The changes in the rules of antidumping, countervailing or anti-subsidy and safeguard have been approved by the commerce ministry and will soon be notified by the revenue department, a government official said. The government will soon make changes in the rules of trade remedies such as antidumping and safeguard, for making them more effective to protect the domestic industry, an official said. The changes in the rules of antidumping, countervailing or anti-subsidy and safeguard have been approved by the commerce ministry and will soon be notified by the revenue department, the official said. These are trade remedy measures provided under the global trade norms of the World Trade Organization to protect the domestic industry in case of dumping of goods, significant jump in imports, and subsidised imports. According to the official, the government will remove lesser duty rules (LDR), which will pave the way for Indian investigating authorities to impose anti-dumping and countervailing duty to the full extent of dumping and subsidy margins, respectively. Tariff rate quota will be introduced in the safeguard rules, which will provide greater flexibility to the government in operating and administering safeguard mechanism. Further, as per the approved proposal, anti-circumvention provision will be introduced in the CVD (countervailing duty) rules to address the issue of circumvention by foreign producers or exporters availing subsidy. "These changes meet long-standing demands of Indian domestic industry and are expected to provide much-needed support to the Indian manufacturing industry and give an impetus to Make-in-India campaign," the official added. These amendments will be notified by the revenue department after legal vetting.
Source: Business Today
Sources said they pointed out added competition from Chinese cheaper goods may put pressure on domestic sales at a time international business has been under threat from Bangladesh and Vietnam In a meeting with the Commerce and Industry Ministry, textile manufacturers and exporters on Thursday reiterated caution against opening up the domestic market for China under the proposed Regional Comprehensive Economic Partnership (RCEP) agreement. Sources present at the meeting said they pointed out added competition from Chinese cheaper goods may put pressure on domestic sales at a time international business has been under threat from Bangladesh and Vietnam. However, the government has assured them their interests will be protected. RCEP is India’s most ambitious trade pact, currently under negotiation. Based on India’s existing free trade agreement (FTA) with the 10-nation Asean bloc, the RCEP will include all the nations with which the Asean has trade deals — New Zealand, Australia, China, India, Japan and South Korea. At the last such meeting on RCEP, the Confederation of Indian Textile Industry (CITI) had cautioned the government to tread carefully while ceding space to China in the global textiles and clothing (T&C) sector. Half of India’s T&C trade in RCEP is with China, with which it had a big trade deficit of almost $1 billion in 2018, it had said. Export of readymade garments, in which India’s export competitiveness has fallen over the past fiscal year, contracted by 2.44 per cent in August. The sector had shown signs of steady recovery in July with 7.66 per cent growth, after months of continuous contraction. However, CITI said that while the ongoing US-China trade war presents an opportunity to Indian textile manufacturers to enhance their exports to the US, China too would be looking for new markets for its products. This is true for the fabrics sector, which has seen a division in opinion on RCEP. China, South Korea and major Asean markets may become large destinations for fabric industry. "The RCEP accounts for nearly 30% (USD 50 Bn.) of global trade in Man-made fibre textiles and this share is growing rapidly.The shifting of production of textile products from the west to the east is increasing both intra and inter-national textiles trade in this region," the Synthetics and Rayon Textiles Export Promotion Council said. "We have suggested some caution be exercised during the talks on reducing tariffs for textile products. Accordingly, we have asked that some items be kept in the negative list when it comes to China," a senior functionary of Apparel Exports Promotion Council, said. So far, RCEP talks have seen 28 rounds of negotiations, apart from seven minister-level meets. New Delhi has apparently made it clear that significant tariff concessions have already been made and further talks would be based only after an equal push by China. However, significant changes are expected before November 4, the deadline decided on by all negotiating countries, including India. “As long as India’s domestic industry and our national interests is protected, the faster it (the RCEP) is done, the better it is for India,” Commerce and Industry Minister Piyush Goyal, had said last week. He had added that cotton textile exporters have also requested a speedy conclusion to the negotiations, citing an 8 per cent duty that hinders their chances of exporting to China. In the meantime, India is preparing a final list of products on which it may retain import tariffs for China, painfully aware of a huge trade deficit. Such a list is based on its plan of a “differential tariff reduction” for various nations. Also under consideration is a mechanism to fix an import ceiling, again particularly for China. This is the first time New Delhi will fix such a ceiling in any trade deal. Goyal also met representatives of the pharmaceutical and chemical industries on Thursday. Pharma players have been relatively favorable to the deal. A senior official said they have argued for greater access to Chinese markets. China imports about $25 billion worth of medicines, of which India's share is currently only $200 million.
