The Botswana government is proposing announcing a stimulus package for the textile industry. It has come a tad too late as the biggest textile company; Caratex Botswana pulled down its shutters last week, throwing thousands of workers in to joblessness.
The Botswana cabinet is going to consider the stimulus package next week after many textile and apparel factories closed down, due to the effects of the economic meltdown and competition from countries of the Asian sub continent.
Mr. Craig Chow, Managing Director of Caratex Botswana had while announcing the closure of the five plants of cartex said that, it was becoming difficult to compete with other cost competitive countries like China and Bangladesh, since their industry has been heavily subsidized by their respective countries.
He blamed the delay by the Botswana Government in announcing incentives for the industrial sector for the closure. He said the earlier incentive scheme which helped Caratex grow had been withdrawn and had not been replaced with any other subsidy.
Fibre2fashion News Desk - India
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