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Firms start evincing interest in textile revival fund

05
Apr '10
Recently, on March 26, 2010, fibre2fashion had reported that the stimulus package declared for the textile industry was not finding any takers and also that the government had amended the initial policy measures, to make it more attractive.

Now as per new developments, textile firms have now started evincing interest in the revival policy, due to which applications have started reaching the Department of Industrial Affairs, which has the responsibility to manage the fund.

Though the number of applicants is not so high, the department expects the momentum to increase in the coming days and has exhorted textile companies to come forward and take advantage of the P38 million revival package.

The textile and apparel industry of Botswana was one of the prime export-revenue generators in the country, but the expiry of the Southern African Customs Union Duty Credit Certificates scheme and the recession have taken a severe toll of the sector.

According to the Central Statistics Office, exports from the textile and garment sector have withered down from P2.7 billion in 2007, to P1.8 billion in 2008 and P1.4 billion in 2009, which is nearly 50 percent down from 2007.

Fibre2fashion News Desk - India


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