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Related Keywords: address myriads of challenges, creation of Special Economic Zones, Federal Government of Nigeria, help spur economic development, move in collaboration, organized private sector, reviving Textile and Garment industry, SEZ, textile manufacturers

The Federal Government of Nigeria with the creation of Special Economic Zones (SEZ) is thinking towards reviving the Textile and Garment industry, which would first address the myriads of challenges faced by textile manufacturers in the country.The move will be a collaboration with the organized private sector and it is hoped that it will help spur the nation’s economic development, according to Vice President Yemi Osinbajo,

Currently, stakeholders estimate over $1.4 billion in new investments to revive the textiles sector in Nigeria, which is expected to provide over 500,000 jobs.

Related Keywords: Act East policy, develop extensive economic, in CMLV countires, project development company, set up manufacturing hubs, SEZ, South East Asia, special purpose vehicles, strategic relation, TPP, transfer of resource for acquisition

In the Budget, Finance Minister Arun Jaitley said that the 'Act East' policy of the government endeavors to develop extensive economic and strategic relations in South-East Asia. In order to catalyse investments from the Indian private sector in this region, a Project Development Company will, through separate Special Purpose Vehicles (SPVs), set up manufacturing hubs in CMLV countries.

Related Keywords: bilateral trade, Commerce and Industry Minister, direct trade, FDI, man-made filaments, MFN status, Pakistan and India trade, SEZ, transaction cost

Pakistan has not yet granted the most favoured nation (MFN) status to India while India granted the status way back in 1996. With Pakistan granting the MFN status to India, it will open new clear direct trade between the two countries and also help in reducing transactions cost.
 
According to Commerce and Industry Minister Nirmala Sitharaman, with the grant of MFN status the trade would then take place bilaterally at significantly lower cost. It will also restore Pakistan's international commitment under WTO of reciprocity to MFN status.
 

Related Keywords: Cotton market, EPZ programme, fabric production, Kenyan textile industry, second hand garments, SEZ

The Kenyan textile industry has made a sizeable contribution to income generation in rural areas by providing a market for cotton. The major factor inhibiting the growth of a textile industry in Kenya is the high cost of electricity and it reliability which accounts for about 35 percent of the cost of fabric production in Kenya, compared to 16 per cent in India.

The Kenyan government has taken up the task to revive its textile and leather sectors, and to improve efficiency in manufacturing companies in order to boost trade in the country.