Local and foreign investment in ready-made garment sector are key to achieving the $50 billion export target as envisaged by multi-stakeholders, discussants said at a programme yesterday. They observed that apart from investments, fixation of safety remediation, apparel diplomacy, labour rights, productivity enhancement and figuring out logistical needs of RMG sector need to be addressed in right earnest to meet the target. The observations came at the roundtable titled “Target $50bn: We n

The government is likely to consider cutting down corporate tax on the export-oriented readymade garment sector in the current fiscal year because of intense lobbying by the exporters. Finance minister AMA Muhith on Sunday assured the businessmen of considering their demands including lowering existing rate of 35 per cent corporate tax during a meeting with them at his secretariat office. Although Muhith agreed to meet the demand from the next fiscal year, he finally agreed to do so in t

The country's overall exports of textiles and clothing may stand at $40 billion in 2015-16, similar to last year's level, a senior official said here. "We see slowdown in China as an opportunity for us and we are looking at $40 billion of textiles exports this year. To overcome global slowdown, the Textile Ministry will give full support to the industry," Textile Commissioner Kavita Gupta told reporters. She was speaking after inaugurating the 62nd National Garment Fair organised by the Cl

The Indian textile industry has recommended the government to levy goods and services tax (GST) on ex-factory price, which is always much lower than the maximum retail price (MRP) as it would leave some leg room for periodic discount offers. It has also warned the government that if the GST is levied on MRP then it would have multiple ill effects on the entire sector. Considering expenses incurred on branding, transportation and a host of other aspects, it is important to have GST levy on ex-

The clothing global retailers have not increased prices yet despite improvement of apparel manufacturing standards in Bangladesh, according to ready-made garment (RMG) manufactures. Under the Sustainability Compact made by the European Union, USA, Bangladesh and International Labour Organisation in two and a half years ago, the retailers were supposed to raise prices of products after upgrading safety standards in the workplace, which increased production cost. The local RMG makers’ claim

Garment makers yesterday sought higher prices from retailers ahead of the second review meeting of the Sustainability Compact agreement in Dhaka tomorrow. “After the twin industrial disasters we have done everything as per the recommendations by the international communities,” said Siddiqur Rahman, president of Bangladesh Garment Manufacturers and Exporters Association, at a press meet. “But, we are not getting fair prices.” In July 2013, the government signed the ILO-brokered Sustainab

During December 2015, 88 countries imported spun yarn from India, with China accounting for 27.8 per cent of the total value with imports plunging 32.9 per cent in terms of volume YoY and declining 39.5 per cent in value YoY. India’s overall spun yarn exports in December were down by 11.5 per cent YoY in volume terms and declined 18.8 per cent in value term. Unit price realization was up US cent 1 a kg from November 2015 and down US cents 24 a kg from December 2014. The Indian yarn industry i

The Nepalese businessmen are planing to source raw jute and jute mill materials from Bangladesh as India continues to impose an economic blockade on Nepal due to adoption of new Constitution in the Himalayan nation. Bangladesh commerce ministry officials said a four-member delegation from Jute Association of Nepal might visit Dhaka next week to discuss the matter. Nepal could also seek to import fuel oil and basic commodities from China and Bangladesh. According to a letter sent from Embas

The US continues to be the single largest export destination for Bangladesh's garment items, accounting for 21.28 percent of the shipments in 2015. The shipments to the American market fetched $5.66 billion of the sector's $26.6 billion export earnings last year, according to data from the Export Promotion Bureau. Garment exports to the US rose 13 percent year-on-year in 2015. The European Union, the trade bloc of 28 nations, accounted for 59.73 percent of the shipments last year, raking i

The Russian Textile Association, chairperson Shamhal Ildarov pursues the idea for the development of garment production in the Caucasus as the textile industry will create upto 2 million new jobs and Russia will get its own domestic textile. The initiative was taken to eliminate the dependence of Russia on Turkish textiles and clothing. According to Ildarov, Russia is also able to produce the entire range of light industry products. Shamhal Ildarov, who in his time, created a factory in