Source: Business Standard
It’s double trouble for the country’s man-made fabric industry, which is facing stiff competition from imported cheap fabrics from China. Central government has now proposed inclusion of textile industry in Regional Comprehensive Economic Partnership (RCEP) which will allow free import of polyester fabrics from China, Vietnam, Bangladesh and several other countries Federation of Gujarat Weavers’ Welfare Association has written to Union commerce minister Piyush Goyal expressing concern over inclusion of textile sector in RCEP. It said this would lead to job losses and shutting down of powerloom units in Surat and other MMF hubs across the country. Last month, FOGWA and Federation of Indian Art Silk Weaving Industry had represented to the ministry demanding imposition of import duty on Chinese fabrics to protect SME sector.
Source: Times of India
Officials said the American industry is hurting with the withdrawal of preferential benefits to $6.3 billion of Indian exports. Commerce and industry minister Piyush Goyal is travelling to the US on Monday as India and the US work to resolve their bilateral trade issues. His visit to New York coincides with Prime Minister Narendra Modi’s visit to the US during September 21- 27. Restoration of the Generalised System of Preferences (GSP), duty cuts on Harley Davidson bikes, market access to US agricultural commodities and price controls on medical devices are key areas that the two sides have been trying to resolve first and arrive at a trade deal. Officials said the American industry is hurting with the withdrawal of preferential benefits to $6.3 billion of Indian exports. Last week, 44 US lawmakers urged the Trump administration to reinstate India's designation as a beneficiary developing nation in GSP and suggested an “early harvest” approach that “would ensure that long-sought market access gains for US industries are not held up by negotiations over remaining issues.” “GSP restoration is a key issue as US firms are hurting,” said an official in the know of details. While the economic impact of GSP withdrawal on India’s exports is not significant, these issues have long-term strategic implications and should not become deal breakers, as per another official. Preferential tariffs under GSP on Indian exports are 1-6%.Separately, New Delhi may also work on a separate HS Code so as to facilitate further duty reduction or elimination on Harley Davidson bikes. In February last year, India reduced the duty on completely built units of motorcycles of all engine capacities to 50%. Earlier, the duty on bikes with engine capacity of 800cc or lower attracted 60% duty, while those with capacities of 800cc, or more, attracted 75% tariff. Goyal’s visit to the US has been long pending and got a push when Modi and Trump met at G-20 Osaka Summit in June and agreed on an early meeting of commerce ministers to sort out trade issues. The US wants India to do away with price controls of medical devices like stents and knee implants with innovative features and keep them separate from mass products. It has also sought duty cuts on pecan nuts and various berries, from India. The two sides have been engaged in talks to iron out the differences which began last year when the US levied global additional tariffs of 25% and 10% on the import of steel and aluminium products, respectively. India responded by levying retaliatory tariffs on 28 products originating or exported from the US with effect from June 16 for which Washington dragged it to dispute at WTO.
