The textile sector yesterday slipped 0.27 percent despite news of the government's stimulus package for the sector to recoup the losses from political unrest of last year. The package, which has already been approved by Prime Minister Sheikh Hasina, consists of cash incentives and cutback in export tax to 0.3 percent from 0.8 percent. The sector will get cash incentive of 0.25 percent over the value of their exports, while the cash benefit for export to new destinations will be increased

A devastating fire broke out at garment factory incity’s Farmgate area, near to Purnima Cinema Hall, on Sunday afternoon. Local sources said that the fire broke out at the seventh floor of a multi-storey building in the area around 2:10pm. On information, three units of fire fighters rushed to the spot to douse the fire. The reason behind the origin of the fire could not be known immediately. However, no casualty was reported in the incident yet. Firemen fire Anisur Rahman from fire

Jute mills based in the Biratnagar have been given massive discounts on electricity charges. Around 10 factories have received exemptions on their energy bills worth Rs 120 million. The government has been providing a 70 percent waiver on electricity charges citing the huge employment they provide. Also, the daily load-shedding has been cut by 5 hours for jute mills while other factories suffer the full length of the power outage. Moreover, the government has exempted them from paying imp

Revenues in the garment sector are expected to grow by as much as 50 percent for the 2013-14 fiscal year and reach US$1.5 billion, experts said .Factory employees stitch garments at a site in Yangon. Photo: Staff Daw Khaing Khaing Nwe, secretary of the Myanmar Garment Manufacturers’ Association, told The Myanmar Times that the sector has continued to benefit from relaxed trade rules from abroad, while the country has seen a distinct uptick in foreign interest in the sector. “After we of

The carpet sector cannot benefit from the duty-free access to EU market under Generalized System of preferences unless the government restores zero-rated regime for export-oriented carpet industry to help ease its liquidity flow. A significant ratio of working capital of carpet exporters is already stuck-up in refund regime at a time when the carpet export has already declined to $120 millions from US$ 300 millions. Pakistan Carpet Manufacturers & Exporters Association (PCMEA) chairman Ma

As spring sets in, clothing and apparel shops have started bringing in new designs for all consumers including stitched and unstitched clothes. An anecdotal survey conducted by Business Recorder shows that prices of the latest designs of clothes and apparels have gone up by around 15 percent as compared to the previous year. A number of shopkeepers interviewed suggested that increase in utility prices was a major reason for the rise in prices. Kamran Khan, a salesman at EGO clothing shop in

Several Chinese textiles and apparel companies are looking at opportunities to set up offshore manufacturing zones in Sri Lanka under the proposed Sri Lanka - China Free Trade Agreement, Conference and Exhibition Management Services Global Operations Group Director, S .S Sarwar said. “With the ever increasing competition in the world market, the industries of Sri Lanka can expand their share in the market abroad and at the same time could attract more foreign investment for highly potential i

Production of unfinished fabrics in the country's biggest man-made fabric (MMF) industry here is set to be affected by the ongoing labour unrest over wage hike in the city. The strike for wage hike by more than 10,000 powerloom workers in Bhestan industrial estate has entered its fourth day on Saturday. There is a daily production loss of around 70 lakh metre of fabrics at over 1,000 powerloom units in Bhestan. Industry sources said striking workers have started contacting employees in Kat

The country’s fashion industry should get the government policy support as a priority sector to contribute to the economy in an organised manner, said the fashion house owners at the launching of the Fashion Entrepreneurs Association of Bangladesh in Dhaka on Saturday. They said the FEBA would be the core representative body of the fashion industry people to bargain various industry-related issues with the government. At present there are 4,500 fashion houses in the country with a yearly t

The current surge in import of cotton yarn from India has caused a face-off between the spinning and the value-added sectors of the textile industry, over whether these imports should be discouraged and subjected to customs duty or not. The spinners favour the duty as they find their yarn losing market to cheaper imports from India, and want an immediate halt to the ‘dumping’ of the commodity from the neighbouring country. Out of imports of 1.7 million bales so far in this fiscal year, a