Trade Ministry fully supports FashionTT’s Value Chain Programme
March 15, 2017: The Trinidad and Tobago Fashion Company Limited (FashionTT) along with Vincent Quan, professor at the Fashion Institute of Technology in New York, met recently with representatives from the Ministry of Trade and Industry to discuss the Non-Global Value Chain (Non-GVC) component of FashionTT’s Value Chain Investment Programme (VCIP). The VCIP is one of the flagship initiatives outlined in the strategic plan for development of the local fashion industry which will generate revenue for the sector and even more so the national economy through the export of local fashion products to international markets.
FashionTT commenced this initiative in 2016 by recruiting a three-member screening panel that interviewed thirty designers on several criteria such as retail understanding, product quality, marketing strategy, financial compliance, export production capacity, etc. Out of these interviews, five designers were selected to participate in the Non-GVC support programme – J. Angelique, Charu Lochan Dass, Ecliff Elie, Millhouse and Ted Arthur Leather Collections – each of whom will work closely with Vincent Quan over a one-year period to refine their business plan and marketing strategy. Quan stated, “One of the outcomes we’re expecting is a business plan. From its inception, a company starts its business plan, launches their products and they’re able to survive, not necessarily do they continue upgrading or even maintaining their business plan; so, one of the requirements for our projects will be the creation or upgrading of their existing business plans”.
FashionTT’s Chairman, Jason Lindsay, also spoke on the importance of the programme for the sector. “Developing the Non-Global Value Chain is the first step for us to really go deep before we start hitting those export initiatives because there is no doubt that you will get the demand at some point, but our ability to fulfil the demand and create the relationships that we want for sustainable business must come first,” Lindsay explained.
Mario Romany, Industry Specialist at the Ministry of Trade and Industry reaffirmed the Ministry’s support for this initiative. He expounded, “Based on the data and data analysis, projects of this nature were recommended. It was something scientifically based and as a result of that, I have a significant amount of faith in all the projects that emanate from this [strategic] plan. On behalf of the Ministry of Trade and Industry, we want to say thanks to FashionTT and Mr. Quan; we look forward to working with you and you have our full support.”
The Non-GVC programme is expected to end in February 2018 after which the five designers will be better positioned to compete and market their products globally.
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