Source: Economic Times
"The excitement and the enthusiasm that people have to engage and do business with India is so huge," Goyal said. The stimulus packages announced in the last few weeks have already started showing results but a collective effort of all stakeholders would be needed for the economy to turn around, says commerce and industry minister Piyush Goyal. In an interview with Kirtika Suneja in Dubai, he explains the way forward. Edited excerpts: A series of stimulus packages have been given in the last few weeks. By when do you think they’ll start showing result? It has started happening now. I had a set of engagements in the morning with the business community and now with investors. The mood is so upbeat, it is truly unbelievable. The excitement and the enthusiasm that people have to engage and do business with India is so huge. Prime Minister Modi and his entire team is committed to making this a reality not in the distant future but in the very very near term. Are these measures enough to overcome the slump that India is facing? I beg to disagree. There is no slump. We are going through a cyclical problem which we have to overcome which is why you have a responsive government and finance minister has been engaging with stakeholders all across the country. We have all in our different ministries, been working in our sectors, to talk to people and I’m delighted at the level of engagement, at the frank and honest feedback and the confidence that I see in the business community. To my mind, the series of steps that FM has taken, what plans we have going forward and which will continue to unfold in the days to come, collectively will turnaround the situation to a high growth trajectory faster than anybody can imagine. Do we have a number for this high growth trajectory or is it too early to put a number? There’s no limit to the possibilities. It is us, all of us collectively. It can’t be the government alone who can manage that, it is the collective effort of all stakeholders be it the political leadership, bureaucracy or be the business community, be it for that matter even the media to support efforts to give a good sense of confidence to investors and stakeholders. We will need support from the judiciary in terms of faster resolution of issues. So, it will be a collective effort where all stakeholders who mean well for India. Will these measures help in relocation of manufacturing from other countries? Have got some interest or approached some countries or companies? It is a chicken and egg problem. We have been talking to stakeholders over the last few months and we get a lot of feedback about what are the enablers, issues they’re most concerned about and simultaneously we keep taking a series of measures. It’s a collective response to what we hear and we will continue to hearing things for the future. That’s the true spirit of the engagement of this government with investors all over the world and in India. The spirit of understanding, the spirit of fast response and the action-oriented governance that you are seeing in India today. How will all these measures help in getting manufacturing or giving a boost when we signing the Regional Comprehensive Economic Partnership (RCEP) and in talks with the US for some kind of a trade deal. You’re starting from an assumption that doing a trade deal with the US or RCEP is detrimental to India’s interest. This is the mindset that most of us including me at one point in time that I had. As you understand the intricacies of global trade, as you see the interlinkages of global trade, value chains, the way companies are spreading across different countries and even sometimes continents, leveraging on the comparative advantage of each country so that the final finished product is a quality product at the best possible price. You realise that if you remain outside the chains and don’t wish to engage with the world, you will be left behind and lose the potential that India has. So I think all of these efforts will be keeping in mind national interest, domestic industry’s interest while at the same time ensuring that we can do large scale job creation, employment is generated as well as economic activity grows. We have asked for review in Asean, Japan and Korea FTAs, is something of that sort also likely in the RCEP? Rcep will have an automatic review mechanism. We have already ensured about that. We are not allowing our negotiators to make the same mistake that we’re made in FTAs the 2009-10 period.
Will this be the strategy for Australia, EU? Australia is part of RCEP but I’ve offered to Australia also to look at a Comprehensive Economic Partnership Agreement (CEPA) and I’m waiting to hear from them. EU is under an election process. November they will have a new government. I do hope to start talking to them as soon as the election process is over.
Source: Economic Times
It can be noted that the RBI and the government have been taking a slew of measures to spur economic growth, which has dipped to a six-year low by taking slew of measures Aiming to boost credit supply to small exporters, the Reserve Bank Friday enhanced the loan sanctions limit qualifying as priority sector lending by banks to Rs 40 crore per borrower. The limit was capped at Rs 25 crore per borrower earlier, according to a notification. It can be noted that the RBI and the government have been taking a slew of measures to spur economic growth, which has dipped to a six-year low by taking slew of measures. The RBI has also decided to remove the existing criteria of 'units having turnover of up to Rs 100 crore' as part of the changes. The changes have been done "to boost credit to the export sector", the central bank said in the notification. Priority sector lending is a mandatory requirement under which lenders are required to devote a portion of their advances to empower focused groups of the economy. All sectors put together, this adds up to 42 percent of the total lending for each bank. Existing guidelines for domestic scheduled commercial banks to classify 'incremental export credit over corresponding date of the preceding year upto 2 percent of adjusted net bank credit or credit equivalent amount of off- balance sheet exposure, whichever is higher' under PSL will continue to be applicable, the RBI said.
