Square Textiles, a concern of Square Group, plans to increase its yarn production capacity with an estimated investment of Tk 113.87 crore.The export-oriented company now produces 21,600 tonnes of yarn a year at its three units. After the completion of the new project next year, another 4,235 tonnes will be produced.Square Textiles is expecting Tk 119 crore in turnover from the additional capacity, according to a posting on the Dhaka Stock Exchange website yesterday.The company also said the expected profit contribution will be around 11 percent on the turnover.The disclosure came after its board approved the investment plan at a meeting on Tuesday.At the meeting, Square Textiles, which was listed on the stockmarket in 2002, also recommended 20 percent cash and 10 percent stock dividends for 2014.The company’s net profit, however, declined 35 percent year-on-year to Tk 54.11 crore in 2014. Its earnings per share stood at Tk 3.66 at the end of last year.On the premier bourse yesterday, each Square Textiles share traded between Tk 82 and Tk 86.1 before closing at Tk 83.9

The government has allocated three economic zones to the investors of China, Japan and India in a bid to attract more foreign investment and generate employment, an official said yesterday.Bangladesh Economic Zones Authority has already acquired 510 acres of land at Sreepur upazila in Gazipur for Japanese investors and 774 acres at Anwara upazila in Chittagong for Chinese entrepreneurs, said BEZA Executive Chairman Paban Chowdhury.The government is in talks with Indian investors for selecting a site for their economic zone, he said, adding that lands will be handed over to the investors of the three countries soon. The investors will then develop the lands into economic zones, he said.Chowdhury shared the plans at a discussion at the office of Canada Bangladesh Chamber of Commerce and Industry (CanCham) in Dhaka.He said Bangladesh needs investment worth $35 billion a year to attain an 8 percent year-on-year economic growth and graduate to a middle-income country by 2021.“This is why the government has taken the initiative to build the economic zones to attract more foreign investment.”Since 2010, the government has decided to offer 22 economic zones to both local and foreign investors.The BEZA has so far issued operational licences to two private investors — AK Khan Group and Abdul Monem Ltd. Another local conglomerate, Meghna Group, is in the process to get two economic zones, Chowdhury said.Economic zones will be provided to sectors such as tourism and information technology as well, he said, adding that the government has acquired lands at Teknaf in Cox’s Bazar to develop an economic zone for tourism.An economic zone is being developed at Keraniganj in Dhaka for the IT sector, Chowdhury said.“We will provide various services to the foreign investors in the economic zones, who will be allowed to sell 10-20 percent of their products in the local market,” he said.Bangladesh has eight export processing zones (EPZs), which attracted investment worth only $3 billion in the last three decades, Chowdhury said. Annual exports from these EPZs are worth $5 billion, he added.The EPZs are run by the government, while the economic zones will operate under public-private partnership.We will not face a land crisis as we plan to construct some of the economic zones near the Bay of Bengal or on reclaimed land from the sea.At the discussion, CanCham President Masud Rahman suggested appointing public operators at the economic zones for effective management.“The BEZA should fast-track construction work as it is really difficult to get back a foreign investor if he leaves the country for not getting desired services to implement a project,” Rahman said.The government should also hold roadshows abroad to attract more foreign investors in the economic zones, he added.

Braving the countrywide political violent programme, the country’s export earnings from the ready-made garment sector have registered an 8.40% growth to $2.08bn in March compared to the same period last year. According to the Export Promotion Bureau (EPB) data released yesterday, Bangladesh fetched $2.07bn, exporting clothing products in March, which was $1.91bn last year. Meanwhile, in July-March period of the current fiscal year, RMG export rose by 3.18% to $18.62bn against the last year export value of $18.05bn. This figure is 4.72% less than that of the target of $19.55bn set for the first nine months of the current fiscal year. During the July-March period, Knitwear export earnings stood at $9.07 with a rise of 2.7% from the previous year’s $8.83bn. Woven products earned $9.56bn growing at 3.64% as the previous year’s figure was $9.22bn, EPB data showed. “This 8.40% export growth in RMG sector does not reflect our expectation as we expected 15% growth last year,” Bangladesh Knitwear Manufacturers and Exporters Association immediate past first vice-president Mohammad Hatem told the Dhaka Tribune. Hatem blamed widespread political unrest for the failure to reach the expected target. If the present calm situation prevails in the country’s political arena, the export earnings thrive from July-August of next fiscal year. To reach the export target set by the government, Bangladesh needs to achieve 10% growth per month, or else it won’t be possible to reach the target, he added. The government has set an export target of $26.9bn from the RMG sector for the fiscal year 2014-15. “An 8% growth is not bad, but the concern lies in the upcoming months when the sector might witness the impact of the political unrest,” Exporters Association of Bangladesh (EAB) president Abdus Salam Murshedy told the Dhaka Tribune. The current growth is the refection of previous work orders as it takes three to four months to execute an order, he said. The EPB data showed that Bangladesh earned over $22.9bn posting a 2.98% growth in first nine months of the current fiscal year over the same period earning of $22.24bn last year. But the earning fell short of 5%to reach the target of $24.12bn set for the period. In March, Bangladesh earned $2.59bn, which was 7.43% higher compared to the same period last year. But the figure is 8.97% less than that of its set target of $2.84bn. As per the BGMEA data, over 4.5 million workers are employed in the industry and 80% of them are women mostly from rural areas.

Source: https://www.dhakatribune.com/economy/2015/apr/08/rmg-exports-grow-8-march-despite-unrest#sthash.MeNPI0d7.dpuf

With an aim to fetch $7bn from export of denim products annually for contributing to raise overall RMG export to $50 billion per annum by the year 2021, the ‘Second Bangladesh Denim Expo’ will be kicked off in the capital on May 11. A total of 25 renowned local and foreign companies from Bangladesh, the US, Germany, China, Japan, India, Italy, Thailand, Turkey, Hong Kong and Pakistan will participate in the two-day expo and showcase fabrics, finishes, washes, accessories, technology used in denim manufacturing. Bangladesh exported denim and denim related products worth $3.5 billion in the last fiscal year. While talking to daily sun, Mostafiz Uddin, organiser of Bangladesh Denim Expo and managing director of Denim Expert Ltd, said, “The share of Bangladesh in global denim industry is still insignificant though we have ample scope to grow.” ‘To make our denim export double by 2021, branding of our products and ability are very important. The event is being organised to make the country’s denim products familiar to international stakeholders,’ Mostafiz added. The expo, which is going to be held for the second time, will play a vital role to showcase denim products to all, organisers of the event hoped. The major companies from Bangladesh includes: Yogotex Fabric Company Limited, Argon Denims Ltd, Mahmud Denims Limited, Denim Expert Ltd, Zaber and Zubair Fabrics Ltd, Nassa Taipei Denims Ltd, South China Bleaching and Dying Fty Ltd, Shasha Denims Ltd and Amber Denims Ltd. The foreign companies including American & Efird (Bangladesh) of the USA, Paddock Jeans Ltd, Germany, Juki Bangladesh and YKK Bangladesh Pte Ltd, Japan, Garmon Group, Italy, Foshan Shunde Benjie Textile Co. Ltd, China, Epic Group, Hong Kong, Denimco Tekstile Pazarlama AS, Turkey, Absolute Denim Co. Ltd, Thailand, Malwa Industries Ltd, India, Kassim Denim, Kohinoor Mills Ltd, Rajby Textiles and Azgard Nine Limited, Pakistan are also in the queue to participate in the event. The expo organisers said though many companies from home and abroad are interested to take part at the event, very selective international stakeholders were allowed. Rishi Oswal, Managing Director of Malwa Industries Ltd, an Indian denim garment manufacturing company, while talking to daily sun over phone, said, ‘My company is going to participate at the event considering two reasons: customer exposure and perceiving the trends of competition.’ Conveying thanks to the organiser Mostafiz Uddin for arranging such event, Rishi said world denim industry is growing rapidly and he expects local and international stakeholders participating in the event will enjoy a good business. ‘Bangladesh Denim Expo is a timely initiative and denim manufacturers of Bangladesh will be greatly benefited from the expo,” Rishi Oswal added. Anwar-ul-Alam Chowdhury Parvez, Managing Director of Argon Denims, said it is a good chance for his company to display denim products for national and international stakeholders. While asked about the target of $7 billion, he said Bangladesh Denim industry should have been grown up with its utmost capacity to click into the international market.

