Ten additional secretaries have been appointed in various central government departments as part of a senior-level bureaucratic reshuffle. As many as 10 additional secretaries have been appointed in various central government departments as part of a senior-level bureaucratic reshuffle effected by the Centre. AS officer Vijoy Kumar Singh has been appointed additional secretary and financial adviser in the Ministry of Textiles, an order issued by the Ministry of Personnel said. Currently, he is the joint secretary at the Department of Personnel and Training. Anurag Agarwal has been named additional secretary and financial adviser in the Ministry of Power. Agarwal, at present, is the joint secretary, Ministry of Corporate Affairs. Meenakshi Sharma, a 1988-batch officer of the Indian Audit and Accounts Service, has been appointed director general (tourism). She, at present, is additional director general (tourism). IAS officer Sanjay A Chahande has been named textile commissioner, Ministry of Textiles. He is currently deputy director general, Unique Identification Authority of India, Mumbai. Ravi Agrawal, joint secretary in the Department of Investment and Public Asset Management, will now be the additional secretary, Ministry of Environment, Forest and Climate Change. The posts held by a few officers have been upgraded to the level of additional secretary by the government. Bharat Lal, joint secretary to President Ram Nath Kovind, will now be the additional secretary to the president. He is a 1988-batch Indian Forest Service officer of the Gujarat cadre. Annie George Mathew and Meera Swarup, both joint secretary in the Department of Expenditure, have been made the additional secretary in the same department. Deputy Election Commissioner Sandeep Saxena has been promoted as the additional secretary at the same post. IAS officer Arun Baroka, who served as the joint secretary in the Ministry of Drinking Water and Sanitation, will now be the additional secretary in the same ministry.
Source: Economic Times
The U.S. should not terminate the GSP programme with India after the expiry of the 60-day notice period on Friday, a group of 25 influential American lawmakers urged the U.S. Trade Representative, warning that companies seeking to expand their exports to India could be hit. The Generalized System of Preference (GSP) is the largest and oldest U.S. trade preference programme designed to promote economic development by allowing duty-free entry for thousands of products from designated beneficiary countries. On March 4, President Donald Trump announced that the U.S. intended to terminate India’s designations as a beneficiary developing country under the GSP programme. The 60-day notice period ends on May 3. On the eve of the end of the notice period, the 25 U.S. lawmakers made a last-ditch effort to convince the Trump administration from going ahead with its decision. The 25 members of the U.S. House of Representatives, in a passionate letter, urged U.S. Trade Representative Robert Lighthizer to continue negotiating a deal that protects and promotes jobs that rely on trade — both imports and exports — with India. They argued that terminating GSP for India would hurt American companies seeking to expand their exports to India. “India’s termination from GSP follows its failure to provide the United States with assurances that it will provide equitable and reasonable access to its markets in numerous sectors,” Mr. Trump had said in a letter to Congress, providing a notice of his intent to terminate the designation of India as a beneficiary developing country under GSP programme. In his letter, Trump said that he was determined that New Delhi had “not assured” the U.S. that it would “provide equitable and reasonable access” to the markets of India. “I will continue to assess whether the Government of India is providing equitable and reasonable access to its markets, in accordance with the GSP eligibility criteria,” he wrote.
‘None will benefit’
Expressing concern over such a move, the lawmakers said that no party — in the United States or India — would benefit from terminating GSP benefits. “American companies that rely on duty-free treatment for India under the GSP will pay hundreds of millions of dollars annually in new taxes. In the past, even temporary lapses in such benefits have caused companies to lay off workers, cut salaries and benefits, and delay or cancel job-creating investments in the United States,” the lawmakers said.
