Export earnings to exceed $ 60b in 2021: Commerce Minister

RMG sourcing trade shows kick off in city

Four-day long 3 international sourcing trade shows on RMG industry with participation of around 400 companies from more than 24 countries began yesterday (18 January, 2017, Wednesday) at International Convention City, Bashundhara (ICCB) in a bid to making apparel industry more developed.

Tofail Ahmed, M.P., Hon’ble Minister for Commerce, Govt. of People’s Republic of Bangladesh inaugurated the three international events as the chief guest. Annisul Huq, Mayor, Dhaka North City Corporation (DNCC) were also present at the event as the Special Guest.

In the inaugural ceremony Tofail Ahmed said, Export earning was US$ 14 billion when the Image 3Awami League assumed in power this time and it reached at $ 34.2 billion in last fiscal, if the trend is continued, the earning would exceed $ 60 billion in 2021”

Mentioning present government as business friendly, he said, for the development of the country government is offering 15% cash incentive in furniture, 10% in plastic and 20% in agricultural product.

Stating RMG is the prime sector for Bangladesh’s export earning as nearly 82 percent foreign currency come from this sector, Tofail said RMG has reached at this stage overcoming difficulties and it also has the potentiality to go long way.

“More thna 30 products of packaging and accessories sector are required for RMG and those were used to import from abroad. Now the packaging and accessories products are being exported meeting local demand and the export of this sector would stand at $ 18 billion from the existing $ 6.12 billion,” added the minister.

Dhaka North City Corporation Mayor and apparel entrepreneur Annisul Huq said, Ready-made garment in Bangladesh has made a history. In early 80’s, all the accessories were imported from abroad, we had to make three months long plan, only to import carton. But now the sector is very well-off. The accessories and packaging industry is well established.”

“We now earn US$ 28 billion from exporting garments which was only ten thousand dollar in early 80’s. It was possible due to the help of garments related accessories and packaging companies, said Siddiqur Rahman, President of BGMEA.

He added, garments industry has created huge employment in the country. Now almost 44 lakh people are working in this sector where 80% of them are women.

He requested all to work together to make Bangladesh a middle income country by 2021.

Zakaria Trade & Fair International, ASK Trade & Exhibitions Pvt Ltd and Bangladesh Garment Accessories & Packaging Manufacturers & Exporters Association (BGAPMEA) organized the 16th edition of GARMENTECH Bangladesh 2017 – International Apparel Machinery & Allied Products Tradeshow, 8th edition of International Yarn & Fabrics Sourcing Fair, 8th edition of GAP Expo-2017 International Garment Accessories, Packaging & Related Machinery Expo all under roof.

Some 400 exhibitors from Bangladesh, China, India, Turkey, Sri Lanka, Italy, Singapore, Japan, Germany, USA, UK, Vietnam, Taiwan, Hong Kong, South Korea, Malaysia, Switzerland, Canada, Sweden, Finland, Spain, Thailand, France, and Colombia took part in the tradeshow to showcase the technology solutions related to Productivity, Safety, Compliance, Efficiency, Value Addition, Product Diversification, Fabric Sourcing & Packaging Solutions for the RMG Sector.

Md. Abdul Kader Khan, President, BGAPMEA; Md. Siiddiqur Rahman, President, BGMEA; S. K. Sur Chowdhury, Deputy Governor, Bangladesh Bank; Vice Chairman& CEO (Additional Secretary), Export Promotion Bureau; Md. Shafiul Islam Mohiuddin, 1st vice president, FBCCI; Mohammad Moazzem Hossain Moti, 2nd vice president, BGAPMEA & Chairman, Standing Committee on Trade Fair; Dr. Nazneen Ahmed, Senior Research Fellow, BIDS; Tipu Sultan Bhuyian, CEO, Zakaria Trade & Fair International, the organizer of the fair and Nandagopal K Director ASK Trade & Exhibitions Pvt Ltd , the co-organizers of the event were present at the inauguration ceremony along with others.

GARMENTECH Bangladesh 2017 will showcase the latest in Sewing, Knitting, embroidery, Laundry, Finishing, Dyeing, CAD/CAM, Printing, Cutting, Spreading machinery from leading companies from across the world. Technology solutions on display at the show will address the pressing concerns of the industry viz., Safety, Compliance, Productivity, Efficiency, Value-Addition.