Source: https://www.daily-sun.com/print/business/2015/04/08/497025

Myanmar is to expand its textile and garment industry under the country’s new national export strategy as a means to boost economic growth, with the sector’s export earning targeted at $2 billion for the 2015-16 fiscal year, official media reported Tuesday. With foreign investment accounting for 90 per cent, the sector created 1,00,000 job opportunities in 2014-15, according to the Myanmar Garment Manufacturers Association. The five-year national export strategy, which also covers six other sectors and is aimed at tackling trade deficit, focuses on rice, peas and pulses, fishery products, timber and forest products, rubber and tourism. According to the Ministry of Commerce, the export income from the textile and garment sector made up 40 per cent of the country’s foreign exchange earning around the year 1990. Official statistics show that foreign investment in the manufacturing sector reached $5.458 billion as of February this year since late 1988 when the country opened to foreign investors. The manufacturing sector, which ranked the third in the foreign investment line-up after power and oil and gas, accounted for about 10 per cent of the total of $54.086 billion as of February this year.

Source: https://newagebd.net/109693/myanmar-eyes-2b-garment-export-in-fy16/#sthash.e17x6kUb.dpuf

Myanmar is to expand its textile and garment industry under the country’s new national export strategy as a means to boost economic growth, with the sector’s export earning targeted at US$ 2 billion for the 2015-16 fiscal year, official media reported yesterday. With foreign investment accounting for 90 percent, the sector created 100,000 job opportunities in 2014-15, according to the Myanmar Garment Manufacturers Association. The five-year national export strategy, which also covers six other sectors and is aimed at tackling trade deficit, focuses on rice, peas and pulses, fishery products, timber and forest products, rubber and tourism. According to the Ministry of Commerce, the export income from the textile and garment sector made up 40 percent of the country’s foreign exchange earning around the year 1990. Official statistics show that foreign investment in the manufacturing sector reached 5.458 billion US dollars as of February this year since late 1988 when the country opened to foreign investors. The manufacturing sector, which ranked the third in the foreign investment line-up after power and oil and gas, accounted for about 10 per cent of the total of $ 54.086 billion as of February this year.

Source: https://www.theindependentbd.com/index.php?option=com_content&view=article&id=254046:myanmar-to-expand-textile-garment-industry&catid=110:business-others&Itemid=156

Myanmar is to expand its textile and garment industry under the country’s new national export strategy as a means to boost economic growth, with the sector’s export earning targeted at US$ 2 billion for the 2015-16 fiscal year, official media reported yesterday. With foreign investment accounting for 90 percent, the sector created 100,000 job opportunities in 2014-15, according to the Myanmar Garment Manufacturers Association. The five-year national export strategy, which also covers six other sectors and is aimed at tackling trade deficit, focuses on rice, peas and pulses, fishery products, timber and forest products, rubber and tourism. According to the Ministry of Commerce, the export income from the textile and garment sector made up 40 percent of the country’s foreign exchange earning around the year 1990. Official statistics show that foreign investment in the manufacturing sector reached 5.458 billion US dollars as of February this year since late 1988 when the country opened to foreign investors. The manufacturing sector, which ranked the third in the foreign investment line-up after power and oil and gas, accounted for about 10 per cent of the total of $ 54.086 billion as of February this year.

