Latest news with #textileindustry
Reuters
21-05-2025
- Business
- Reuters
CEO of Indonesia's textile giant Sritex arrested, local media reports
JAKARTA, May 21 (Reuters) - The president director of Indonesian textile giant PT Sri Rejeki Isman, or Sritex, has been arrested, local media reported on Wednesday. The arrest of Iwan Kurniawan Lukminto was due to alleged corruption related to a bank loan given to the company, according the reports. Reuters could not immediately verify the reports and has sought comment from Sritex.
Arab News
20-05-2025
- Business
- Arab News
Pakistan textiles body says over 900 mills shut due to exports scheme
KARACHI: Pakistan's textiles body said this week over 900 factories, including ginning and spinning mills, had been shut down due to a government export scheme that had disrupted operations and strained finances. The Export Facilitation Scheme was launched in 2021, with the aim of simplifying the import of raw materials, machinery and input goods for exporters by offering minimal duties and taxes. Under the scheme, exporters can import raw materials and inputs at 0 percent sales tax. However, an 18 percent tax on the same inputs has to be paid if they are produced locally in Pakistan. The textile industry is a major player in the country's economy, contributing significantly to exports and employment. It's one of the largest manufacturing sectors, employing about 45 percent of the industrial workforce and accounting for a substantial portion of Pakistan's total exports. The industry is known for its cotton production, spinning capacity, and exports of various textile products. 'Over 800 ginning factories and 120 spinning mills have shut down and millions of livelihoods lost,' All Pakistan Textile Mills Association Chairman Kamran Arshad said on Monday in a statement, urging the government to amend the Export Facilitation Scheme. 'The crisis has reached the weaving sector, with looms shutting down and workers protesting on the streets.' He urged the government to remove yarn and fabric from the exports scheme to halt the textile industry's downfall. 'It's an irrational, self-destructive policy that punishes domestic production and rewards imports,' the statement said. Pakistani cotton was taxed at 18 percent while imported cotton enjoyed sales tax exemption through the export scheme, the statement said, adding that sales tax refunds could only be filed after a six to 10 months cycle after the product was manufactured and exported. 'Only partial refunds of 60-70 percent are issued once a month,' it added. 'The remaining amount is deferred for manual processing where there is already a backlog of over $392 million and no progress on clearing it over the last four to five years.' As the eighth largest exporter of textile commodities in Asia, the textile industry contributes 8.5 percent to Pakistan's gross domestic product.
Malay Mail
18-05-2025
- Business
- Malay Mail
India tightens trade rules, blocking key Bangladesh imports at land borders
DHAKA, May 18 — India's commerce ministry announced restrictions on some imports from Bangladesh via its land borders, prompting fears for the South Asian country's export-reliant economy. Relations between the two countries have deteriorated after former Bangladeshi prime minister Sheikh Hasina — a long-term New Delhi ally — was ousted last year, and fled to India where she is currently living in self-imposed exile. New Delhi announced late yesterday that ready-made garments from Bangladesh cannot be imported through land borders, while some other goods — including cotton, processed foods and wooden furniture — have been barred from at least six entry points in northeast India. The announcement came a month after Bangladesh banned yarn imports from New Delhi through the same land routes. The latest move is a 'big threat', Bangladeshi conglomerate Pran-RFL Group, which exports around US$60 million (RM257 million) of goods annually to India, told AFP. 'India is the largest market for Pran-RFL Group's processed foods, plastic products, furniture, and PVC-finished goods,' director Kamruzzaman Kamal said. 'With the latest restrictions, almost every category of our products are getting affected. This is a big threat for the company and the country as well,' Kamal said, urging a bilateral solution with India. The textile industry would be temporarily affected by the move, said Rakibul Alam Chowdhury of the Bangladesh Garment Manufacturers and Exporters Association. Bangladesh Knitwear Manufacturers and Exporters Association president Mohammad Hatem also denounced the tit-for-tat move by New Delhi, adding that border trade would 'face a blow'. However, he believed that garment exporters 'will be able to cover up the impact'. The government in Dhaka told AFP it had not been officially informed of the latest restrictions. 'We haven't received any official copy of notification. Once we get the documents and then we can come up with our decision after going through it,' said Ministry of Commerce advisor Sheikh Bashir Uddin. Bangladesh imported around US$9 billion worth of goods from India in the last 10 months of the 2024 financial year, while exports to India stood at US$1.51 billion, according to Bangladesh Bank and Export Promotion Bureau data. At the start of April, India cancelled a 2020 transshipment deal that allowed Bangladesh to export cargo to third countries via Indian land borders. — AFP
