Italy and abroad that will significantly contribute to increasing the presence at the event of professional operators from all over the world. There will be several training events, focusing mainly on the innovations presented by Italian companies at ITMA 2023, with a special focus on sustainable technologies and digitisation processes. And then there will be the Italian Textile Technology Awards, organised by ITA and ACIMIT. Prizes will be awarded to the 18 most deserving students from textile universities in those Countries where Italian Textile Technology Training Centres are active or are being set up: Bangladesh, India, Mongolia, Pakistan, Peru and Vietnam”. The promotional campaign through social and traditional channels was also particularly significant. The concept that distinguishes ACIMIT communication activities towards ITMA 2023 is SHAPING THE FUTURE. “The Italian textile machinery sector, explains the president of ACIMIT, has shown in recent years that it knows how to look ahead to create innovation and strengthen a technological leadership that is now established and recognised internationally. Shaping the future is a concept that aims to show how Italian manufacturers are key players in the development of the entire textile supply chain, able to outline virtuous paths that testify to the proactive nature of the entire sector and that enable the future of the sector to be shaped through the three pillars, technology, digitalization, and sustainability, which are also the key themes of ITMA 2023”. At the Milan edition of ITMA, a trade show that has always been characterized by the high level of innovation of its technological proposals, sustainability and digitalization will be the main topics of discussion. Alessandro Zucchi: “The textile supply chain is moving towards increasingly competitive production processes, where the reduction of production costs, through lower consumption of water, energy and raw materials, is combined with attention to the environment. Equally important is the ongoing digital transformation of companies, a process that will enable technology suppliers and their customers to operate more and more constructively and efficiently”. During the conference on the topic of sustainability and digitalization, five ACIMIT member companies also spoke, bringing their company experiences: Flainox, Itema, Marzoli, Salvadè, Sperotto Rimar. Their contributions highlighted the validity of the projects that ACIMIT has been pursuing for some years now in the field of sustainability and digitalization, namely the Sustainable Technologies project, with the Green Label as the core of the initiative, and the digital certification called ACIMIT Digital Ready. Both projects testify to the commitment of Italian manufacturers in two areas of strategic significance to consolidate the leadership of Italian textile technology also in the future. With the Green Label, certifying the environmental and economic performance of textile machinery, member companies undertake to reduce the CO2 emissions of their machines through constant technological improvement. With Digital Ready, on the other hand, the aim is to standardize the production and management data of Italian textile machines and their ability to be digitally integrated at the customer’s plant. Alessandro Zucchi concluded: “We believe that the future of textiles that we want to shape lies in a sustainable and digitised technological supply”
Source: Textile world
Tex-Tech Industries, a manufacturer of specialty textiles, will create 49 new jobs in Forsyth County, Governor Roy Cooper announced today. The company will invest more than $24.8 million to build a new manufacturing center in Winston-Salem. “North Carolina’s leadership in textile manufacturing helps companies like Tex-Tech stay on the cutting edge of innovation,” said Governor Cooper. “This expansion builds upon the company’s success in Forsyth County for 60 years, affirming that North Carolina is a great place to do business.” With headquarters in Kernersville, North Carolina, Tex-Tech business is focused on textile research, development and manufacturing of high-performance fabrics and coatings. Serving the aerospace, automotive, defense, medical and protective apparel industries, the company’s innovative and proprietary materials are developed for demanding applications. Tex-Tech will increase its manufacturing operations with a new 170,000- square-foot building. “Expanding in Forsyth County was the best decision for our company,” said Kelly Moore, Chief Financial Officer of Tex-Tech Industries. “Being centrally located on the East Coast and having access to a growing advanced manufacturing talent pool were some of the differentiating factors for our decision to grow here. “ New positions include managers, operators, technicians, and sales personnel. Salaries will vary for each position; however, the overall expected average annual salary is $67,918. Forsyth County’s average annual wage is $57,351. These new jobs have the potential to create an annual payroll impact of more than $3.3 million for the region. “It’s no surprise that Tex-Tech continues to see the value of doing business in our state,” said N.C. Commerce Secretary Machelle Baker Sanders. “North Carolina’s reputation for textile research and development woven with the largest nonwovens workforce in the nation and strong textile supply chain, make our state a great choice for Tex-Tech’s expansion.” A performance-based grant of $125,000 from the One North Carolina Fund will help with Tex-Tech’s expansion. The One NC Fund provides financial assistance to local governments to help attract economic investment and create jobs. Companies receive no money upfront and must meet job creation and capital investment targets to qualify for payment. All One NC grants require matching participation from local governments and any award is contingent upon that condition being met. “We are excited to welcome Tex-Tech to Winston-Salem,” said N.C. Senator Paul A. Lowe, Jr. “The company’s increased investment is a strong vote of confidence in the workforce and manufacturing economy of our region.” “Forsyth County has a rich textile legacy,” said N.C. Representative Kanika Brown, “Our location, infrastructure, and existing industry will continue to support the company in its next phase of growth.” In addition to the North Carolina Department of Commerce and Economic Development Partnership of North Carolina, other key partners in this project include the North Carolina General Assembly, North Carolina Community College System, Forsyth Tech Community College, Forsyth County, City of Winston-Salem and Greater Winston-Salem, Inc
Source: Textile world
