LONDON--(EON: Enhanced Online News)--The textile industry has a significant impact on the global economy. It provides millions of jobs, and its products run the range of practical necessities to outrageous fashion statements. Because of its importance, governments around the world are investing in this industry in order to bolster their economies. Details about these initiatives are some of this week’s top stories on BizVibe. BizVibe is the world’s smartest B2B marketplace and allows users to discover high quality leads, contact prospects, and source quotes. Register today to connect with over seven million companies around the globe.
National governments create initiatives to revitalize textile industry
For many countries, the textile industry is integral to the economy and citizens’ quality of life. When the textile industry goes into decline, or is just not performing as strongly as it could be, it’s in the government’s best interests to intervene. Government initiatives are an excellent way to revitalize textile manufacturing, create jobs, support domestic textile and apparel products, and protect the livelihood and stability of the economy.
One example of this is Nigeria. In February of this year, the country’s government announced the allocation of USD 162 million for the revitalization and recovery of its textile industry. These funds will go towards creating jobs, encouraging the purchase of locally made textiles and clothing, and combatting counterfeit and smuggled textile goods. They will also be used to improve infrastructure.
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South African government saves textile jobs through production incentives programme
South Africa has traditionally been one of the largest clothing producers in Africa, and textiles and clothing account for roughly 10% of the country’s manufacturing jobs. However, the industry has been struggling in recent years in the face of competition from Asia and from other African countries. In the past 15 years, 150,000 jobs have been lost in the textile industry, with 2,000-3,000 workers losing their jobs every year.
However, the country’s government has been working to turn that around. The Department of Trade and Industry (DTI) has approved R4.9 billion in incentives, disbursing over R3.1 billion in the past financial year. Companies that were able to take advantage of these incentives saved over 81,000 jobs and created nearly 10,000 more. Continued involvement from the government and efforts from the Southern African Clothing and Textile Workers Union will play an important role in turning industry conditions around.
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Connecting with textiles companies on BizVibe
In addition to textiles companies located in Africa, BizVibe is home to over 150,000 textiles and apparel companies around the world, as well as businesses specializing in everything from safety apparel to textile machinery. Connecting with any of these companies is simple thanks to the aggregating, categorizing and parsing of data from thousands of sources using machine learning tools and several sophisticated algorithms. This advanced match making program provides the user with a full set of inbuilt tools designed to connect like-minded business with each other, making business life easier.
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