Apr '08
The government had provided for land and a built up factory building. The company had also managed to get subsidized power and water and a 99-year tax exemption on land use from the government.
It was an effort by the government to attract foreign investors willing to take advantage of the United State's African Growth Opportunity Act (AGOA) of 2000, which offers African countries easier access to US as well as other benefits and in turn benefit local economy.
The company had set up operations to take advantage of the AGOA, but with passage of time AGOA and other similar policies have been reviewed or expired.
The company attributes closing down of operations to financial losses. Ramatex has agreed to pay retrenched workers two months wages in addition to medical aid and outstanding leave.
Must ReadView All
Textiles | On 19th Aug 2018
Australian wool production to fall 5.7% in 2018-19
Shorn wool production in Australia is likely to fall by 5.7 per cent...
Apparel/Garments | On 19th Aug 2018
Blue Point Capital recapitalises Next Level Apparel
Blue Point Capital Partners has recapitalised Next Level Apparel, a...
Apparel/Garments | On 19th Aug 2018
Retailers approaching 100% inventory accuracy: Study
With computer vision use cases maturing, Artificial Intelligence (AI) ...
Interviews View All
Headhonchos
Indian textile value chain
Adopt innovative techniques, go for automisation rather than being...
Arvind Saraf
Triveni Sarees
e-Commerce is still evolving fast with constant flux and surprises
Dinaz Madhukar
DLF Emporio and DLF Promenade
‘Each event and promotion is planned out keeping in mind the business of...
Comec Italia Srl is a world leader in the production of printing machines. ...
Karan Behal, founder and chief executive of top-selling brand...
Aizome, Asia's first Fairtrade denim brand, is all set to launch next...
Mohammad Hassan
Biax Fiberfilm
About one in every 20 patients picks up an infection while hospitalised....
Steve Cole
Xerium Technologies
Steve Cole of Xerium Technologies discusses the industry. Xerium is the...
Paolo Ocleppo
Sandvik Hyperion
Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...
Madhu Jain
Madhu Jain
She grew up in the walled city of Old Delhi, completed her studies, and...
Wendell Rodricks
Wendell Rodricks
"We should not compare India and the West. There are things we do that...
Igor Chapurin
Chapurin
"Now we can see the Russian trend in international fashion. And Russian...
Leave your Comments
Recommended
Want to know what happened in the textile world this week? Watch now!
news category
Related Categories:
