The following is a round-up of apparel and footwear news from the world’s local media.
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Pakistan’s textile sector is to be granted Rs15bn under the prime minister’s trade enhancement package by 14 August as part of a bid to boost competitiveness and enhance the country’s exports. EXPRESS TRIBUNE
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The vice president of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Saquib Fayyaz Magoon, has called on the Federal Government to reduce the present tariff rates on gas and power for the country’s textile industry in a bid to make Pakistan’s exports more competitive in the global market. In addition, Magoon also proposed that spare parts for textile machinery should be imported at zero tax rate. PAKISTANTODAY.COM
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Plans are underway to establish a new apparel industrial town in Tehran, Iran as part of a bid to limit imports, boost domestic production, and make the price of Iranian clothing more competitive. According to Afsaneh Mehrabi, director general of the textile and clothing department at the Ministry of Industries, Mining and Trade, some 45 hectares of land have been bought for the new apparel industrial park, which is to be located in Fashafouyeh, in Tehran Province’s Rey county. FINANCIAL TRIBUNE
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Australian wool prices have bounced back after a 20-year lull according to experts. Livestock South Australia has said prices are steady at AUD12.03 per kg for fine wool and medium merino wool and the market is “looking very good”. Most of the wool is processed and exported to China where there is a growing middle class with disposable incomes. Australia produced 341,000 tons of wool in the financial year ending in June 2017, 75% of which was exported to China. “There’s a lot of optimism out there for both sheep, wool and cattle as the price of commodities are good.” CHINADAILY.COM
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Indian ready-made apparel company, Classic Fashion, has invested EGP1bn into constructing a new production line for its clothing in Egypt. Tarek Kabil, Egypt’s minister of Industry and Trade said the project is in its preliminary studies and the plan is to start working on construction in January 2018 with production commencing by the end of 2018. Economic reforms implemented by the Egyptian government and “promising investment and export prospects in the Egyptian market” is what is said to have drawn Classic Fashion to the Egyptian market. DAILY NEWS EGYPT
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By GlobalData -
India has the potential to surpass China in footwear production by 2020 according to the union minister Santosh Gangwar. The government has recognised footwear as a “priority sector” and has introduced favourable policy reforms along with the GST. Currently with 95% of the domestic footwear production taking place in India, it is the second largest global producer of footwear after China. FINANCIALEXPRESS.COM
just-style has not checked these stories so cannot guarantee their accuracy.