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| Clothing company targets doubling export turnover | | October 24, 2009 (Philippines) |  |
 Luen Thai Holdings Ltd has announced that, once the proposed bill filed in the US Congress seeking preferential tariffs on the country’s garment exports to the US is passed, it will be able to double its exports to US $100 million.
Henry Tan, CEO of Luen Thai, which is one of the biggest garment exporters from Philippines, said that, once the bill is passed, they would invest $20 million and hire an additional 6,000 workers to help it touch the $100 million mark.
He said that the proposed “Save Our Industries Act” would attract more American buyers of Philippine-made apparel to take advantage of the preferential tariff. The company is currently exporting garments between $40-50 million annually.
He added by saying that the preferential tariff would improve the cost competitiveness of the local manufacturers because their exports would be facing lower tariff than the regular tariffs applied to all garment exporters to the US.
He concluded by saying, “Doubling up their production would be easy, because the passage of the bill would enable them to go into the different channels of distribution, which could help them tap other big retail chains, who import in huge volumes.
| | | | Fibre2fashion News Desk - India | |
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