Source: The Hindu
Business activity in India’s manufacturing sector further slowed in April, but still held in the expansion zone. The Nikkei India Manufacturing Purchasing Managers’ Index (PMI) declined from 52.6 in March to 51.8 in April. A reading above 50 indicates expansion, while a one below that threshold points to a contraction. Exports were one bright spot in the April PMI, expanding at a quicker pace than in the previous month. Not just in India have exports increased, though modestly, but in other emerging nations as well. According to the PMI survey, South-East Asian companies saw the first improvement in new exports for the first time since July 2018 (see chart). Commenting on the Asean Manufacturing PMI survey data, David Owen, economist at IHS Markit, which compiles the survey, said: “New export orders rose for the first time since last July, albeit at a fractional pace. This supported the quickest increase in total new orders for seven months, lending some optimism to manufacturers that have been noticeably affected by the ongoing trade war." Asean is an acronym for the Association of South-East Asian Nations. It includes Malaysia, Indonesia, Thailand and Singapore, among others. For these countries, the future output sub-index—a gauge of business expectations for the coming 12 months—has improved from 65.4 in March to 66.6 April. While this is a positive sentiment, its continuation is the key. It is no news that global growth is softening, and that could weigh on new export orders. Also, uncertainties regarding the trade wars persist. It should be noted that the International Monetary Fund (IMF) recently downgraded its outlook regarding the global economy for the third time since October. IMF anticipates the global economy to grow 3.3% this year. This is the slowest expansion since 2016. Also, the present forecast is a 0.2-percentage point cut from its earlier estimate, released in January. On the other hand, optimism about business outlook among Indian manufacturers contracted. The future output sub-index fell from 60.3 in March to 56.6 in April. According to Pollyanna de Lima, principal economist at IHS Markit and author of the India PMI report: “Although remaining inside expansion territory, growth continued to soften and, the fact that employment increased at the weakest pace for over a year, suggests that producers are hardly gearing up for a rebound. “When looking at reasons provided by surveyed companies for the slowdown, disruptions due to the elections were a key theme. Also, firms seem to have adopted a wait-and-watch approach on their plans until public policies become clearer upon the formation of a government," she added.
Source: Live Mint
E-commerce negotiations at the multilateral level will be a key area of talks at the informal World Trade Organization (WTO) ministerial meeting which will take place in Delhi later this month. At the informal ministerial, at least 20 developing countries and least developed countries will discuss how realistic it is to assume that they can “effectively and meaningfully influence” the outcome of negotiations on free flow of data across borders, server localisation and source code disclosure. “There will be a session on implications of joining the negotiations on e-commerce at the WTO where a lot of pertinent questions on digital trade would be raised,” an official told ET on condition of anonymity. The participating countries will deliberate the concrete gains for them from negotiating binding rules on e-commerce and the revenue implications of a permanent moratorium on customs duty on electronic transmissions. They will also debate the pros and cons of retaining policy flexibility to nurture their domestic digital firms or if they would be better off with binding rules. In its draft National E-Commerce Policy, India has proposed regulating cross-border data flows, locating computing facilities within the country to ensure job creation and setting up a dedicated data authority for issues related to sharing of community data. It has stated that the data generated in the country is a national asset and citizens and the government have a sovereign right over it. The Delhi ministerial meeting comes at a crucial time when a group of 76 countries including the United States, European Union nations, China, Japan and Australia have formed a plurilateral to develop trade rules on ecommerce, an idea that has been opposed by India and other developing countries. India has argued that these discussions are not consistent with the mandate of the multilateral trading system and that these strike at its roots. Although India is opposed to the plurilateral on e-commerce, it has told the WTO that it would pursue the existing multilateral work programme that prohibits countries from imposing customs duties on electronic transmissions, something that India and South Africa have questioned, citing revenue loss to developing countries. The two-day discussions are likely to culminate in a Delhi Declaration on development and WTO reforms as the organisation’s director general, Roberto Azevêdo, would attend the meeting on May 13. “There could be a declaration at the end of the meeting,” said another official. The declaration is expected to relate to critical issues including special and differential treatment for developing nations.