Source: Economic Times
Economic slowdown needs to be tackled with a holistic approach, says an expert
India’s recent corporate tax rate cut to among Asia’s lowest is welcomed by industry, investors and other stakeholders. The move is expected to push economic growth and improve corporate profits. The tax rate for all domestic companies will be now 25.2 per cent, down from 30 per cent. Though it’s a good sign, but India needs to look beyond these measures to contain the economic slump, says Dr Vikas Singh, president, Crux Management Services in an interview with Y V Phani Raj.
Excerpts:
Tax rate cut: There is no denying that it is a great step forward and a game changer. This sends a strong message that the Government cares. It also is an indication that the Government has finally acknowledged that the economy needs to be fixed. It will help the corporates deleverage their books. We should remember, investment decisions are not made on the basis of taxes alone but taking into account several other criteria, the most important being the economic outlook-such as the demand. The banks and the finance companies will benefit as their effective tax rate is around 34 per cent. But all will not gain from the rate cut. Most of the large IT companies pay in the region of 25 per cent, several other manufacturing and export-oriented companies even lower.
More GST cuts: GST requires several layers and stakeholders to take on board. I also feel some of the demand for reducing GST rate is misplaced. The industry must introspect why they need the rate cut and go back to create a more compelling offering for the customers. Automotive sector for instance is demanding a rate cut but the companies need to evaluate the market expectations and come out with innovative ways to push sales. Most of the products/services today are taxed between 12 and 18 per cent and we can explore going few points lower, but I don’t think it is going to move the needle. Lowering the GST rate will neither address the structural issues that call for attention nor do they solve immediate problems. Manufacturing push: My study indicates that over 70 per cent of the large companies are operating at lower than 75 per cent manufacturing capacity utilisation. We should have a focused approach on manufacturing. We need to make the business environment conducive for ‘Make in India’ to be successful. It’s also time for industry to step up efforts on technology and skilling. For instance- Textiles & apparel segment is a growing opportunity, but we are losing out to Bangladesh. We need to improve our manufacturing competiveness and bring in the needed labour reforms.
Holistic solution
The government needs to address the slowdown in a more holistic manner. India is a consumption-led economy and unless this is addressed, investment is far away. Any slowdown in consumption is bound to affect the overall economy. We need to revive the rural economy that will propel rural consumption. We also need administrative and judicial reforms. A case in point is land and labour reforms. Higher infrastructure spending has a multiplier effect. Saddled with inherent challenges such as the access to funding, expertise and bureaucratic hurdles, most of our infrastructure projects either don’t take off and if they do, they are delayed and inadequate. This situation needs to be addressed. Investments in infrastructure will create jobs. There is also a need to revive the non-banking financial company (NBFC) sector and boost housing. Easing business: We have done well in ‘easing’ businesses but a lot more needs to be done. We tend to make it difficult for the MSMEs and the entrepreneurs to grow. The government needs to be a facilitator. Today, it sees itself as the monitor. Look at the Insolvency and Bankruptcy Code (IBC) and Real Estate (Regulation and Development) Act (RERA). They are robust and well-intentioned, but haven’t yet delivered. The government needs to overhaul the processes. Conducive ecosystem:We need to create a healthy ecosystem that enables regulatory clearances, eases stringent procedures, speeds policy implementation and rewards innovation and outcomes. Sound macroeconomic policies are necessary to create a low-inflation, ‘low-interest rate and high-growth’ environment needed for enhancing competitiveness. In addition, the industry needs a revival plan that will remove the bottlenecks, revitalise and restructure the several stalled, many existing and several bleeding projects.
Source: Telangana Today
Under RoSCTL, except for some items containing cotton, the rates are between 1.7 and 3.6 per cent of the FOB value of exportThe finance minister, in a press conference, announced that the present Merchandise Exports from India Scheme (MEIS) is to be replaced with one called ‘Rebate of Duties and Taxes on Export Products (RoDTEP). This would be from the beginning of 2020, with the outlay likely to be around Rs 50,000 crore. The Director General of Foreign Trade (DGFT), clarified at the same meet that MEIS is not compatible with the disciplines under our agreements at the World Trade Organization (WTO), whereas the new RoDTEP scheme will be. He said the outlay on MEIS, at Rs 40,000 to Rs 45,000 crore ...
