|
Item |
Price |
Unit |
Fluctuation |
|
PSF |
1207.46 |
USD/Ton |
0% |
|
VSF |
2072.26 |
USD/Ton |
0.63% |
|
ASF |
2480.18 |
USD/Ton |
0% |
|
Polyester POY |
1178.09 |
USD/Ton |
0% |
|
Nylon FDY |
3034.96 |
USD/Ton |
0% |
|
40D Spandex |
6200.46 |
USD/Ton |
-1.30% |
|
Nylon DTY |
3279.72 |
USD/Ton |
0% |
|
Viscose Long Filament |
5996.50 |
USD/Ton |
0% |
|
Polyester DTY |
1457.11 |
USD/Ton |
0% |
|
Nylon POY |
2855.48 |
USD/Ton |
0% |
|
Acrylic Top 3D |
2627.04 |
USD/Ton |
0% |
|
Polyester FDY |
1386.95 |
USD/Ton |
0% |
|
30S Spun Rayon Yarn |
2724.94 |
USD/Ton |
0% |
|
32S Polyester Yarn |
1925.41 |
USD/Ton |
0% |
|
45S T/C Yarn |
2969.69 |
USD/Ton |
0% |
|
45S Polyester Yarn |
2104.89 |
USD/Ton |
-0.77% |
|
T/C Yarn 65/35 32S |
2496.50 |
USD/Ton |
0% |
|
40S Rayon Yarn |
2888.11 |
USD/Ton |
0% |
|
T/R Yarn 65/35 32S |
2692.31 |
USD/Ton |
0% |
|
10S Denim Fabric |
1.14 |
USD/Meter |
0% |
|
32S Twill Fabric |
0.96 |
USD/Meter |
0% |
|
40S Combed Poplin |
1.34 |
USD/Meter |
0% |
|
30S Rayon Fabric |
0.77 |
USD/Meter |
0% |
|
45S T/C Fabric |
0.78 |
USD/Meter |
0% |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.16317 USD dtd. 07/07/2015)
The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
The textile ministry is in consultation with the finance and revenue departments to examine the possibility of a duty cut on man-made fibre as high cost of the key raw material for making blended garments is making Indian goods uncompetitive in the global market. While man-made fibre draws an excise duty of 12.5 per cent, it has elaborate import restrictions, leading to a cumulative duty of 29 per cent. Viscose fibre, one of the most common man-made fibres, attracts an anti-dumping duty, which takes its total duty up to 46.3 per cent.
According to World Trade Organisation data, among southeast Asian nations, India has 5-10 per cent customs duty on many of the fibres, while its competitors such as Thailand, Indonesia and Vietnam have lower duty structures ranging from zero to 5 per cent. The textile industry, which has been intensely lobbying for duty cuts on both domestic and import fronts, had been given hope during the previous year's budget, but the decision is yet to arrive. "We are pursuing the matter with the ministry of finance. Since the proposal is for a rate cut, which is an issue of revenue loss for the government, it is taking time," said SK Panda, secretary, ministry of textiles. The cost of one kilo of viscose fibre is around Rs . 155, while the same material costing Rs. 111 in China, expressed in Rs will cost Indian currency. Taking into account the import duty on the fibre, foreign shipments cost as much as the Indian produce. But tonnes of the material are being imported by Indian garment makers as the global market for blended garments is surging and there are not enough Indian suppliers. Each year, nearly Rs . 900 crore worth of man-made fibre material is imported by garment makers. Their clientele includes global retailers such as Walmart, British clothing company Next, German and fashion retailer s.Oliver. India exported Rs . 2,480 crore worth of man made fibre goods in April this year, a drop of 6 per cent compared with the same period last year.
On the MMF front, Indian exporters are losing business because of high input costs. "High costs have begun to take an effect. We see a lot of orders shifting to southeast Asian nations now," said Prabhu Damodharan, secretary, Indian Texpreneurs Federation. Textile entrepreneur Milton John, who’s Cotton Blossom India exports finished garments worth Rs. 200 crore annually, lost key client Walmart to a Cambodian competitor last month. "It was purely because of over high costs of sourcing associated with India-made blended garments," he said.
