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Textiles & garments receive boost in Rwandan Budget
14
Jun '16
Courtesy: Ministry of Finance and Economic Planning, Government of Rwanda
Key priority sectors like textiles, garments and leather received a major boost in 2016-17 National Budget presented by Rwandan minister for finance and economic planning Claver Gatete to a joint Parliamentary session last week.
 
“High priority will be given to economic activities which will either increase export revenues or reduce import volumes. The identified key sectors for fostering economic activity include textiles, garments and leather industry, agriculture export crops, agri-business, construction, livestock, wood industry, minerals, tourism and ICT and trade and investment facilitation,” minister Gatete said.
 
The Budget allocated 27 per cent of Frw 1949.4 billion ($2.49 billion) in the 2016-17 fiscal year to economic transformation with key focus on textiles, garments and leather industry, agriculture export crops, agri-business, construction, livestock, wood industry, minerals, tourism and ICT and trade and investment facilitation.
 
“The 2016-17 Budget theme 'Fostering growth while increasing exports and boosting made in Rwanda goods and services' signals government's resolve to tackle diminishing commodity prices and rising import bill that have adversely affected export earnings and put pressure on foreign exchange reserves,” said Gatete in his Budget speech.
 
The Budget announced increase in taxes on used products entering the local market. This includes an increase in tax on used clothes from $0.2 per kg to $2.5 per kg. (RKS)
 

Fibre2Fashion News Desk – India

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