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Local dominance policy to help Swazis foray in textile business
26
Sep '11
The local dominance policy would make it essential for the foreign firms to abide by the domestic rules, according to Swaziland Investment Promotion Authority (SIPA).

SIPA believes that it is high time for Swazis to foray in the country's textile industry, as in spite of existence of vast markets Swazis fall short to explore this vital sector.

Swaziland boasts of its vast potential markets as the textile industry has a long existence in the country, and there are several foreign players who are benefiting from the country's markets.

SIPA said it is time the Swazis preside over the textile industry in the country due to the presence of large markets, like that of Africa and the United States.

In the past, the introduction of the new tax regime by the Swaziland Revenue Authority (SRA) compelled many local textile firms to cease business.

According to the experts, cotton is one of the commodities which could fetch higher revenues to the country's economy.

As the cotton prices have increased in recent times, Swazis can consider growing this crop as it does not need much water for subsistence.

According to the Federation of the Swazi Business Community (FESBC), SIPA's enthusiasm to engage locals in industries like textiles is quite a positive move and Swazis have an opportunity to explore this industry. However, such penetration may prove challenging in terms of costly inputs.

The major cotton and textile industry players, especially the Asian countries, operate with support from their Governments in managing the industry. Hence, it is comparatively easy for them to lead in the industry.

Moreover, the Asian countries procure raw inputs from domestic markets, but same is not the case with Swazis as they need to procure raw inputs from foreign markets due to which the costs go up.

FESBC advised that the Swazis in the fashion and fabric industry to explore the textile industry and make use of Internet to place orders for raw inputs.

Fibre2fashion News Desk - India


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