DHAKA, July 21, 2018 (BSS) – Bangladesh Garment Manufacturers and Exporters Association (BGMEA) M Siddiqur Rahman today said country’s apparel sector would see India as one of the biggest export destinations in future.
“Now the export volume of Bangladesh’s readymade garments is $ 279 million, but in future it would be $ 1 billion,” he hoped during a B2B meeting with an Indian delegation at BGMEA headquarters.
Terming India as a highly potential market for Bangladesh, Siddiqur said the middle-class population in India is growing fast and global brands and retailers are opening stores in India following the increased buying power.
“We import most of our cotton, dyes, chemicals and other auxiliary items from India to produce garments here. So, I think textile and apparel are a promising sector to strengthen the trade relations between our countries,” said the BGMEA President.
He, however, said there are some challenges hindering the trade prospect. “The lack of capacity in the land customs ports especially at Petrapole in India is a major barrier to trade, as around 80 percent of our bilateral trade takes place through these ports.”
Since India is the second largest producer of Manmade Fibre and Filament based textiles, Siddiqur said Bangladesh could be a potential market for it. “I would like to encourage our friends from India to consider investments in the high end textile sector in Bangladesh which will be a win-win situation for all of us.
A 25-member delegation of TEXPROCIL-The Cotton Textiles Export Promotion Council of India, led by its Chairman Ujwal Lahoti, arrived here today for a three-day visit. In the first day, they met with the members of BGMEA.
TEXPROCIL Chairman Ujwal Lahoti said Bangladesh is an important trading partner to India, in particular textiles, owing to proximity, short lead time and cultural affinity between the two countries.
“Demand and supply situation in the Indian textile value chain perfectly suits demand supply gap in Bangladesh…,” he added.
Lahoti mentioned around 60 percent of the total world trade in textile and clothing is traded “Intra Asia” and it is bound to increase in coming years owing to expansion in installed capacities and requirement of fiber to apparel amongst the Asian countries.
“This B2B meeting is the first mile stone in the long term cooperation and business prospect between the members of BGMEA and TEXPROCIL,” he added.
Head of Chancery of Indian High Commission in Dhaka Tseten Nordon Cargyl said Bangladesh is the second largest exporters in the global RMG export and sourcing of raw materials from India for export of textiles from Bangladesh provide a win-win situation to both countries.
“This meet, I am sure, would provide an ideal platform for business interaction between the business communities from both sides,” added Nordon.
BGMEA first vice president Moinuddin Ahmed, vice president (finance) Mohammad Nasir and other directors were present.