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Textile producers to harness IT to hike global competitiveness
04
Jul '11
In a bid to boost global competitiveness, the Industrial Development Bureau (IDB) under the Ministry of Economic Affairs (MOEA) and five Taiwanese textile producers have signed an agreement to implement information technology measures.

The five companies are Fashion Garment Industrial Co, Singtex Industrial Co, Honmyue Enterprise Co, Honmyue Enterprise Co and QMI Industrial Co. The government and the five companies will share an equal burden of the project which will run for two years.

Honmyue will be paid a subsidy of NT$6.5 million (US $216,666), Tainan NT$5.2 million ($173,333), Singtex NT$8 million ($266,666) and QMI will be paid NT$7 million ($233,333).

Among the various benefits that will accrue to the companies through this partnership is; upgrading quality of products, speeding up output and increasing operating efficiency to hike global competitiveness and cut manufacturing cost.

All these measures are expected to raise inventory turnover from the current 4.5 times to 5 times, reduce cost of production by around 66 percent and cut down sampling time from 25 days to 18 days.

The anticipated value of idle inventory is also expected to drop down from NT$150 million (US$5 million) to NT$100 million (US$3.33 million).

Fibre2fashion News Desk - India


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