SOURCE: The Economic Times
CRISIL has analysed the performance of about 6,900 micro, small, and medium enterprises (MSMEs) which were rated on the basis of their 2013-14 (April 1 to March 31) financials. The study reveals that the average sales of MSMEs that have export presence grew by 26 per cent in 2013-14, as against 17 per cent for domestic players during the year. Currently, MSMEs contribute about 40 per cent of the country's total exports.
Exporters in the CRISIL sample also performed better than the domestic players in terms of operating profit margins. The export-based units registered an average operating profit margin of 9.14 per cent in 2013-14, up from 8.62 per cent during the previous year. On the other hand, operating profit margins of domestic players remained stagnant at 6.70 per cent in 2012-13 and 6.81 per cent in 2013-14.
More than 60 per cent of MSME exporters have been in business for more than a decade and have been operating in different sectors and catering to diverse clients from abroad. CRISIL believes that these MSMEs are able to market their products in the international market on account of their business experience and by adhering to international standards, which enables them to source bulk orders on a regular basis. This also allows them to command high margins despite intense competition and fluctuations in the prices of raw material and foreign exchange rates.
SOURCE: The Business Standard
Pravir Kumar, the government’s Director General of Foreign Trade, tells Nayanima Basu the only worry is if the Greek crisis spreads to the rest of the Euro zone. Edited excerpts:
Do you see Indian exports suffering due to the Greek crisis that seems to have deepened?
Exports to Greece from India are $360 million a year, about 0.1 per cent of the country’s total. Similarly, imports from Greece are $127 million, about 0.03 per cent of the cumulative imports. So, we do not see much of an impact. However, in the long run, if the contagion spreads to the entire euro zone, it will be a cause for concern to us.
So, you see no impact as such?
Greece as a part of Europe does not impact us much, though I expect export of marine products, iron and steel, bulk drugs and readymade garments taking a hit. But, the European Union is an important market for us.
Sentiment regarding the Euro zone is low. Demand there is not picking up and probably will go down further. Do you not see this impacting the exporters?
We’ve already told our exporters to diversify, look at other important markets like Latin America, CIS (Commonwealth of Independent States) countries and Africa.
What is the government doing to support that initiative?
We made this explicit in the Foreign Trade Policy and are giving incentives under the Merchandise Exports from India Scheme, to focus on emerging markets. I recently told exporters in Kolkata, whenever risks arise, it becomes imperative to distribute these and diversify elsewhere. We will continue providing policy direction, incentivising diversification and value-added exports.
SOURCE: The Business Standard
Earlier this year, Finance Minister Arun Jaitley made an impassioned plea in the Lok Sabha to pass the goods and service tax (GST) Bill. If the House did not pass it, he warned, the Constitution Amendment Bill would not clear the April 2016 deadline when it must be rolled out. That fear might well come true. Competitive politics over Bihar — where an election is due in October-November — is likely to dominate the monsoon session and little business will get done, especially in the Rajya Sabha, members of Parliament (MPs) say. After the Lok Sabha passed the GST Bill and the Rajya Sabha opted to send it to a select committee, Congress leader Anand Sharma gave a solemn assurance to the government that the committee would give its report at the end of the first week of the monsoon session.
CAUGHT IN A MAZE
Competitive politics over Bihar – where an election is due in October-November – is likely to dominate the Monsoon session of Parliament. The All India Anna Dravida Munnetra Kazhagam (AIADMK) is opposed to the bill in principle. The Congress which has 12 state governments out of 29 has reservations about the bill in its present form. The BJP has just eight state governments. The chairman of the committee, S S Ahluwalia, has already sought one extension. “The body language of the members of the select committee suggests that even if all objections of the Congress, such as the revenue - neutral rate of a high 20 per cent and a rollback of Section 18 of the Bill that imposes an additional tax of one per cent on goods in the course of inter-state trade that will be assigned to the states, are accepted, the Bill will not pass muster.” he said.
