New incentive program to revitalize clothing & textile sector

21 Sep '10

1 min read

With an objective to restructure South Africa's clothing and textiles sector, a new Clothing and Textile Competitiveness Program (CTCP) with a core funding mechanism, “The Production Incentive” (PI) has been launched recently, by the Trade and Industry Minister Mr. Rob Davies.

The CTCP and PI program along with five other core projects of the Clothing and Textile Customized Sector Program (CSP) depicts a fundamental change in strategic approach of the department of Trade and Industry towards sector's restructuring to endure its sustainability and competitiveness.

Helping industry to upgrade processes, products and people, and it's re-positioning to offer it effective competence both, domestically as well as globally, is the key objective behind such a launch.

The CTCP desk had received more than 80 applications totaling to R311.8 million, of which applications worth R36 million have been approved, informed Mr. Davies while addressing delegates during the launch.

He further said that the competitive challenges for the industry are growing and the local industry has to face and overcome many of the challenges, such as making adjustments and increasing competitiveness, if it has to sustain.

Fibre2fashion News Desk - India