Export earnings from readymade garments industries have experienced nearly 12 percent growth in the last five years, official data shows.
The export earnings from RMG were 28.15 billion US dollars in 2016-17 which reached 31.45 billion in 2020-21, according to a keynote presented at Bangladesh Investment Summit on Monday. Dhaka North City Corporation mayor Atiqul Islam was the chief guest at the session titled “Readymade Garments and Textile: Weaving the Way” at Radisson Blu Dhaka.
Bangladesh Garment Manufacturer Association of Bangladesh (BGMEA) President Faruque Hassan made a keynote in the session conducted by Sparrow Group managing director Shovon Islam.
BGMEA former President Atiqul Islam said Bangladesh is the best maker of apparel products as the country has a good business environment with political stability.
The city mayor also focused on future Metro transport facilities around the factories in Dhaka for fostering business growth.
In the presentation, BGMEA chief Faruque highlighted green factories and investment potential in Bangladesh apparel industries.
“Some 40 out of top 100 garment factories are located in Bangladesh. Some 150 local factories have been certified by US Green Building Council,” Faruque said. He said the RMG sector drives the economy with an 83 percent contribution to the export basket.
Some 3500 garment factories are generating 4 million employments backed by $ 20 billion investment, according to BGMEA.
Bangladesh offers 15 cash subsidies of fabric cost to exporters sourcing fabrics locally.
Bangladesh Textile Mills Association (BTMA) President Mohammad Ali Khokon said some 500 spinning mills have been contributing to RMG from the backend as the primary textile industry.
Marks & Spencer’s head of country Shawapna Bhowmick emphasized branding the facilities of Bangladesh for investors across the world.
She said the businesses should increase investment in the development of people to address the future challenges of the fourth industrial revolution.
Bangladesh Knitwear Manufacturer and Exporters Association (BKMEA) President Mohammad Hatem, Bangladesh Chamber of Industries (BCI) President Anwar-ul Alam Chowdhury were also in the panel.