The All India Anna Dravida Munnetra Kazhagam (AIADMK) is opposed to the Bill in principle. The Congress, which has 12 state governments out of 29, has reservations about the Bill in its present form. It is unlikely the Congress will vote differently in the states and Parliament. So, even in the unlikely event of the government resorting to a joint session of Parliament to clear the Bill, it will have to mount a further struggle to have it cleared by 50 per cent of the states.
The Bharatiya Janata Party (BJP) has only eight state governments. In the current political environment, the support of alliance partners — in Andhra Pradesh or Punjab, for instance — is not a given. The recent Assembly bypolls have played a role in sharpening the opposition edge. Although the Congress won the Aruvikkara seat in Kerala, the real winner of the election was the BJP, which came third but quadrupled its vote-share. The CPI(M), which came second, could improve its tally only by 197 votes. This has set alarm bells ringing in the CPI(M) and it is even more determined to stand in clear opposition to the BJP, which is fast becoming its primary threat in Kerala. The Bihar election is a chance to attack the BJP politically and the mood is likely to be set in the monsoon session. Three important Bills — on real estate Bill, GST and land acquisition — have to be passed in the monsoon session. However, the chances of this happening look bleak in the Rajya Sabha.
SOURCE: The Business Standard
The Jawaharlal Nehru Port (JNPT) has gone one step tighter in its surveillance by installing a Radiological Detection Equipment device that can check illegal transport of illicit nuclear material. The system designed and manufactured by Electronics Corporation of India Ltd (ECIL) can help in monitoring this highly dangerous material at entry and exit points of the country. The Chairman & Managing Director of ECIL handed over the critical homeland security system to Neeraj Bansal, Chairman In charge, JNPT, Mumbai in presence of R K Sinha, Chairman, Atomic Energy Commission and Secretary, Department of Atomic Energy.
JNPT is the largest container port in India handling major container traffic of the country. RDE is of extreme importance in the present scenario of increasing nuclear terrorism. It consists of vehicle monitors, pedestrian monitors, radiation survey meter and isotope identifiers, a press release by ECIL said. The system is mainly a detection device that provides a passive, non-intrusive means to screen containers and pedestrians for the presence of nuclear and radioactive materials. This equipment alerts security personnel by means of audio/visual alarms locally and remotely. A camera, which is part of the equipment, records the number plate of the vehicle / image of the person in the event of alarm. The alarm events can also be sent as SMS alert on mobile to respective seaport and DAE authorities. Sinha said that installation of this equipment strengthens national security while Neeraj Bansal told that installation of this equipment promotes compliance to international agreements and enhances trade opportunities.
SOURCE: The Hindu Business line
Brushing aside criticism against new GDP numbers, Vice-Chairman of NITI Aayog Arvind Panagariya has said they are based on scientific methodology and there are no compelling objections against the new series of National Accounts.“Scientifically speaking, we canu2019t reject a change that is methodologically sound just because the outcome it produces fails to agree with our intuition. In such circumstances, we must critically examine our own intuition,” Panagariya said in an interview to PTI.
The Central Statistics Office (CSO) had adopted the new series of National Accounts with 2011-12 as base year and subsequently revised the Gross Domestic Product (GDP) growth rate to 6.9 per cent in 2013-14 from 4.7 per cent and 5.1 in 2012-13 from 4.5 per cent. It CSO has estimated economic growth at 7.3 per cent for 2014-15, slightly lower than its earlier advance estimate of 7.4 per cent. Several domestic and global experts as also RBI Governor Raghuram Rajan and Chief Economic Advisor Arvind Subramanian had raised doubts about the accuracy of the new series. Even the Parliamentary Standing Committee on Finance was not convinced about the new growth projections. “I am puzzled as I said because the fact that…, especially what happened in 2013-14, that number is puzzling because that is a kind of bad year, yet growth accelerated,” Subramanian had said in February. “We do need to spend more time to understanding the GDP numbers,” Rajan had said on February 3 after releasing the bi-monthly monetary policy of the central bank that retained the forecast of 5.5 per cent GDP (based on old method) growth in 2014-15. When asked about the controversy, Panagariya said: “The question we must ask is whether the new data sources used and methodological changes made by the new series represent an improvement over the past practice. Consensus view is that they do u2014 at least I have not heard any compelling objections.”
