The following is a round-up of apparel and footwear news from the world’s local media.
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The National Board of Revenue (NBR), the apex authority for tax administration in Bangladesh, has reduced the income tax rate for garment exporters from the existing 20% to 12%. The cut is part of a bid to build pollution free industrialisation in Bangladesh and low carbon economy. Meanwhile, taxpayers at factories which hold an international ‘Green Building Certificate’, will pay 10% income tax from this fiscal year. THE INDEPENDENT
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Foreign investment to the tune of US$22bn is required in Vietnam’s textile and dyeing sector by 2025 to address capital shortage and meet the demand for clothes and ancillary materials for outsourcing enterprises. VIET NAM NEWS
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Japanese investors will be able to set up ready-made garments (RMG) units in a special economic zone (SEZ) in Bangladesh, that will be dedicated solely to Japan. According to Commerce Minister Tofail Ahmed, the Government of Bangladesh is currently working to establish a SEZ for Japanese investors, while around 350 Japanese companies, including RMG and backward linkage factories, are already operating in the export processing zones (EPZs). Meanwhile, Ahmed added in a bilateral meeting between the prime ministers of the two countries, Japan has promised to invest around US$6bn in Bangladesh. THE FINANCIAL EXPRESS
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Turkish businessman Izhni Yildizu is to build a 53,000m sq textile factory in Kalesija, Bosnia and Herzegovina, in a move that will create 250 initial jobs, a total Yildizu says will rise to 1,000 within the next five years. Yildizu is the owner of two textile companies in Turkey that export their products to France, Germany and Great Britain. According to the Foreign Investment Promotion Agency (FIPA), the initial investment will be EUR3.5m (US$4.1m), while the total investment will reach EUR10.5m and will include development and expansion of production. SARAJEVO TIMES
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Indonesian garment maker PT Pan Brothers plans to invest US$30m in building two new factories in West and Central Java to reach its target of 10%-15% sales growth in the next two years. The new facilities are expected to start operation in 2018 under the management of the company’s subsidiary PT Eco Smart Garment Indonesia. In addition, Pan Brothers has also allocated $5m to build a new factory under its subsidiary PT Theodore Pan Garmindo in West Java. It will start the construction in 2018 and expects to see it operational in 2019, adding to the production capacity by 6m pieces per year. JAKARTA POST
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just-style has not checked these stories so cannot guarantee their accuracy.