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Garment exports boost foreign exchequer

15
Sep '06
Garment export has shot up to US $2.1 billion from $653 million in the last seven years. Officials of US Agency for International Development (USAID) praised the factories, workers and the Royal Government of Cambodia.

Commission Director of USAID, Erin Soto said so while hosting a one-day seminar titled 'Growing Productivity and Competitiveness in the Garment Industry of Cambodia'.

Soto added that the combined efforts of factories and workers along with private sector's investment had helped a great deal to develop the Cambodian economy well beyond the expectations of foreign investors.

Signing of US and Cambodia Bilateral Textile Agreement and the kingdom's effort in the area of labour standards and labour rights had also contributed to growth of industry, Soto stated.

He appealed the garment industry to become more competitive and increase their productivity to adapt themselves as per the changing world scenario.

He pointed out the fact that after end of multi fiber agreement in January 2005, Vietnam would join World Trade Organisation (WTO) in late 2006 or 2007, and once the safeguard put on Chinese exports to Europe and US expires in 2008, Cambodian garment industry will have to update itself to face the challenges coming ahead.

Garment industry is the highest foreign exchange earner in country with the export valued at $2.17 billion, a growth of around 10 percent compared to 2004.


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