Elaborating further,Arvind Panagariya said that the other way to look at the new data is to see the level of nominal GDP in the new series which is not hugely different from that under the old series. “It is the GDP deflater that is lower in the new series kicking up the real growth rate despite minimal movement in the nominal numbers vis-u00e0-vis the old series. And that may well be because the weight of the WPI, which has risen rather slowly, is larger in the new series,” he added.
SOURCE: The Financial Express
During Prime Minister Modi’s visit to Kazakhstan, new agreements are expected to be signed. They could include one for the supply of uranium and deals linked to energy and defence. The Cambridge University spin-off CamCool Ltd. and Salwan Media Ventures have announced the launch a global technological initiative led by Indian and Kazakh experts that will focus on harnessing the potential of quantum technologies (QT). Focusing on the diverse possibilities of quantum effects in physics at the atomic- and molecular-level, this new platform, CamKazInd fund, aims to bring together – Kazakhstan’s access to rare-earth elements and mineral wealth; India’s human capital; and the expertise of Cambridge scientists in developing a range of the latest technologies – to catalyze the third industrial revolution. “The possibilities offered by our Cambridge-Kazakhstan-India new quantum technologies (QT) platform are limitless scientifically, commercially, and also in terms of providing a strategy to unlock access to advanced technologies and expertise that have so far been hidden away in the ivory towers of Western institutions,” said Dr. Siddharth Saxena, a senior research scientist from Cavendish Laboratory, while talking about the purpose of this partnership,
Dr. Saxena also chairs the Cambridge Central Asia Forum (CCAF) and serves as the Director of Cambridge Kazakhstan Centre for Peace and Accord. Dr. Saxena, who is a highly decorated physicist, political analyst and science policy expert, is credited with discovering four new superconductors, including the first ferromagnetic superconductor. He has been awarded with a presidential medal of honour from Kazakhstan in 2011 and a medal for service to education in Kazakhstan in 2009. Chokan Laumulin, who has co-authored the book ‘The Kazakhs: Children of the Steppes’, said the new technological initiative supports and emphasizes on the importance of Kazakhstan to join the BRICS Alliance as a natural partner. “New materials are the key bottleneck in progress of electronics, manufacturing drill-bits for oil-rigs, facilitating development of energy efficient construction, and even developing new and more effective drug-delivery systems in healthcare,” added Laumulin, who has launched two national TV stations and served as the Chief Editor of KontinenT Magazine, a major Kazakh publication reporting on political and economic issues.
The latest quantum technologies now offer novel uses for Kazakhstan’s wealth in rare-earth elements and minerals, for use in whole new areas of industry. For example, manipulation of quantum spins can produce refrigeration that no longer requires cumbersome compressors or use of environmentally damaging gases such as CFCs (chlorofluorocarbons) and HCFCs (hydrochlorofluorocarbons) like R-12 or R-22. Such technologies have the potential to power our computers, keep our food fresh and bring our mobile phone bills down. Serial entrepreneur Harjiv Singh, Founder and CEO of Salwan Media Ventures, that envisions creating a 21st-century knowledge economy in India and South Asia through the confluence of media, technology and education, said Kazakhstan’s potential must be viewed in a much broader league than just fuelling India’s energy needs. “By coupling Kazakhstan’s rich mineral and financial resources, powered by the world’s most advanced tech know-how in new-age quantum technologies from leading researchers such as Cavendish Laboratory at Cambridge, and India’s ability to produce for a global scale, Kazakhstan can play a role comparable to, if not bigger than, what Western corporates did in delivering Indian IT potential to world,” said Singh. “This next-generation partnership can entirely revolutionize the way we live, and help solve the most complex problems facing humankind, in terms of fast-depleting precious resources, and worsening environmental conditions,” he added. Prime Minister Modi will reach Kazakhstan on July 7.