Source: Business Standard
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1085.62 |
USD/Ton |
0% |
9/22/2019 |
|
VSF |
1505.77 |
USD/Ton |
0.28% |
9/22/2019 |
|
ASF |
2163.49 |
USD/Ton |
0% |
9/22/2019 |
|
Polyester POY |
1116.64 |
USD/Ton |
-0.38% |
9/22/2019 |
|
Nylon FDY |
2361.58 |
USD/Ton |
0% |
9/22/2019 |
|
40D Spandex |
4088.71 |
USD/Ton |
0% |
9/22/2019 |
|
Nylon POY |
5329.42 |
USD/Ton |
0% |
9/22/2019 |
|
Acrylic Top 3D |
1321.08 |
USD/Ton |
-0.32% |
9/22/2019 |
|
Polyester FDY |
2241.74 |
USD/Ton |
0% |
9/22/2019 |
|
Nylon DTY |
2298.14 |
USD/Ton |
0% |
9/22/2019 |
|
Viscose Long Filament |
1254.81 |
USD/Ton |
0% |
9/22/2019 |
|
Polyester DTY |
2594.22 |
USD/Ton |
0% |
9/22/2019 |
|
30S Spun Rayon Yarn |
2157.15 |
USD/Ton |
0% |
9/22/2019 |
|
32S Polyester Yarn |
1670.73 |
USD/Ton |
0% |
9/22/2019 |
|
45S T/C Yarn |
2417.98 |
USD/Ton |
0% |
9/22/2019 |
|
40S Rayon Yarn |
2425.03 |
USD/Ton |
1.18% |
9/22/2019 |
|
T/R Yarn 65/35 32S |
2044.36 |
USD/Ton |
0% |
9/22/2019 |
|
45S Polyester Yarn |
1846.97 |
USD/Ton |
0% |
9/22/2019 |
|
T/C Yarn 65/35 32S |
2269.94 |
USD/Ton |
0% |
9/22/2019 |
|
10S Denim Fabric |
1.25 |
USD/Meter |
-0.11% |
9/22/2019 |
|
32S Twill Fabric |
0.69 |
USD/Meter |
-0.41% |
9/22/2019 |
|
40S Combed Poplin |
0.97 |
USD/Meter |
-0.29% |
9/22/2019 |
|
30S Rayon Fabric |
0.57 |
USD/Meter |
0% |
9/22/2019 |
|
45S T/C Fabric |
0.66 |
USD/Meter |
0% |
9/22/2019 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.14099 USD dtd. 22/09/2019). The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
The Egyptian Trade Representation Office in the United States on Saturday issued a report on commercial relations between Egypt and the US from January to July 2019 compared to the same period in 2018, stating that exports have increased by 37.5 percent to US$1.892 million in January-July 2019, compared to $1,375 million in that period during 2018. According to the report, the volume of commercial exchange between the two countries increased by 19.7 percent to $5,355 million from January to July 2019, compared to $4,471 million from January-July 2018. The non-oil Egyptian exports increased by 31.7 percent to $1,229 million during the same period in 2019, compared to $933 million in 2018. Egypt’s non-oil exports accounted for 65 percent of the total Egyptian exports to the US, the report added. The report also mentioned that the Egyptian oil exports increased by 50 percent, to $662.9 million from January to July 2019, compared to $441.8 million during the same period in 2018, accounting for 35 percent of total exports to the US. The exports of the Qualified Industrial Zones increased by 14.3 percent to reach $586.8 million from January to July 2019, compared to $513.2 million in the same period of 2018, the report said, while exports under the system of net benefits increased by 112.1 percent, to $112.3 million in 2019 compared to $52.0 million in 2018. Egyptian imports meanwhile increased by 11.8 percent to $3,463 million in January-July 2019, compared to $3,096 million in that period of 2018. The trade deficit between the two countries decreased from January-July 2019 by 8.7 percent, compared to the same period in 2018. The report clarified that the most important items in Egyptian exports are textiles and garments, valued at $660.4 million, accounting for 35 percent of Egypt’s total exports to the United States, followed by artworks, valued at $117.7 million, and then plastics and their products, valued at $62.2 million. The increase in Egyptian exports to the US market is due to the efforts of the Egyptian Commercial Office in Washington to facilitate the access of Egyptian products to the US and make maximum use of the bilateral trade agreements signed between Egypt and the US, said the Undersecretary of the Trade and Industry Ministry Ahmed Antar.
