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SOUTH AFRICA: CTCP launched PI to revitalize clothing and textile sector

South Africa: A new Clothing and Textile Competitiveness Program (CTCP) from South Africa, with a core funding mechanism, “The Production Incentive” (PI) has been launched recently, by the Trade and Industry Minister of South Africa, Mr. Rob Davies. 

With an objective this program is to restructure South Africa's clothing and textiles sector 

The CTCP and PI program along with five other core projects of the Clothing and Textile Customized Sector Program (CSP) depicts a fundamental change in strategic approach of the department of Trade and Industry towards sector’s restructuring to endure its sustainability and competitiveness. 

The CTCP desk had received more than 80 applications totaling to R311.8 million, of which applications worth R36 million have been approved, informed Mr. Davies while addressing delegates during the launch. 

He further said that the competitive challenges for the industry are growing and the local industry has to face and overcome many of the challenges, such as making adjustments and increasing competitiveness, if it has to sustain. 

Source: ynfx • News Courtesy: BharatTextile.com