SOURCE: The Financial Express
Prime Minister Narendra Modi will discuss cooperation on issues related to small and medium enterprises (SME), e-commerce and the World Trade Organisation with his counterparts at the BRICS summit in Russia later this week. The two-day meet of leaders from BRICS nations, which include Brazil, Russia, India, China and South Africa, beginning Wednesday, will mostly focus on economic cooperation, a Government official told BusinessLine . “While India will give its full support for proposed cooperation in the SME sector and the WTO, it will express its reservations in e-commerce,” the official added. Most BRICS members, especially Russia, want to create a barrier-free environment for development of e-commerce between partner countries. While PM Modi may support joint discussions for development of e-commerce in the BRICS countries, he would insist that it happen within the existing policy framework in each country, the official said. India, at present, allows 100 per cent FDI in business-to-business e-commerce but bars it in the business-to-consumer segment.
WTO strategy
The five-nations grouping will work on a joint strategy for a work programme at the World Trade Organisation (WTO). The next WTO Ministerial meet at Nairobi in December will focus on reaching an agreement on select issues from the whole gamut of areas being negotiated under the Doha Round launched in 2001. “The BRICS nations need to work together to ensure that the developed countries do not get away by pushing for only the issues of interest to them and that developing country interests are also taken care of,” the official said.
Other meetings
Finance Minister Arun Jaitley is scheduled to attend the inaugural meeting of the BRICS-backed New Development Bank on the sidelines of the BRICS meeting, while Commerce and Industry Minister Nirmala Sitharaman will participate in the meeting of trade ministers. Modi is also likely to hold bilateral meetings with his counterparts from South Africa and China on the sidelines of the BRICS meetings. Following the BRICS meeting, Modi will attend the meeting of the Shanghai Cooperation Organisation (SCO) in Russia as an observer. The SCO consists of six member-states from Eurasia. India has expressed its interest to become a full-fledged member of the SCO to play a larger role in the region.
SOURCE: The Hindu Business Line
The international crude oil price of Indian Basket as computed/published today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 57.88 per barrel (bbl) on 06.07.2015. This was lower than the price of US$ 60.04 per bbl on previous publishing day of 03.07.2015.
In rupee terms, the price of Indian Basket decreased to Rs 3680.01 per bbl on 06.07.2015 as compared to Rs 3806.54 per bbl on 03.07.2015. Rupee closed weaker at Rs 63.58 per US$ on 06.07.2015 as against Rs 63.40 per US$ on 03.07.2015. The table below gives details in this regard:
|
Particulars |
Unit |
Price on July 06, 2015(Previous trading day i.e. 03.07.2015) |
Pricing Fortnight for 01.07.2015 (June 12 to June 26, 2015) |
|
Crude Oil (Indian Basket) |
($/bbl) |
57.88 (60.04) |
61.66 |
|
(Rs/bbl |
3680.01 (3806.54) |
3935.76 |
|
|
Exchange Rate |
(Rs/$) |
63.58 (63.40) |
63.83 |
SOURCE: PIB
A European project which shares information on products that pose a consumer risk found that ten per cent of 149 textile products tested in 2014 were found to be unsafe either because they were non-compliant with REACH restrictions for chromium VI, or because they contained carcinogenic azodyes or phthalates. The project highlighted the example of a doll imported from China which contained the plasticiser DEHP in a concentration of 38.5 per cent by weight.
SOURCE: The Ecotextile
Myanmar has introduced its first ever minimum wage of 3,600 kyatts (US$3.2) per day following twelve months of negotiations between the government, employers and unions. The figure is based on an eight-hour working day, with national coverage, and indications are that workers in Economic Processing Zones will be paid more than the new minimum. Minimum wages in other key garment manufacturing destinations include Bangladesh (US$68), Cambodia (US$ 128 per month), India (US $91 per month) and Indonesia (US $217 per month).
