MARKET & ECONOMY​

Aurora Specialty Textiles, a leader in coating, dyeing and finishing of both woven and nonwoven fabrics, has opened a new high-tech manufacturing facility in Yorkville, US, which features the EHWHA ultra wide-width coating and finishing line.

In a bid to save the sector, Minister for Commerce Engineer Khurram Dastgir said that the Government has proposed a Rs 200-billion bailout package for the revival and modernisation of the textile industry. While informing the Senate Standing Committee on Textile, he said that a special package was under consideration meant to introduce new technology and infrastructural modernisation in the sector.

The Chinese are investing in Vietnam’s textile and garment industry before TPP comes into play. The garment industry is the strongest magnet for Chinese investors, while textile and dyeing also lure Chinese investment but at a lower level. Vietnamese apparel products would enjoy a zero tariff in the US after Vietnam signs the Trans-Pacific Partnership (TPP) agreement. Vietnam is working on a plan to help local manufacturers improve competitiveness when the TPP takes effect.