BGMEA President Faruque Hassan said that Bangladesh is expanding its exports of garment products to emerging markets.
Bangladesh and India do not compete with each other in the global market for exports of apparels, rather the two neighbors complement each other, said Faruque Hassan, the president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA).
He said when Bangladesh gains from exports of garment products India also gains as many of the inputs like petrochemicals and other accessories come from India.
He said Bangladesh mostly manufactures basic garment products, and it does not clash with the products made by India in the sector.
“We don’t compete, rather, I would say we complement each other,” he told a views exchange meeting with the representatives from the Overseas Correspondents Association Bangladesh (Ocab).
The BGMEA President said that Bangladesh is expanding its exports of garment products to emerging markets.
He said they have set a target of earning $1 billion from exports of Bangladeshi garment products in the current fiscal year.
“We are expanding even in Indian market. In last fiscal year, we exported garment products worth $764 million to India, and in the first two months of this fiscal year our export volume to the Indian market has increased by more than 99 percent,” he said.
The BGMEA leader made these statements when he met the journalists representing foreign media in Bangladesh as preparation of a weeklong apparel event, styled “Made in Bangladesh” next month.
He said the event “Made in Bangladesh” is being organized to celebrate the progress being made in the country’s burgeoning garment industry.
The other major aim of the week is to highlight the growth of the sector in a manner that would make a sustainable contribution to the national economy. Currently, the sector’s share of contribution to the national economy is over 11 percent.
He said the BGMEA has set a target of earning $100 billion by 2030 from exports of garment products as the sector is poised to grow more despite challenges at home and abroad.
He said that the energy crisis and the Ukraine-Russia war have created obstacles for the sector to grow further, but they are optimistic to overcome them.
“We can’t sit idle. We have to grow more through innovation, diversification and value addition,” he said adding that the ‘Made in Bangladesh Week’ will be a flagship event to interact with global leaders, buyers, experts, designers and Bangladeshi manufacturers.
‘Bangladesh has the highest number of green factories in the world, we are No. 1 in Denim, we have many other achievements in the sector. So, we need to tell the world about our strengths and achievements. Through this week we want to do branding of the country’s garment industry,” he said.
“In the past decade the industry has undergone a massive transformation to ensure workplace safety, workers’ wellbeing and environmental sustainability. We need to show all these to the world,” he said.
Detailing the plan for the weeklong event, he said that the event will accommodate a number of programs including the 3rd edition of the Dhaka Apparels Summit, the 37th World Fashion Convention by the International Apparel Federation (IAF), a tour of green factories, cultural and fashion shows, and expos and awards.
Faruque said that the government and the BGMEA were negotiating with the European Union (EU), the United Kingdom, Australia, and others to ensure that Bangladesh’s garment industry does not face any major challenges during the transition period after 2026,
Bangladesh would be graduating from the LDC status to a developing country. The graduation means Bangladesh would lose quota-free and duty-free access for its many products to foreign markets as per the rules of the World Trade Organisation.
“We have been in talks with the EU, we are seeking a grace period of six years to continue to have the GSP facility from the trade bloc. They want to give us three years to adjust to the new reality after the graduation from the LDC status, but we want six years,” he said. “We are also trying to get a GSP Plus facility from the EU.”
“Australia has already agreed to give us time. We are looking for more alternative options in this regard,” he said.