Source: Economic Times
India's decision to not join China's Belt and Road Initiative over sovereignty concerns related to the CPEC has not affected the bilateral trade ties which have seen an "exponential growth", India's Ambassador to China Vikram Misri has said. India skipped China's 2nd Belt and Road Forum (BRF) held from April 25 to 27 aimed at showcasing its trillion dollar Belt and Road Initiative (BRI) over its objection to USD 60 billion China-Pakistan Economic Corridor (CPEC) which passes through Pakistan-occupied Kashmir (PoK). India had also boycotted the first BRF held in 2017. New Delhi's reluctance to join the BRI has become a major irritant in the relations between the two countries. "We feel that the infrastructure connectivity should be aligned with national priorities and should respect and follow certain well respected or broadly accepted (norms) in the world, which include the elements of transparency openness, level playing field, social, environmental and financial sustainability," Misri said. "These are the principles we follow in our own initiatives. The most important thing is that (they) must be aligned with national priorities. That is one basket. The other basket is that these initiatives can be sustainable and successful only in so far as they respect issues related to sovereignty and territorial integrity," he said in an interview to China's state-run CGTN. In an interview to the state-run Global Times in March, Misri signalled India's plans to stay out the conference which was attended by 37 heads of state and governments, including Pakistan Prime Minister Imran Khan. Though the latest interview was recorded well ahead of the 2nd BRF meet, parts of it were telecast on May 1, according to a post on the CGTN website. In the full interview accessed by PTI, Misri said India had its own infrastructure connectivity projects in the neighbourhood and New Delhi's view is that all such projects should be aligned with national priorities. "With regard to trade and BRI, despite the fact that we are not part of the BRI, there has been no impact on the bilateral trade between India and China. We have seen an exponential growth in bilateral trade with China," he said. "So, we don't necessarily need to look at India-China trade, or indeed the larger economic and commercial relationship through the prism of BRI. I think we can very well progress on that front," Misri said. The bilateral trade has grown to about USD 95.5 billion, inching towards the USD 100 billion mark, a target set by Chinese President Xi Jinping and Prime Minister Narendra Modi to be achieved by 2020. Misri said India has had its concerns over the way the BRI has been put out and New Delhi's views are not unknown or a secret. "These have been made known to the Chinese authorities and we have had conversations with regard to this and I am quite sure that the Chinese authorities understand our position and our point of view," he said. "I would also say that with the point of view we have had with regard to especially with the issue related to sovereignty and territorial integrity is not a new point of view. It is a very long held point of view by us. I would imagine that our partners and our neighbours are well aware of our positions," he said. Misri also pointed to how China-sponsored Asia Infrastructure Investment Bank (AIIB), in which India is the second largest shareholder after China, helped financing projects in the region without any problems. With authorised capital of USD 100 billion, China is the largest shareholder with 26.06 per cent voting shares. India is the second largest shareholder in AIIB with 7.5 per cent followed by Russia 5.93 per cent and Germany with 4.5 per cent. "That just goes to prove my point that the fact the we are in AIIB and AIIB is funding a number of countries in the region. Each project is assessed based on certain parameters. "It follows very high international standards. I think India is probably the largest client of the AIIB, every project is subjected to a study and if it passes those tests they are approved," Misri said. "We have no problem with it. If we are in agreement about the parameters we would have no objection in going forward with any of the partnership initiatives. But as I said with regard to the BRI there are other elements related to sovereignty and territorial integrity and those issues have not been addressed in the context," he said. Misri said the last year's Wuhan summit between Prime Minister Narendra Modi and Chinese President Xi Jinping was a major gain. "That is a major gain in our relationship and I think they share a special relationship, they have also provided a compass to the bilateral relationship that helps to guide the officials," he said. He said both India and China regard their bilateral ties as an important relationship. "There are large elements of cooperation in this relationship and in a relationship as large as this there will be elements of competition. In the last few years, we have seen elements of cooperation triumphing the elements of competition," he said. He said both countries have about 36 bilateral forums for official level dialogue on different issues. "We have today very good understanding in a number of bilateral political forums. We are working very hard to expand the trade and economic relationship and people to people relationship which is very important aspect of it," he said.
Source: Business Standard
The Asia-Pacific region is expected to power ahead growing at 5.7% this year but escalating trade tensions are a source of worry, according to Takehiko Nakao, President and Chairperson, Asian Development Bank. Addressing the opening session of the Board of Governors at ADB’s 52nd Annual Meeting here, Mr. Nakao said that consumer and investor behaviour could be undermined by trade tensions between countries.
Reform, re-orient
“There has been much debate about it but I’m a firm believer in the multilateral system,” he said, adding, “but we have to reform and reorient ourselves to earn the support of members and their taxpayers.” The bank’s lending grew to a record $21.6 billion in 2018, 10% higher compared to 2017. Mr. Nakao elaborated on the Strategy 2030 plan of ADB which will focus on six key areas — operational and action plans for the private sector, addressing remaining poverty and inequality, accelerating progress in gender equality, continuing to foster regional cooperation and integration, expanding private sector operations and using concessional resources effectively.
