The government encourages exports by refunding various taxes and levies so as to make all the exporting commodities remain competitive in the globalised environment.
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The Government’s decision to withdraw the Merchandise Exports from India Scheme (MEIS) with retrospective effect is likely to erode profit margins of textile players. It will also impact exports and fresh investment in the sector.
Ghana’s high commissioner to the United Kingdom Papa Owusu-Ankomah recently urged Ghanaian garment and textile manufacturers to take advantage of the opportunities in the UK and European markets following Brexit.
With the motto ‘Prosperity Through Technology’, ITME AFRICA 2020 the first of its kind business and technology event shall be hosted in Addis Ababa, Ethiopia from 14th to 16th February 2020.
GHCL, India’s leading chemical and textile company, announced its financial results for the third quarter of financial year 2020-21.
The textile industry has expressed shock and anguish over the withdrawal of four per cent incentive given under the Merchandise Export Incentive Scheme (MEIS) on made-ups and garments, with retrospective effect from March 7, 2019.
UKFT’s latest figures show that value of UK fashion and textile exports have reached almost Euro 10 billion representing an increase of 66 per cent in a decade.