Industry Desk: BGMEA President Faruque Hassan highlighted on the fact that Bangladesh’s RMG exports to non-traditional markets like Japan, India, South Korea and other Asian markets have showing a good prospect and BGMEA will press on these markets to achieve the 10% apparel export share in the ‘Made in Bangladesh Week’ related meet the press event.
In the event, The BGMEA President revealed that Bangladesh is expecting at least 15% year-on-year growth in export receipts in the current FY.
As per the World Trade Organisation (WTO) data, the share of Bangladesh in the global apparel market is 6.8%. The share is expected to cross 7% this year.
The BGMEA boss stressed that despite intensified worldwide insecurity amid the current Russia-Ukraine war and runaway inflation – Bangladesh’s readymade garment (RMG) exporters are strong as China rift is opening an opportunity for Bangladesh. Factories are witnessing an increase in work orders due to that.
“We are anticipating a greater RMG export growth in India and Japan in the near future, and the Prime Minister’s recent visit to India has opened a floodgate of opportunities for Bangladesh,” Hassan said.
Hailing the Bangladesh-India meet as a success, he noted that as a next-door neighbor, Bangladesh has huge prospect to export a huge amount of RMG goods to the Indian markets. But owing to some non-tariff barriers, particularly land port-related issues, the country is failed to take advantage. Bangladesh Prime Minister Sheikh Hasina had raised up the issues during her recent visit to India.
Faruque Hassan also said, “Bangladesh’s RMG export target is to earn $100 billion in 2030 and we have to emphasis on the non-traditional market to make it happen.”
BGMEA also stressed that to catch 10% market share – garment entrepreneurs are increasing their capacity to man-made fibers (MMF) along with cotton-blend fiber to receive greater prices from global brands and retailers.
He also said that the country’s partisan stability is vital in achieving the 10% share target.
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