‘World comes to Fiji’
Addressing the session, Fiji’s Prime Minister Josaia Voreque Bainimarama said: “The world has come to us. This conference marks the end of an era of missed opportunities for the Pacific region.” This is the single largest gathering in Fiji with over 2,000 delegates and was the first time that the ADB held its annual meeting in the Pacific region, he pointed out. The correspondent is in Fiji at the invitation of ADB
Source: The Hindu
Rare metal-thread embroidered textile and a gem-set gold pendant dating back to 17th to 18th century India were among the big highlights of an auction in London which fetched a whopping 16 million pounds. Textiles and jewellery were among some of the major auction lots at the Islamic and Indian Worlds sale at Christie's auction house on Thursday. Intricately decorated versions of the Quran, from India and other parts of the world, also attracted frenzied bidding at the auction which fetched a total of over 16 million pounds. "This was the strongest result achieved in the last decade, with high prices throughout all categories. The full saleroom welcomed new buyers and witnessed competitive bidding with numerous telephone lines and online buyers from across the globe," said Behnaz Atighi Moghaddam, Acting Head of Sale for Islamic Art at Christie's. A Mughal velvet and metal-thread dais cover, from between late 17th and early 18th century India, went under the hammer for 225,000 pounds – beating its 60,000 pounds pre-sale estimate. The second-highest lot related to India was that of a Quran signed "Abdullah Rampur Mughal North India" dating back to 1731 AD, which fetched 112,500 pounds, also above its estimate of 70,000 pounds. A gem-set gold pendant in the form of an eagle, from 19th century South India, sold for 106,250 pounds, above its 30,000-pound estimate. The top lot of the auction was a Safavid silk and metal-thread 'Polonaise' carpet from Isfahan, central Persia, dating back to the first quarter of the 17th century, which fetched 3,895,000 pounds, setting a new world record price for a 'Polonaise' carpet at the auction. "The carpet section of the sale was sold 77 per cent by lot and far exceeded its pre-sale estimate, achieving a total sale price of nearly 9 million pounds, the second highest sale result for this field at Christie's," said Louise Broadhurst, International Head of Oriental Rugs and Carpets at Christie's. Another highlight of the sale, a "Monumental Mamluk Quran" from Egypt sold for 3,724,750 pounds, achieving a world record for a Quran at the auction.
Source: Outlook
Ever since the Electronic-way (E-way) bill (https://timesofindia.indiatimes.com/topic/bill) system was rolled out a year ago, Gujarat (https://timesofindia.indiatimes.com/india/gujarat) has topped the chart when it comes to the generation of inter-state e-way (https://timesofindia.indiatimes.com/topic/e-way) bills. The state generated 4.3 crore interstate e-way bills in 2018-19, which is the highest among all Indian states, shows data provided by the state commercial tax department. The system was rolled out from April 1, 2018, as part of which businesses and transporters willing to move any goods worth more than Rs 50,000 from one state to another, are required to produce an e-way bill. “Gujarat is a manufacturing-heavy state. There is significant movement of manufactured goods from here to various parts of the country. Similarly, huge quantities of raw material are procured by industries operational in Gujarat from other states. Both these requirements involve generation of a high number of e-way bills,” said Ajay Kumar, special commissioner, state commercial tax department. Industry players also attribute the growth in e-way bill generation to the opening of new markets due to implementation of Goods and Services Tax (GST). “During the VAT era, transporting goods from Gujarat to other states attracted a slew of other taxes. However, after the GST rollout, these taxes have been unified across the country, which led to opening up of new markets for goods manufactured here,” said Jaimin Vasa, president, Gujarat Chamber of Commerce and Industry (GCCI). “Greater e-way bill generation is therefore a reflection of increased manufacturing activity in the state. Commodities such as chemicals, engineering goods, pharmaceuticals, textiles, agricultural products and ceramics are supplied across the country from Gujarat,” he added.
Apart from interstate movement of goods, generating eway (https://timesofindia.indiatimes.com/topic/eway) bills is mandatory for intrastate movement of goods as well. More than 6.7 crore e-way bills were generated in Gujarat in FY 2018-19, of which some more than 2.47 crore were intrastate e-way bills. Commercial tax experts also attributed the increase in eway bill generation to better enforcement. “Under the valueadded tax (VAT) regime, a similar system was in place for interstate movement of goods and therefore, the compliance under GST regime was better in Gujarat. Moreover, we have deployed mobile squads from place to place to enforce better compliance,” Ajay Kumar added.According to data provided by state commercial tax department, evaded tax as well as penalty to the tune of Rs 82.15 crore was collected from 5,152 vehicles by mobile squads in FY 2018-19.