SOURCE: The Ecotextile
ITMA 2015 has announced that this autumn's conference will include a Textile Colourant and Chemical Leaders Forum which will look at how chemical pollution and environmental issues are impacting the market place and how suppliers should respond. Initially launched at ITMA 2011, the forum drew participation from colour and chemical professionals, and fashion and sports brand owners from around the world. This year, the agenda will focus on sustainability in dyeing and finishing processes and participants will be updated on industry opportunities and best practices. Confirmed speakers for the forum include Alberto Gallina from Benetton Group who is representing the ZDHC Group, professor Giuseppe Rosace from the Department of Engineering and Applied Science, University of Bergamo and professor Marc VanParys, president at UNITEX
Alessandro Gigli, board member of the Association of Italian Textile Chemists and Colourists who chairs the forum programme committee, said: "Topics to be covered include the chemical/colourant suppliers' response to current environmental issues, updates on REACH regulation, new dyeing and printing technologies and their impact in a more sustainable supply chain. "We have received many paper submissions as there is strong interest in sustainability issues impacting the textile and garment industry. We hope the forum will be a focal point for meaningful dialogues which will contribute to improvements in this sector." ITMA 2015 is being billed as the world's largest textile and garment manufacturing technology showcase and will be complemented by a wide range of knowledge sharing events that will feature discussions on issues that impact the textile industry's sustainability.
SOURCE: The Ecotextile
Austrian Lyocell fibre business Lenzing has announced that it is selling off the three business units of Lenzing Technik as part of its strategy of focusing on its core business, producing man-made cellulose fibres. The sale can be viewed in the context of high cotton inventories and surplus capacities in China for man-made cellulose fibres which has meant that in recent times Lenzing – maker of Tencel – has witnessed a squeeze on its textile fibre prices. However, Lenzing late last year announced a positive initial six-month ramp-up phase in the production of Lyocell fibres at its huge new plant in Austria, with the plant now operating at full capacity. Now the world's largest production facility for Lyocell fibres, the plant in Lenzing, Austria has an annual production capacity for Tencel of around 67,000 tonnes. Lenzing is said to be sold-out to capacity.
SOURCE: The Ecotextile
International standard for environmental management systems ISO 14001 has been updated. Recommended changes from users identified in a pre-update study called for a focus on environmental updates in the supply chain, as well as on product life cycles. New additions to the standard, according to the British Standards Association (BSI), include an increased emphasis on the role that top management has in ensuring environmental management systems are integrated into business processes, and consideration of the risks the organisation faces, such as the price volatility of raw materials, as well as the opportunities they present.
In a move to help existing customers facilitate a smooth transition to the revised standard, BSI is allowing organisations to view the final draft of the ISO 14001 standard this month, before the updates commence in September. Commenting on the revision, Nigel Leehane, chair of the BSI’s committee for Environmental Management Systems, said: “The objective of the new standard is to ensure that organizations address broader environmental issues than simply prevention of pollution, not just in order to reduce environmental impacts, but so that organisations benefit from improved efficiency, with the environmental management system adding real value and contributing to the environmental pillar of sustainability.”
