Obama’s win: Mixed reaction from Asian textile sector
Last year, most of the Indian textile companies suffered badly due to multi-fold rise in cotton prices and subsequent crash in yarn prices. However, current year has been extremely good as cotton prices came down sharply to some reasonable levels and yarn prices are also moving due to renewed demands.
The
US election result has evoked a mixed reaction from the South Asian
textile and apparel exporters. While, most of the textile and garment
exporters in the region have welcomed the victory of Mr. Barack Obama,
Pakistani exporters maintained that the outcome would not bring any
change to the country’s trade policy and they do not foresee any major
new benefit accruing to them.
Mr. Nasir Uddin
Chowdhury, the first vice-president of Bangladesh Garment Manufacturers
and Exporters Association (BGMEA), told fibre2fashion, “Mr. Barack Obama
is a democratically-elected President and we hope that the new
Democratic Government would be more liberal to the third world countries
like Bangladesh.”
“We are confident that the
new Obama Administration will take positive steps on the ongoing issue
of duty-free access for Bangladeshi readymade garments (RMG) to the US,
considering our socio-economic condition,” he adds.
According to Mr. Abdus Salam Murshedy, president of Exporters’
Association of Bangladesh (EAB), “US economy is picking up and it is
going to be a good time for Bangladesh textile and apparel exporters
since more orders will be coming from the US.”
Whereas, Mr. Mohsin Aziz, former chairman of All Pakistan Textile Mills
Association (APTMA), was unhappy with the US election results and said,
“It is not going to bring any change in the volume of Pakistan’s textile
and apparel exports to the US.”
Echoing him,
Mr. Waseem Lateef, former chairman of Pakistan Textile Exporters
Association (PTEA), opines, “The victory of Mr. Obama will not make any
difference as far as Pakistan is concerned. There would not be any
change in the trade policies”.
Textile and
clothing industry experts from other South Asian countries like India
and Nepal have expressed optimism about a growth in their exports to the
US, during the next four-year tenure of President Obama.
“Mr. Barack Obama’s victory will have a positive impact and we are very
much hopeful about a surge in our exports”, avers Mr. Shanker Prasad
Pandeya, chairman (Trade Committee) of Federation of Nepalese Chambers
of Commerce and Industry (FNCCI).
Echoing the
same sentiments, Mr. A Sakthivel, chairman of Apparel Export Promotion
Council (APEC), quips, “Obama’s re-election will bring prosperity to the
entire Indian economy. President Obama is a very friendly person to
India and his policies will help Indian exporters, including apparel
exporters.”
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Courtesy: Fibre2fashion |