Yahoo
18-05-2025
- Business
- Yahoo
India restricts some imports from Bangladesh through land ports
India's commerce ministry announced restrictions on some imports from Bangladesh via its land borders, prompting fears for the South Asian country's export-reliant economy. Relations between the two countries have deteriorated after former Bangladeshi prime minister Sheikh Hasina -- a long-term New Delhi ally -- was ousted last year, and fled to India where she is currently living in self-imposed exile. New Delhi announced late Saturday that ready-made garments from Bangladesh cannot be imported through land borders, while some other goods -- including cotton, processed foods and wooden funiture -- have been barred from at least six entry points in northeast India. The announcement came a month after Bangladesh banned yarn imports from New Delhi through the same land routes. The latest move is a "big threat", Bangladeshi conglomerate Pran-RFL Group, which exports around $60 million of goods annually to India, told AFP. "India is the largest market for Pran-RFL Group's processed foods, plastic products, furniture, and PVC-finished goods," director Kamruzzaman Kamal said. "With the latest restrictions, almost every category of our products are getting affected. This is a big threat for the company and the country as well," Kamal said, urging a bilateral solution with India. The textile industry would be temporarily affected by the move, said Rakibul Alam Chowdhury of the Bangladesh Garment Manufacturers and Exporters Association. Bangladesh Knitwear Manufacturers and Exporters Association president Mohammad Hatem also denounced the tit-for-tat move by New Delhi, adding that border trade would "face a blow". However, he believed that garment exporters "will be able to cover up the impact". The government in Dhaka told AFP it had not been officially informed of the latest restrictions. "We haven't received any official copy of notification. Once we get the documents and then we can come up with our decision after going through it," said Ministry of Commerce advisor Sheikh Bashir Uddin. Bangladesh imported around $9 billion worth of goods from India in the last 10 months of the 2024 financial year, while exports to India stood at $1.51 billion, according to Bangladesh Bank and Export Promotion Bureau data. At the start of April, India cancelled a 2020 transshipment deal that allowed Bangladesh to export cargo to third countries via Indian land borders. sj/sa/aks/tc/dhc
Yahoo
18-05-2025
- Business
- Yahoo
India restricts some imports from Bangladesh through land ports
India's commerce ministry announced restrictions on some imports from Bangladesh via its land borders, prompting fears for the South Asian country's export-reliant economy. Relations between the two countries have deteriorated after former Bangladeshi prime minister Sheikh Hasina -- a long-term New Delhi ally -- was ousted last year, and fled to India where she is currently living in self-imposed exile. New Delhi announced late Saturday that ready-made garments from Bangladesh cannot be imported through land borders, while some other goods -- including cotton, processed foods and wooden funiture -- have been barred from at least six entry points in northeast India. The announcement came a month after Bangladesh banned yarn imports from New Delhi through the same land routes. The latest move is a "big threat", Bangladeshi conglomerate Pran-RFL Group, which exports around $60 million of goods annually to India, told AFP. "India is the largest market for Pran-RFL Group's processed foods, plastic products, furniture, and PVC-finished goods," director Kamruzzaman Kamal said. "With the latest restrictions, almost every category of our products are getting affected. This is a big threat for the company and the country as well," Kamal said, urging a bilateral solution with India. The textile industry would be temporarily affected by the move, said Rakibul Alam Chowdhury of the Bangladesh Garment Manufacturers and Exporters Association. Bangladesh Knitwear Manufacturers and Exporters Association president Mohammad Hatem also denounced the tit-for-tat move by New Delhi, adding that border trade would "face a blow". However, he believed that garment exporters "will be able to cover up the impact". The government in Dhaka told AFP it had not been officially informed of the latest restrictions. "We haven't received any official copy of notification. Once we get the documents and then we can come up with our decision after going through it," said Ministry of Commerce advisor Sheikh Bashir Uddin. Bangladesh imported around $9 billion worth of goods from India in the last 10 months of the 2024 financial year, while exports to India stood at $1.51 billion, according to Bangladesh Bank and Export Promotion Bureau data. At the start of April, India cancelled a 2020 transshipment deal that allowed Bangladesh to export cargo to third countries via Indian land borders. sj/sa/aks/tc/dhc