Source: Times of India
Mumbai: Rising for the fourth straight session, the rupee strengthened by 15 paise to close at 69.22 against the US dollar Friday, bolstered by easing crude oil prices. However, fresh foreign fund outflows and subdued sentiment at the domestic equity markets capped the gains, forex traders said. At the interbank foreign exchange market, the domestic unit opened flat at 69.38 and advanced to a high of 69.20 during the day. It finally settled at 69.22, showing a rise of 15 paise over its previous close. Rupee maintains form, spurts 15 paise to 69.22 on sliding oil prices; fresh foreign fund outflows cap gains During the week, the rupee climbed 80 paise. This is the second consecutive week of gain for the domestic currency. "The Indian rupee has appreciated more than a percent in the last week...Indian rupee is the best performing emerging market currency in last five days," said Sunil Sharma, chief investment officer, Sanctum Wealth Management. Brent crude futures, the global oil benchmark, fell 0.27 percent to $70.56 per barrel. Meanwhile, foreign institutional investors (FIIs) pulled out Rs 400.68 crore on a net basis Friday, provisional data showed. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.16 percent to 97.99. Market benchmarks surrendered early gains to end with modest losses on Friday. After trading on a positive note through the day, the BSE Sensex ended 18.17 points, or 0.05 percent, lower at 38,963.26. In similar movement, the broader NSE Nifty slipped 12.50 points, or 0.11 percent, to close at 11,712.25. Meanwhile, the Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 69.2679 and for rupee/euro at 77.3390. The reference rate for rupee/British pound was fixed at 90.2404 and for rupee/100 Japanese yen at 62.13.
Source: Financial Express
Sanjay Bahl, Group CFO at Raymond says it was a satisfying year for Raymond in both segments, branded textile and apparel, as revenues, margin and profitability have gone up. It was a satisfying year for Raymond in both segments, branded textile and apparel, as revenues, margin and profitability have gone up, says Sanjay Bahl, Group CFO, Raymond. He also threw light on the company’s quarter results, segmental growth, CapEx and real-estate business during an interview with Swati Khandelwal, Zee Business. Edited Excerpts: Tell us about the segmental growth in apparel, garments and textiles? First I will like to provide a quick highlight of the quarter where our revenue has grown by 11 per cent and total profitability has grown by 25 per cent. Similarly, our revenue has grown by 11 per cent in the year as well and the EBITDA went up to 29 per cent and the net profit was up by 25 per cent. So, it was a satisfying year for both, branded textile and branded apparel. If we look within the segments, then branded textile has grown by 9 per cent whereas the branded apparel segment has grown by 17 per cent. Both of these segments have performed well. But, a margin impact of 100 bps on the textile front was felt this year due to wool prices, which went quite high. Apart from this, the wage-settlement put pressure on the company as it was a one-time cost for us. Later, we increased our prices and its benefit can be seen in this year due to the lack of one-time cost in the business. Hopefully, this, price hike, will help us in restoring our margins this year and reap its benefits. When it comes to branded apparel then its margin stood at 7 per cent in the fourth quarter and it was quite encouraging for us because our revenue has been marching ahead for last eight quarters, and this time we had the target of improving our profitability in the segment. And, we posted an EBITDA margin of 4.2 per cent this year against 1.6 per cent reported in the same quarter of the last fiscal. The journey will continue from here. Update us on the CapEx for this quarter and the ongoing year? We follow asset light expansion strategy and have a target of keeping our CapEx below depreciation and have achieved it last year. In fact, record 283 stores were opened last year of which 95 per cent were franchise stores. So, asset-light expansion strategy is going well. We have control of the CapEx, which stood below Rs250 crore in the last fiscal. In addition, we will have a consolidated CapEx, across all business, of around Rs200 crore in the fiscal and will continue with the asset-light expansion strategy. This will bring capital efficiency in the business and in return will improve our RoC, which went up from 8.9 per cent to 11.3 per cent last year and we have plans to take it to 13.5-14 per cent this year. Raymond has announced a big real-estate project in recent past. Can you please provide some details, opportunities, size and timeline of the project and by when its results can be seen on your balance sheet? The real-estate project was announced last year (in 2018). The board has approved our proposal of developing a residential project on a plot spread on a 20-acre land. The project will be developed by Raymond itself and we have received all the needed approvals for the project. Interestingly, a soft-launch of the project, which was announced in the last quarter of the last fiscal, has garnered a good response. The project will be developed in two phases and the first phase will see the construction of 10 towers spread over 14 acres. Interestingly, almost 400 bookings have been completed in three towers whose bookings were announced in the recent past. Response to soft launch in encouraging us and the formal launch will be announced in the first week of May 2019 and it is expected that its sales velocity will be a good one. And the momentum is here to continue as our product, which is a 2bhk flat is value for money and is in the best location. The project will be completed in five years and we will not have to go for any additional debt for the project as it will be largely funded by through revenue being generated by itself, which means, we will have a good cash flow for the project.
