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Textile sector faces three major challenges - Expert

19
Oct '09
According to experts from the textile sector, the industry in Hong Kong faces challenges on three major fronts. First, Hong Kong textile industry has been considered to be a traditional industry in the past; due to which, most enterprises have placed little emphasis on research and development, resulting in creation of a distance from the realities of the international market in development of textile fabrics and innovation of new varieties.

Second, the industry faces new challenges of changing operating environment (environmental regulations, labour law), developed countries have constituted protection network of international market through green barriers (friendly environment), the use of green flag has become a passport for textile products to enter international market, textile printing and dyeing enterprises have to invest more on environmental protection, meanwhile, the cost of labour is ever increasing in Mainland China, which also adds to their costs.

Third, exchange rate of Hong Kong dollar has been pegged to the US dollar, while majority of core materials of Hong Kong manufacturers has to rely on supplies from Japan, Taiwan, South Korea, Europe, the United States and other places, so they are vulnerable to fluctuations of exchange rate and supply shortages.

Fibre2fashion News Desk - India


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