Dhaka, Monday, 19 August 2019

15th Dhaka Int’l Yarn and Fabrics Show held

$100b apparel export target by 2024

$100b apparel export target by 2024

Staff Correspondent: Commerce Minister Tipu Munshi said, Bangladesh will be able to export $100 billion worth of garment items by 2024 as the international apparel brands are placing an increasing number of work orders. “By 2021, when Bangladesh will also celebrate its 50th anniversary, we will be able to export garment items worth $50 billion.”

Commerce Minister told this at the inauguration of the four-day long 15th Dhaka International Yarn and Fabrics Show at the International Convention City, Bashundhara in Dhaka on 23 January, 2019 organized by CEMS Global and the Sub-Council of Textile Industry (CCPIT TEX), China.

Md. Shafiul Islam Mohiuddin, president of the Federation of Bangladesh Chambers of Commerce and Industry; Md. Siddiqur Rahman, president of the Bangladesh Garment Manufacturers and Exporters Association; Md. Atiqul Islam, former BGMEA president; Monsur Ahmed, vice-president of the Bangladesh Knitwear Manufacturers and Exporters Association, and Meherun N Islam, president and group managing director of CEMS Global also spoke in the program.

Md. Shafiul Islam Mohiuddin urged the foreign exhibitors to set up industries in Bangladesh.

Md. Siddiqur Rahman urged the commerce minister to give more policy supports to the RMG industry so that it can be flourished further.

Md. Atiqul Islam told, “No east, no west, Bangladesh is the best. Bangladesh has huge potential and investment-friendly environment. So invest in Bangladesh”, he urged the foreign investors.

Meherun N Islam thanked to all for taking participation in the exhibition. She also stated the achievements of CEMS Global over the years since its commencement in 1990.

Last fiscal year, garment shipments fetched $30.61 billion, according to data from the Export Promotion Bureau.

“Now we are in the second position in garment exports globally after China. We have immense potential for bagging more work orders.” But entrepreneurs need bank loans at lower interest rate for rapid expansion of the business, commerce minister said.

The government has been developing 100 special economic zones across the country. The local and foreign investors are allowed to invest in them and contribute to export receipts, the minister added.

This year, 370 companies from 22 countries participated at the exhibition to showcase products like yarn, denim fabrics, knitted fabrics, yarn and fibres, dyes, chemicals and innovative raw materials.