Reducing dependency on Chinese imports seems to be focus of many countries lately and South Africa is no exception.
South African retail stalwarts Woolworths Holdings Limited and The Foschini Group Limited have signed an industry plan wherein it aims to source 65 per cent of apparels from local manufacturers in next 10 years and thereby reduce its import dependency on China.
The worldwide lockdown has hit the South African industry as well and the country is now focused on reviving the economy of the nation.
While the country is putting efforts to revive its apparel industry, nearby nations like Mauritius and Madagascar are also adding to their capabilities.
More on the same, Woolworth Holdings, reportedly, said that the steps initiated by countries like Mauritius and Madagascar are perfect examples of how self-sufficiency can be attained in the industry.
Woolworth’s Pillay says “In last 28 years, I have never seen better co-operation between retailers, Government, labour and manufacturers. In next 10 years, we can re-create the industry.”
It won’t be, however, easy for South Africa since the fall of apparel industry over the decades has led to scarcity of skills and raw materials in the country and lot of investment is the only way industry can come up.
Nevertheless, the increasing investment shown by Woolworths Holdings Limited and The Foschini Group Limited in local apparel manufacturers is a step in the right direction and it will be interesting to see how many more such firms come forward and help revive country’s economy.