Interviews
Textile industry highly optimistic in 2008
25 Mar '08
3 min read
7. Cost of living (after removal of government subsidies) will increase resulting in a general demand in wage adjustments.
2008 promises to be a very challenging year indeed.
However the following changes that are foreseen and expected to mitigate the above negative factors and bring in new life to the Malaysian textile industry.
1. Conclusion of the Malaysia – US Free Trade Agreement (MUSFTA).
2. Inflationary pressures have finally caught up in China resulting in price and cost increases reducing China's competitiveness.
3. A general “shake out “in the global textile industry weeding out inefficient producers.
4. More control and regulation enforcement in China like what it has done to those “polluting” industries leaving those in compliance to survive and prosper.
5. VAT implementation after the Malaysian General Election to bring in a better system of tax administration for the manufacturing industries.
Again to survive a lot of hard work will have to be put in and convey to the government of the day what needs to be done in order for the textile industry to stay afloat.
2008 promises to be a very challenging year indeed.
However the following changes that are foreseen and expected to mitigate the above negative factors and bring in new life to the Malaysian textile industry.
1. Conclusion of the Malaysia – US Free Trade Agreement (MUSFTA).
2. Inflationary pressures have finally caught up in China resulting in price and cost increases reducing China's competitiveness.
3. A general “shake out “in the global textile industry weeding out inefficient producers.
4. More control and regulation enforcement in China like what it has done to those “polluting” industries leaving those in compliance to survive and prosper.
5. VAT implementation after the Malaysian General Election to bring in a better system of tax administration for the manufacturing industries.
Again to survive a lot of hard work will have to be put in and convey to the government of the day what needs to be done in order for the textile industry to stay afloat.
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