Home / Knowledge / News / Apparel/Garments / 'Crisis may cost 42,000 clothing industry jobs' – Finance Minister
'Crisis may cost 42,000 clothing industry jobs' – Finance Minister
20
Feb '09
Lesotho, a small country, completely surrounded from all sides by the borders of South Africa is going through the same pain, due to the slowdown in the global markets, as the rest of the countries in the world.

In the budget statement, the Finance and Development Planning Minister of the country, Mr Timothy Thahane said that textile industries of Lesotho will no longer be able to avail of facilities provided by banks in Hong Kong, Singapore and Taiwan.

He added by saying that the local banks also do not have the expertise, other than through their head offices in Johannesburg, South Africa. The textile industry used to open letters of credit, avail of export-import financing and other sundry facilities from the overseas banks.

He continued by saying that, purchase orders from the US to our clothing industry, has fallen to a trickle. The clothing industry is at the risk of losing 42,000 jobs due to the slowdown in orders from the overseas markets.

The effects of the recession are also being felt by the mining industry, the diamond sector in particular, he said. Mines have also started laying-off workers which was also adding to the woes of the local populace which is dependent on the mining sector for their livelihood.

Fibre2fashion News Desk - India


Must ReadView All

Courtesy: Ministry of Trade and Industry, Singapore

Textiles | On 22nd Feb 2018

Final version of CPTPP pact released; to be signed in March

The final version of the Comprehensive and Progressive Agreement for...

Amazon India crosses 3 lakh seller base in less than 5 yrs

Apparel/Garments | On 22nd Feb 2018

Amazon India crosses 3 lakh seller base in less than 5 yrs

Amazon recently claimed to have crossed the three-lakh seller base in ...

Indian e-retail market may see 250% growth in 3 yrs: Crisil

Apparel/Garments | On 22nd Feb 2018

Indian e-retail market may see 250% growth in 3 yrs: Crisil

India’s e-retail market may rise by 250 per cent in the next three...

Interviews View All

Kamlesh Vaghela
RK Textiles

Very few machinery manufacturers have R&D units

Yashiki Gumber
Sahiba Fabrics

Fabric does not restrict us from fashion trends

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

February 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
70.6%
No
12.7%
Skip
16.7%

Total Votes: 102

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.7%
No
29.4%
Skip
6.9%

Total Votes: 102

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
88.2%
No
8.8%
Skip
2.9%

Total Votes: 102

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
83.3%
No
7.8%
Skip
8.8%

Total Votes: 102


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search