Home / Knowledge / News / Textiles / South Africa's CFTL sector concerned over debt downgrades
South Africa's CFTL sector concerned over debt downgrades
07
Sep '17
South Africa’s clothing, textile, footwear and leather (CTFL) sector is concerned over the negative impact of the lower rating of the nation by global rating agencies as the debt downgrades will raise the cost of borrowing for workers, businesses and the government. It will reduce government spending on CTFL support measures and on investments by businesses.

The Southern African Clothing and Textile Workers Union (SACTWU), the National Union of Leather and Allied Workers (NULAW) and other employer associations are organizing a two-day conference in Durban on September 6-7 to understand the impact of the downgrades and develop measures to mitigate its impact.

As the country’s stagnant economy has already caused the CFTL sector to lose more jobs, CFTL associations are concerned that the downgrades could lead to increased factory closures and retrenchments, adding to the misery of South Africa’s poor and unemployed, according to a SACTWU press release.

Discussion papers commissioned from Wits University’s Corporate Strategic Industrial Development (CSID) research programme and the Industrial Development Corporation (IDC) will be presented at the conference. (DS)

Fibre2Fashion News Desk – India


Must ReadView All

Pakistan’s FBR imposes 5% sales tax on cotton import

Textiles | On 21st Jul 2018

Pakistan’s FBR imposes 5% sales tax on cotton import

Pakistan’s Federal Board of Revenue recently withdrew sales tax...

Bangladesh drafts policy for Tk1,000 cr govt jute fund

Textiles | On 21st Jul 2018

Bangladesh drafts policy for Tk1,000 cr govt jute fund

Bangladesh will set up a Tk10,000-crore Jute Sector Development Fund...

Ahmad A. Al Sa’adi and Kwon Pyung-Oh display a comprehensive Memorandum of Understanding; Courtesy: Saudi Aramco

Textiles | On 21st Jul 2018

Saudi Aramco, KOTRA sign MoU for business cooperation

Saudi Aramco has signed an MoU with the Korea Trade-Investment...

Interviews View All

Abhimanyu Singh Rathore & Barbara Anna Kosiorek
Kannbar

‘Blending cultures is the true beauty of fashion, where one’s imagination...

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

John Kelley

Textile Events is one of the largest textile fair in the United Kingdom,...

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Rajat Jaipuria

Activewear brand Soul Space promotes organic cotton farming and...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Cigdem Akin
Cigdem Akin

She has carved a niche for herself as the national brand of Turkey. Her...

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


July 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search