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Chinese garment firms find Asean attractive for investment
Oct '13
In recent years, several Chinese garment enterprises have invested in the Asean market, and the China-Asean bilateral cooperation in the clothing industry would gradually increase, according to industry experts.
China-Asean Business Council deputy secretary-general Xu Ningning said the completion of the China-Asean Free Trade Area (FTA) increased the convenience for bilateral economic and trade cooperation between the Chinese and Asean enterprises, and Asean has become a preferred destination for Chinese garment enterprises ‘going out’.
Firstly, Asean countries are labour abundant, which means there are no recruitment difficulties, and in some Asean countries, the labour costs are lower than in China. Secondly, there are fewer restrictions on exports of apparel products from Vietnam, Laos, Cambodia and other Asean countries to Europe and other regions. These two are the main reasons for the Chinese garment enterprises to invest in the Asean region, Xu Ningning said.
He said a number of Chinese garment enterprises are investing in the Sihanoukville Special Economic Zone being constructed in Cambodia.
In 2012, China’s textile and garment exports to Asean amounted to US$ 26.6 billion, rising at 34.2 perent year-on-year, which made Asean the fastest growing region for China’s textile and apparel exports.
In July 2013, China’s textile and clothing exports to Asean grew rapidly at 42 percent year-on-year, with fabric exports growing at 53 percent y-o-y.
According to Xu Ningning, both sides should strengthen trade exchanges and information by organizing corporate visits and through other means.
He said every year China held many textiles and garment industry professional exhibitions, and urged Asean garment enterprises to actively participate in them.
Chinese and Asean enterprises can strengthen their cooperation in the apparel industry by making good use of preferential policies and achieve a win-win situation, he added.

Fibre2fashion News Desk - India

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