Source: Egypt Independent
Egypt’s Minister of Public Business Sector Hisham Tawfik said that the government is adopting an integrated plan to improve the cotton and textile industries by benefiting from foreign experience in this regard. During his participation in a symposium held by the Egyptian Businessmen Association in Alexandria on Sunday, the minister said that 25 cotton gins will be merged into 11 gins that will be ready within three years at triple the production capacity. “Fourteen old cotton gins lands will be used to provide the required financing and to repay all the sector’s dues,” according to Tawfik. The minister added that an export and central marketing unit will be established under the Cotton and Textile Industries Holding Company to market the products of the company. EGP 700 million will be allocated to train workers and establish a new technical training center, Tawfik said.
Source: Arham Online
The government on Sunday announced cash incentives against export of products under 37 categories, including one per cent additional special incentive for readymade garment products, for the current fiscal year of 2019-20. The government also included consumer electronics, electrical home and kitchen appliances to the product list for the first time with 10 per cent cash incentive and boosted incentives for a number of products manufactured in economic zones and hi-tech parks. According to a Bangladesh Bank circular issued on Sunday, readymade garment exporters would get one per cent additional special incentive in addition to the 4 per cent cash incentive remained unchanged for this fiscal year for export of new textile and garment products and expanding export of textile items to new markets — markets other than the United States, Canada and the European Union. The government kept unchanged the cash incentive at 4 per cent for apparel products export for the small and medium industries of the textile sector. According to the circular, the export-oriented local textile sector would enjoy cash incentive at the rate of 4 per cent as an alternative to duty bonds and duty drawbacks. The 2-per cent cash incentive remained unchanged for the exporters of apparel products, who will export their products to the eurozone. Information technology-enabled services would get 15 per cent cash incentive and the information technology companies established in hi-tech park would also get 4 per cent additional incentive for exporting products to new markets, the circular said. In the circular, the government included bags with the item of shoes made from synthetic fibres, garment wastage with handicrafts (elephant grass and coconut coir) and surgical instruments and appliances with pharmaceuticals. The government reduced cash incentive for exporting elephant grass (hogla) and coconut coir to 10 per cent from 20 per cent for FY20. Exporters of pharmaceuticals and surgical instruments and appliances, photovoltaic modules, motorcycles, chemical products, razors and razor blades, ceramic products, caps, crabs, mud eels and galvanised sheets/coils would get 10 per cent cash incentive in FY20. The government kept unchanged the cash incentive at 10 per cent for export of intestines, horns and arteries (without bone), crust and finished leather goods to be produced at the factories in the Tannery Park at Savar in Dhaka and outside the Tannery Park, which have their own effluent treatment plants. The 10-per cent cash incentive also remained unchanged for the export of ship, plastic products, pet flex and locally produced paper for FY20. The BB circular said that the exporters of frozen fish would get 5 per cent cash incentive for their products covered with ice weighing maximum 20 per cent of the total weight, 4 per cent cash incentive for products covered with ice weighing 20 per cent to 30 per cent of the weight, 3 per cent cash incentive for products covered with ice weighing 30 per cent to 40 per cent of the weight and 2 per cent cash incentive for products covered with ice weighing 40 per cent and above of the weight. The exporters of shrimp will get 10 per cent cash incentive if their products are covered with ice weighing up to 20 per cent of the total weight. The exporters will get 9 per cent cash incentive for their products which are covered with ice weighing 20 per cent to 30 per cent of the weight, 8 per cent cash incentive for products covered with ice weighing 30 per cent to 40 per cent of the weight and 7 per cent cash incentive for products covered with ice weighing 40 per cent and above of the weight. The 20-per cent cash incentive the diversified jute products enjoyed in the previous fiscal year remained unchanged for this fiscal year, while the incentive for export of jute yearn and twine remained seven per cent and the incentive for jute hessian, sacking and carpet backing cloths also remained 12 per cent. The government kept unchanged cash incentive at 15 per cent for the export of leather goods, light engendering products, furniture, accumulator battery and shoes and bags made from synthetic fibres and fabric. Bangladeshi companies established in economic zones would get 4 per cent additional cash incentive for exporting shoes and bags made from synthetic fibres and fabric to new markets. The government also kept unchanged 20 per cent cash incentive for the export of charcoal, agricultural products, halal meat, potatoes and seeds for FY20.
