Bangladesh Garment Manufacturers and Exporters Association president Faruque Hassan on Saturday said that the country’s share in apparel exports in the global market would exceed 10 per cent by 2025 as the trade body had taken a number of initiatives to ensure a sustainable supply chain.
Faruque said that Bangladesh readymade garment exports to India and South Korea would hit $1 billion each in the financial year 2022-23 as the trade body was working for product and market diversification.
He made the remarks at a press conference held at the BGMEA headquarters at Uttara in the capital Dhaka.
The BGMEA arranged the press conference on the eve of ‘Made in Bangladesh Week’ to be held in November 12-18 in Dhaka.
The BGMEA president said that they were taking initiatives to brand Bangladesh and establish a sustainable value chain through the made in Bangladesh week.
A number of events, including 37th IAF World Fashion Convention, 3rd Apparel Summit, Dhaka Apparel Exposition, Bangladesh Denim Expo, Factory, Fashion and Heritage Exhibition, technical workshop on sustainability and innovation and some award giving ceremonies will be held under the week.
Prime minister Sheikh Hasina is expected to inaugurate the Made in Bangladesh Week at the Bangabandhu International Conference Centre.
‘We have taken initiatives to shift our production base to man-made fibre from cotton base to gain more market share and hopefully Bangladesh’s share of apparel to the global export market will exceed 10 per cent by 2025 from existing 6.8 per cent,’ Faruque said.
Replying to a question, the BGMEA president said that a comprehensive economic partnership agreement would helpful for Bangladesh to increase its exports to India as Bangladesh would lose its duty-free market access in India after its graduation from least developed country in 2026.
He said that political stability was one of the key reasons for the excellent growth of Bangladesh’s economy in the past one decade and hopefully political situation would also remain stable in future.
Faruque said that Bangladesh’s exports might register a negative growth in the coming months as demand for apparel products decreased on the global market due to high inflation.
Requesting RMG makers not to decrease the unit prices of products, he said that the prices of products increased on the global market amid the Covid pandemic due to the price hike of raw materials and exporters should be strict to maintain the prices in receiving orders.
Amid slugging export orders, the BGMEA president urged the government to ease export and import procedures, including user-friendly customs, ports and bond-related activities to sustain the export growth through tapping potentials of fast fashion.
He demanded an uninterrupted power supply to the industry and said that production costs were increasing due to the shortage of gas and electricity.
BGMEA vice-presidents Md Shahidullah Azim and Khandoker Rafiqul Islam, directors Shehrin Salam Oishee, Faisal Samad and Vidiya Amrit Khan and Bangladesh Apparel Exchange chief executive officer Mostafiz Uddin, among others, attended the press conference.
