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Govt policies helps T&G sector achieve exceptional growth rates
14
Mar '09
Laos Association of Textile and Garment Manufacturers has reported that the country earned US$189.6 million from exporting textile and garment products during 2008, a growth of 24 percent when compared with 2007.

Such remarkable growth has been made possible, largely due to shipment to its three key markets; US, EU and Japan. During the period, exports turnover to the US stood at $27.55 million, four times than that achieved in 2007.

According to the association, the Laos government has carried out a series of measures to support the sector like, reducing income tax from 35 to 25 percent for local textile and garment companies and has helped gain good growth rates.

Along with several measures, the government has also eliminated many regulations that were inconvenient. The association forecasts that they will suffer a 10 percent negative growth rate due to the changed economic climate in 2009.

Fibre2fashion News Desk - Vietnam

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