Source: New Age Bangladesh
Local printing enterprises have been urged to develop long-term investment plans, adopt comprehensive management systems and build better business strategies to meet large export orders and stay afloat amid fierce competition, according to the Việt Nam Printing Association. Ngô Anh Tuấn, the association’s vice president, said that total revenue of domestic printing enterprises accounted for 1 per cent of GDP or about US$2 billion a year in the last three years. Adding revenue from the FDI sector, total revenue would be US$4 billion. HCM City’s printing industry accounted for more than 65 per cent of the total revenue, he said. “This is an industry with high growth potential, offering great profits.” Từ Lương, deputy director of the city's Department of Information and Communication, said the rapid shift from traditional printing technology to digital had created a revolution in the printing industry, increasing its competitiveness in domestic and export markets. The city’s printing industry met most of the domestic printing demand and had undertaken many outsourcing orders that require high-level, diverse and complex printing techniques for foreign firms, he said. Tuấn said: “In the Southeast Asia region, the Việt Nam printing industry is in the top two. In the domestic market, local printing houses have certain inferiority compared to Chinese and Japanese ones in terms of production management level, but not in technology and technical level.” Tuấn said the printing industry was facing challenges amid the increasing number of FDI enterprises participating in the market. “Recently, we received more than 10 foreign business delegates who came to seek investment opportunities here.” To maintain and promote the growth momentum, and to avoid losing market share in their home market, local printing enterprises need to create long-term investment plans, adopt comprehensive management systems, and improve business strategies, according to Tuấn. In addition, to expand the market, printing enterprises also need to be more professional in working with foreign companies, meet international quality standards, and ensure that production processes do not adversely affect the environment. "These are not small challenges for businesses in particular and the city’s printing industry in general,” he said. Due to US-China trade tensions, many large corporations around the world had shifted their huge printing outsourcing orders to Việt Nam, offering a great opportunity for local firms, he said. But with their small scale, many Vietnamese enterprises found it difficult to process large orders, he said, adding that local firms needed to further enhance linkages to enable them to undertake large orders and compete with FDI firms. Lương said to help businesses in the field access the latest printing technologies and equipment in the world market, as well as promote their products and enhance linkages with their counterparts, his department in collaboration with the HCM City Union of Business Associations and HCM City Printing Association organised an HCM City printing exhibition from September 18 to 21 at the Tân Bình District Sports and Cultural Centre. The exhibition featured about 165 booths displaying machinery and equipment for silkscreen printing, textile printing, footwear printing, labeling, packaging, electronic printing, printing materials and supplies, and printing products.
Source: Vietnam News
Egypt and Switzerland inked on Sunday a cooperation agreement to provide technical and financial support for the Egyptian textile and clothing sector through applying the GTEX international programme in Egypt with a total fund of SwF 1.5 million (about $1.5 million). Egypt’s Minister for Trade and Industry Amr Nassar said that this agreement develops ties between the two countries and enhances economic, financial, and technical cooperation. In addition, it helps in implementing Egypt’s strategy to boost the competitiveness of industrial sectors. “GTEX targets raising the competitiveness of Egypt’s SME exports in the textile and garments sector, which is a vital sector for our economy and one of the most important export sectors,” Nassar added. The main objectives of the agreement, which will be in force until 31 December 2021, are to create more job opportunities, improve income levels for workers in the sector, and increase the added value of products and services, as well as increase exports in both new and traditional markets, according to Nassar. Swedish Ambassador in Egypt Paul Garnier said that the GTEX programme is being implemented in Egypt, Morocco, Tunisia, Kyrgyzstan, and Tajikistan, and is funded and supported by the Swedish government, while the Egyptian government is providing 10 percent of the total fund.
Source: Ahram Online