Source: Zeebiz
India's cotton imports from the US rose over three-fold to 256,100 bales (1 US bale = 218 kg) in April, from 79,900 bales in March due to high domestic prices and short supply, according to weekly data released by the US Department of Agriculture. India did not import any cotton from the US in April last year. A sudden rise in domestic cotton prices to around 47,500 rupees a candy (1 candy = 356 kg) from around 41,500 rupees at the beginning of March led mills and traders to import the natural fibre. Indian cotton is currently being sold 3-4 cents per pound higher than the comparable variety in the international market. Mills in south and north India are finding imports to be much cheaper than buying locally and spending huge amounts on transportation from Gujarat or Maharashtra, said Gurusamy Rathakrishna, director of Coimbatore-based Shree MTK Textiles. He said these mills had contracted huge quantities of cotton from west Africa and the US. "Imports are taking place at 47,500-48,000 rupees per candy landed cost at port which is suitable for mills in south, as they don't have a logistic expense," said Arun Sekhsaria, managing director of Mumbai-based exporter DD Cotton. Rampant adulteration and contamination is also discouraging mills to source cotton locally, traders said. Fall in output because of drought in almost 40% of the country has led to short supply in the domestic market. The Cotton Association of India recently pegged the crop in 2018-19 (Oct-Sep) at 32.1 mln bales, much lower than its initial estimate of 35.0 mln bales in November. As a result, imports are expected to rise 70% in the current year from 1.5 mln bales last year. So far, India has signed import deals for around 1.8 mln bales (1 bale = 170 kg) in the current year. Of this, 800,000-900,000 mln bales have already been shipped, and the remaining quantum is likely to shipped between May and July, trade officials said.
Source: Cogencis
BANGLADESH can surprise you, that much I will say. I jumped into an invitation to visit the country for the first time without knowing much about the place except its summer climate, population, its citizens' physical features (all of which I have to see for myself), and the countless brands that carry "Made in Bangladesh" printed on its labels (I'm excited to see the source). Three proved true on Day 1. But there is more to the South Asian country than you and I may know. Thanks to the Visit Bangladesh, an annual program which started in 2011, media from 45 nations gets first-hand update on Bangladesh today. Bangladesh is one of the most populous and most-densely populated country in the globe yet is one of the fastest-growing economies-the Oriental Tiger in South Asia, one of the world's largest economy today. According to the Ministry of Information, the economic boom can be credited the nation's major industries-the textile and garments (they're the 2nd largest garments manufacturer and, yes, you have several in your closet); pharmaceuticals; agriculture-based industries (they're self-sustaining and exporting); leather and jute; ceramic, chemicals and even ship building. We got to visit the facilities of two of the nation's major industrial players- Square Pharmaceuticals Ltd. and Shinepukur Ceramics Ltd. Founded in 1958 by Samson Chowdhury and three friends, Square Pharmaceuticals is the largest pharmaceutical company in Bangladesh. It pioneered exportation of medicines in 1987. Today, it services 42 countries across the globe including the Philippines. The products are manufactured in 15 manufacturing units in two different sites, in Pabna and Dhaka. The Pabna site, which started operation in 1958, produces hormonal and steroidal products, and penicillin, while the 2002-operational Dhaka Unit manufactures the tablets, capsules, insulin and ophthalmic products. Both plants are equipped with modern machineries that allow high yield production to serve the demands of their clientele. But Square is more than just a pharmaceutical firm. Under the mother company are its sister firms that deal with healthcare, IT, media, textile and garment manufacturing, among others. The Square Group's turnover is over US$1.3 billion. The BEXIMCO group claims to be the largest private sector business conglomerate in the country. Under the umbrella company is a diverse line of industries that includes textile and garment manufacturing, information and communication technologies, construction and real estate, among others. It yields an annual income of $1 billion, 75% of which is from export. Shinepukur Ceramics is one of BEXIMCO's companies. It prides itself as the biggest bone china and porcelain tableware manufacturer and exporter in Bangladesh. Using top of the line raw materials sourced out from Europe, state-of-the-art technology from Germany and Japan and highly-skilled artisans, the factories churn out more than twenty million pieces of bone china and porcelain products annually. The two giant organizations are proud to claim that they pay their staff well, don't engage in child labor and adhere to the health and environmental codes.
