Bangladesh garment makers seek cooperation from India in garment sector, Retail News, ET Retail

Bangladeshis the supreme trade body for clothes manufacturers and exporters on Monday called for enhanced cooperation with India for the world clothes marketing since their factories are largely dependent on raw materials from the neighboring country.

“Bangladesh and India do not compete with each other in the international ready-to-wear garments (RMG) export market to the global market, rather we complement each other and wish to strengthen cooperation for a win-win situation” , Garment Manufacturers and Exporters Association (BGMEA) President Faruque Hassan said.

“We import most of the raw materials like cotton and petrochemicals from India for clothes production in our factories,” he told a press conference, pointing out that the trade body was set to hold a mega event next month for their product brand.

BGMEA convened the press conference to explain the background of their week-long event starting November 12 which they named “Made in Bangladesh Week” with the theme “creating impact to care for fashion” which will be inaugurated by Prime Minister Sheikh Hasina.

According to Hassan, Bangladesh’s exports to other countries have also benefited India since most of the inputs needed for garment production came from the neighboring country.

He said Bangladesh mainly produces basic products that do not conflict with India’s clothing offerings in the global market.

Hassan said RMG’s exports showed nearly 99% growth in the first two months of the current fiscal year in July and August, with India being a major importer of Bangladeshi garments.

Export to India is expected to exceed $1 billion in the current fiscal year from $764 million last year.

BGMEA leaders said they had planned the event to celebrate the progress made in the national garment industry and underscore their pursuit of sustainable growth to benefit the economy, environment and society. life of the people of Bangladesh.

Hassan, however, said that although he was largely relieved from the pandemic crisis, Bangladesh’s main revenue-exporting RMG sector was still facing some challenges, with the energy crisis hitting the hardest.

However, he added that they expected the steady development of the sector which contributes more than 11% to the country’s GDP.

“We hope to reach the export target of $100 billion by 2030,” he said.

Asked to predict the outlook for RMG’s exports after 2026 when Bangladesh graduates from least developed country status, Hassan said Bangladeshi exporters have started dialogues with major buyers like the European Union, Australia, the United Kingdom and others to continue preferential treatment for RMG products from Bangladesh beyond. 2026.

“We are also diversifying our export basket to emerging markets…we are working to diversify from natural yarns to synthetic yarns and its product basket from RMG 5 commodities which constitute 82% of all our exports to more fashion-oriented,” he said.

Bangladesh’s RMG export volume was $42.6 billion in FY 2021-22, or 87% of the country’s total exports, with some 10 million families depending on the sector and 60% of its hand. -workers being women.

Michael O. Stutler