SOURCE: The Ecotextile
Turkmenistan plans to streamline its textile industry to increase the manufacturing of competitive products and attract investment in this industry as it holds an important place in its economic system, the country’s President Gurbanguly Berdimuhammadov said. Turkmenistan traditionally grows cotton, which serves as a basis for developing the textile industry. The annual turnover of the textile industry is about $400 million as of 2014. During the last meeting of the Cabinet of Ministers, the issues related to the development of the textile industry were discussed. This industry was represented by 74 companies - 32 textile complexes, cotton spinning and weaving factories, 17 garment factories, seven silk industry enterprises, two wool processing and three knitted goods enterprises – as of 2013. Throughout the years of independence tens of textile enterprises worth over $1.6 billion have been built in Turkmenistan. The operating facilities in Turkmenistan allow to annually produce up to 177,000 metric tons of different yarns, 186 million square meters of various cotton fabrics, 11,000 metric tons of various kinds of knitted fabrics, 7,200 metric tons of terry fabrics and 80 million pieces of knitwear and garments. The major part of the products is export to the US, Canada, Germany, UK, Russia, Italy, Turkey, China, and Ukraine. Companies as Puma, Bershka, Nautika, Sara Lee, Casual Wear, Wal-Mart, Miss Erica, Vespolino, JC Penney and others are among the customers of finished goods
SOURCE: Yarns&Fibers
Businesses from Japan are showing interest in Myanmar’s untapped potential and a distinctive culture such as hand woven textiles but are investing cautiously as Myanmar has a range of problems that are barriers to investors. The biggest problem is shortage of electricity. They often suffer from power outages. Another major problem is the vulnerability of the country’s infrastructure such as roads, railways, communications, water supply and sewage systems. Kyoko Okutani, the head of Women's World Banking Japan, who has helped more than 1,000 women launch their own enterprises in Japan enchanted by Myanmar made her fourth trip to Myanmar in early June to explore more business opportunities in the South-East Asian country, this time inviting designers from Japan. Okutani and the designers visited Myitkyina in northern Myanmar, and Nyaungshwe and Mandalay in the central part of the country. The highlight of their trip was to travel to Lake Inle to meet artisans and see lotus fabric, which is considered to be more precious than silk, she said.
Okutani said her group is considering the creation of products with local fabrics. Like Okutani’s group, more Japanese businesses have been seeking a foothold in Myanmar since the country’s liberalising reforms under President Thein Sein. The Japanese government has wasted no time boosting its economic clout. On Saturday, Prime Minister Shinzo Abe pledged nearly 100 billion yen (813 million dollars) in low-interest loans to Myanmar to help develop infrastructure in a meeting with the president, which was held on the sidelines of the Mekong-Japan summit. Japanese investment, however, accounted for less than 1 percent of a total amount of foreign investment in Myanmar from 1989 to October 2014, Jetro said, citing the country’s government data. China was responsible for 29 percent, Thailand for 20 percent and Singapore for 14 percent. So far, the number of existing Japanese manufacturers is only 10, most of which operate garment factories. Daieikiseifuku Corp of Nagoya, central Japan, opened a clothing factory in Myanmar as early as in 2002 to diversify risk and cut costs, said the company whose other overseas plant is in China. In 2007, the company started to produce 21,000 business suits a month in Myanmar with 1,150 local employees.
The Thilawa special industrial zone, 23 kilometres south-east of Yangon, opened in the summer, 21 of the 40 companies that have taken units there are Japanese, the trade group said. Japanese firms can find several advantages in Myanmar such as rich natural resources and the cheapest labour in the region. Myanmar also shares borders with China and India, two of the world’s largest markets. In Japan, more seminars and conferences on business opportunities in Myanmar have been held not only in Tokyo but also outlying regions as a variety of companies are considering business opportunities there. More Japanese companies “show growing interest” in Myanmar, said Keiji Kubo, an official at the government’s Shikoku bureau of Economy, Trade and Industry in Takamatsu on the south-western island of Shikoku.
SOURCE: Yarns&Fibers
BRICS countries may sign an agreement on greater economic integration in the next five years, Russia's First Deputy Economic Development Minister Alexei Likhachev said on Monday. "Of course, it is now premature to talk about the BRICS (Brazil, Russia, India, China South Africa) economic agreement. But if the approach and the crystallisation of our association as an international group will take place at the same pace as now, the economic agreement within a few years will be quite timely and inevitable. I think it can happen within five years," Likhachev said in an interview with TASS news agency.
In his opinion, the correct decision was that "we do not rush events and not grind out an agreement on free trade zone now". "Countries are not yet ready for it psychologically. But we are already discussing the terms of the agreement regime," he added. However, Likhachev expressed confidence that "the day when the BRICS countries will speak about the economic agreement is not far away". According to him, the agreement will undergo several stages. "At first it will be a declarative document that will inspire our countries to cooperate more actively. Then it could be non-preferential agreements, which optimise regulatory system, simplify customs and investment procedures, create the so-called "green corridors" for goods. The third phase is a preferential regime -- concessions that we will make in terms of commodity trade," Likhachev said.