Source: Sun Star
Following the Cabinet’s approval of a new mining policy in Uganda, the government will be targeting the cotton, textiles, and apparel (CTA) industry in the third National Development Plan (NDP) to be launched later this year. The plan, which will contain a detailed sector development approach for the cotton value chain, is to be developed under the National Planning Authority (NPA), in collaboration with Msingi East Africa and consultancy firm Bradan Consulting Services. With this strategy, the government intends to revamp the CTA sector, based on its potential for value addition, foreign investment, and job creation, in order to benefit from the lucrative global market. As revealed by Msingi, the global apparel manufacturing market was valued at over $785 billion in 2018 but Uganda could earn only a meagre $22 million of the worth, having the European Union (EU) as its main export destination. Uganda lags behind in the region’s textile industry with average annual earnings of just $56 million from 2008-2017, under the United States-sponsored Africa Growth and Opportunity Act (AGOA). Meanwhile, other regional neighbours Ethiopia and Kenya earned an average of $221.5 million and $436.5 million respectively over the same period under the scheme. Thus, the new plan will be focusing on how Uganda can maximize the opportunities that come with AGOA, which has largely been constrained by several policies and market challenges.
New mining policy
As part of the drive to see Uganda maximise economic gains from its natural resources, the Cabinet last month passed a new policy that will see the government automatically own shares in every mining company granted a lease. The Mining and Minerals Policy 2018, which now prevents investors in the mining sector from owning 100 percent stakes in leases, also makes value addition compulsory. This means companies in the sector can no longer export raw ore as the government looks to increase income from its mineral resources. “The revised laws will help us revive the mining sector,” Permanent Secretary in the Ministry of Energy, Robert Kasande said. Achieving efficiency and ensuring equitable and transparent management of mineral revenues are also part of the objectives of the new policy. This is because there have been numerous occurrences of controversies over lands in mining areas, high rate of corruption in the granting of licenses, environmental degradation and deprivation of benefits from mineral exploitation to host communities. There is also the issue of speculators who lock up investment as they hold most of the hundreds of mining licenses in the country and then trade the licenses at extremely high prices that petrifies genuine investors. To tackle this trend, the government will guarantee the “security of tenure by granting licenses for specified periods that are subject to a ‘use it or lose it principle’, through enforcement of mandatory relinquishment, fines and penalties to minimise speculation and hoarding practices,” the policy read. Furthermore, the new policy requires investors to have sufficient capital to conduct exploration, exploitation and value addition, according to their licenses. Consequently, once it is enforced, it will expel mineral speculators. The government will also introduce competitive bidding rounds to dismiss incompetent companies and speculators as against the current system of granting licenses regardless of capabilities. “We think that will transform the mining sector. We are concluding agreements to get money to do aerial magnetic surveys in Karamoja beginning next financial year. That will give us a better assessment as far as minerals are concerned,” Kasande added. Uganda has minerals across the country – gold, tin, tantalite, tungsten, iron ore, copper, gemstones, cobalt, sand – but all of these contribute just 0.6 percent to the GDP as the country exports unprocessed minerals, with some sold as non-Ugandan products due to lack of certification.
Source: Venture Africa
THE Department of Trade and Industry’s Export Marketing Bureau (DTI-EMB), the Philippine Chamber of Commerce and Industry (PCCI), and the Embassy of Mexico in the Philippines organized an information session and business-to-business (B2B) meeting with the delegates of the US-Mexico Chamber of Commerce who came to Manila on April 16, 2019, to explore business interests between the Philippines and Mexico. Marlen Marroquin-Davern, executive director of the chamber, headed the delegation composed of Mauricio Monroy of Mauricio Monroy Contadores, Juan Carreon and Connie Bermudez of Grupad Fiscal Advisors, Mariana Carreon of Xawi Textile, and Aram Hodoyan and Artemis Hodoyan of On Time Logistics. The Philippines was the first country visited by the delegation as part of their road show which also included China, Japan and South Korea. Jesus B. Varela, PCCI’s vice chairman for the Americas, moderated the info session while PCCI Chairman Emeritus Dr. Francis Chua and PCCI President Ma. Alegria Sibal-Limjoco delivered messages which emphasized the long-standing trade and cultural relationship between the Philippines and Mexico. Mexican Ambassador Gerardo Lozano Arredondo highlighted that “last April 14, 2019, Mexico and the Philippines celebrated 66 years of diplomatic relations and we are pleased to celebrate our partnership with this important event that reminds us of our histrorical ties and learning new ideas for our common future.” Presentations were also given by Export Marketing Bureau Director Senen M. Perlada and Board of Investments (BOI) Director Angelica Cayas on doing business in the Philippines and Juan Gabriel Espejo Ceballos, head of Bilateral Cooperation and Economic Affairs of the Embassy of Mexico on doing business in Mexico. The info session was followed by B2B meetings giving Philippine exporters an opportunity to discuss their interests with the respective companies from the US-Mexico Chamber of Commerce. Some of the Philippine exporters who participated in the B2B meeting included Business People, McCormick Philippines, Nattural Quality, and the Filipino Food Movement (based in the US), which also participated in the recent Outbound Business Matching Mission to Guadalajara, Mexico, with participation in Antad and Alimentaria Expo organized by EMB. Other companies in the meeting were Amazing Foods, Century Pacific, Gulife Vegetable Pasta, JNRM Group of Cos., Magic Melt and Propack Asia. The event with the US-Mexico Chamber of Commerce was part of EMB’s ongoing activities to promote Philippine exports to Mexico and other Latin American countries.
Source: Business Mirror
President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) , Engineer Daroo Khan Achakzai has said that Pakistan and Qatar are enjoying close and brotherly relations based on the common faith, religion and culturePresident of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) , Engineer Daroo Khan Achakzai has said that Pakistan and Qatar are enjoying close and brotherly relations based on the common faith, religion and culture.He was addressing the inauguration session of exhibition namely Project Qatar here on Friday.Engr. Daroo Khan Achakzai also emphasized on the need of intensifying interaction between the private sector of Pakistan and Qatar for exploring new avenues and vistas of promotion of trade and investment and also holding of single country exhibition in Qatar.He said that Small and Medium Enterprises (SMEs) of Pakistan is one of the area that can help penetrate Qatar market. The economic and political relationship between Pakistan and Qatar is expanding with the passage of time as Pakistan is one of the major importer of Liquefied Natural Gas (LNG) from Qatar which will help in reducing the energy shortage in Pakistan. While highlighting the trade relations, he stated that the bilateral trade between Pakistan and Qatar stood at US$ 2.48 billion but still far below their actual scope and potential. Pakistan's exports to Qatar stood at US$ 102.20 million and imports from Qatar stood at US$ 2.38 billion. He indicated that there is potential available in Pakistan to increase exports of rice, textile, edible fruits & vegetables, footwear, surgical instruments etc to Qatar. As the construction related activities are expanding in Qatar, and Pakistan has potentials to fulfill the need of skilled and unskilled labor force of Qatar. He also stated that Pakistan and Qatar both are the members of OIC blocs; can work on the promotion of halal sector as OIC Halal Accreditation Center has been decided to establish in Qatar.
Source: Urdu Point
The Kenyan Government will provide business to the Kitui County Textile Centre (KICOTEC), according to Interior cabinet secretary Fred Matiang’i, who toured the centre recently. Matiang'i said the textile factory was an embodiment of a county government keen to improve its people's livelihood. County governor Charity Ngilu took him on a tour of the factory. President Uhuru Kenyatta, during his recent visit to the place, is said to have agreed to award KICOTEC the tender to make uniforms for all chiefs, according to Kenyan media reports. The factory, set up last year, employs 300 youths. (DS)
Source: Fibre2fashion