SOURCE: The Economic Times
As Greece battles the economic crisis, the Greek ambassador to India, Ioannis E Raptakis on Monday said that the country is ready to do business with India and take advantage of the initiatives of the Narendra Modi-led government.“Traditionally, Greece and India have very friendly ties. We are ready to take advantage of the opportunities in India,” Ioannis E Raptakis, who is Greece’s envoy in India, told The Indian Express on Monday.
The bilateral trade between India and Greece is over $400 million, with the balance of trade in India’s favour.“Greece is ready to take advantage of the initiatives of the Modi government. A week or 10 days ago, some very prominent Greek companies wanted to export wine to India, and the response from the Indian side has been very positive,” he said. While the main items of Greece’s exports to India are scrap (mostly aluminium, ferrous and lead), marble and granite, lubricating oils, calcium carbonate, greasywool, the main items of India’s exports are sesame seeds, oilcake, cashew, frozen fish and squid, coffee, and motorcars (cars & SUVs). However, lack of direct air link between India and Greece is seen as a major challenge between the two countries.
Talking about the ongoing situation in Greece, he said, “The solutions have to be found within the European family. That’s where the problem is, and that’s where the solution is.” The situation in Europe is fluid as the European leaders were discussing a response after Greek voters said a resounding “No” to further austerity measures in return for bailout funds in a referendum that could see the country crash out of the euro zone. Raptakis, who has been watching the developments back home, said that the government in Athens has got the mandate to keep the debt bill “viable”, and push the growth of the Greek economy.
SOURCE: The Financial Express
The recent FESPA 2015 Global Expo witnessed a significant increase in Asian visitors, including nearly 300 from China. Among the 23,137 visitors to FESPA 2015 in Cologne, Germany, there was a 59 per cent increase in visitors from Asia compared with FESPA 2010, making up 5 per cent of the total visitor base. “This highlights how the FESPA brand is strengthening its presence in the region, and how the wide format marketplace is of growing interest to leading Asian printers,” FESPA said in a press release.
According to the organisers, the FESPA Awards 2015 were also a very popular contest for Asian printers and accounted for nearly 50 per cent of shortlisted entries across all categories. Asian printers laid particular emphasis on posters, fine art reproductions, special effect screen, t-shirts and other garments. Asian printers won three of the seventeen categories of which both, The Posters and Fine Art categories were by Kumazawa Screen Printing, Japan while, Sincerely Screen, Thailand was awarded Gold in the t-shirt category. The Hall of Fame Award dedicated to an outstanding individual in the printing world and voted online by the FESPA community, was awarded to Mark Gervais from Ningbo Shenzhou Knitting Co., Ltd in China. Roz McGuinness, divisional director at FESPA said, “The impact the FESPA China brand is having on awareness of FESPA in Asia, is very positive.” “We are delighted that visitor numbers from Asia to our Global Expo have grown significantly since FESPA 2010, and the increase in numbers from China in particular is very encouraging,” McGuinness added. “The main FESPA exhibition not only allows visitors from the region to see new technologies first hand, but also to attend demonstrations and seminars from industry leaders,” he observed.
When it first launched FESPA China in 2013, its goal was to increase the number of international visitors to the existing event, while also providing more focus on digital technology. “The fact that more Asian visitors are attending our flagship European event shows a greater interest in digital printing, as people travel to see the latest digital technology and meet manufacturers,” FESPA too added. “With more and more international brands exhibiting at FESPA China, local printers can also benefit from the same exposure to leading global suppliers at the regional event in October 2015,” it noted. FESPA China 2015, taking place from October 21-23, 2015 in Shanghai, will be the third event of its kind and is expected to further strengthen the ties FESPA has with Asian suppliers and printers.
SOURCE: Fibre2fashion