Source: https://www.theindependentbd.com/index.php?option=com_content&view=article&id=254046:myanmar-to-expand-textile-garment-industry&catid=110:business-others&Itemid=156

Income from exports of apparel products recorded a significant growth in the first three months of this calendar year, despite the prolonged political turmoil, the government data showed. Export of apparel products in July and August 2014 witnessed a 0.07 and 4.23 per cent growth compared to that of the same period in 2013. But export receipts fell by 2.06 per cent and 9.69 per cent in next two months-September and October—while it bounced back in November with 9.71 per cent growth in the same year. In December, the growth slowed down to 2.38 per cent while it has been maintaining a moderate growth since January 2015. The country fetched $2.41 billion, $ 2.10 billion and $2.07 billion in January, February and March with 7.98 per cent,  7.22 per cent and 8.40 per cent growth respectively in 2015 compared to the same period of last calendar year, according to the Export Promotion Bureau (EPB) data. Knitwear earnings stood at $9.06 billion and woven fetched $ 9.55 billion during the July-March of the current fiscal year 2014-14. But  both the sectors failed to achieve the targets by 5.58 per cent and 3.89 per cent set for the period. Terming the growth positive, exporters and experts opined that the growth could be much higher in case of a stable political situation. Exporters claimed that the impact of recent political stalemate might be reflected in the data of May and onwards. “First, the apparel export growth since January does not mean that there is no impact of political turmoil on the sector,” Md Shahidullah Azim, vice president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) told the FE. The data showed orders and value of shipments made in four to five months back, especially in last August and September, he said adding: “We are lagging behind in the expected average growth of 10 per cent which is still only 3.18 per cent.” “We had to make timely shipments though many of these were very costly as manufacturers had to face air shipments, discount or deferred payment which the data never revealed,” he noted. The impact of political turmoil would b manifested in export earnings three or four months later, he said. He, however, said that buyers’ representatives in a recent meeting informed that some of them are planning to increase their work orders while many of them have already increased  order volume. Fazlul Hoque, former president of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) said that production was going on in factories though the image of the country was tarnished by the recent political stalemate. Dr Khondaker Golam Moazzem, additional research director of the Centre for Policy Dialogue said despite all odds including political turmoil, the apparel export growth is positive though the overall growth is still below the expected level. Exporters had to bear additional expenses and challenges to retain competitiveness including the euro-zone ones are still there, he said. It is to be observed whether the growth is sustained or not.

Source: https://www.thefinancialexpress-bd.com/2015/04/08/88023

Garment exports rose 3.16 percent year-on-year to $18.62 billion in the first nine months (July-March) of the current fiscal year, according to Export Promotion Bureau.Apparel exports have been on the rise as major markets like the US are showing positive signs, said Shahidullah Azim, vice-president of Bangladesh Garment Manufacturers and Exporters Association, the garment makers’ platform.We needed to grow by 10 percent every month to achieve the target of $27 billion garment export in the current fiscal year,” Azim told The Daily Star by phone. Garment exports to non-traditional markets grew 7 percent year-on-year in the July-March period.The impact of political unrest would be seen three to four months later when exporters will get their payments, as garment makers bagged fewer than normal orders from retailers between January and March.Exports rose 7.43 percent year-on-year to $2.59 billion in March, a development which acted as a ray of sunshine amid the gloomy economy.The figure takes the total export earnings so far in fiscal 2014-15 to $22.90 billion, up 2.98 percent year-on-year.Exports of other major products like jute increased 6.62 percent to $652.84 million and home textiles 3.47 percent to $592.45 million. Exports of leather goods, however, declined 1.14 percent to $828.36 million.

Source: https://www.thedailystar.net/business/garment-exports-rise-3pc-july-march-76159

National Garment Workers Federation on Friday formed a human chain in front of the National Press Club demanding introduction of rationing system for the garment workers. Addressing the occasion, the leaders of the organization lambasted the government for not introducing the system despite its pledge do to so in its election manifesto. Recalling the valuable contribution of the workers to the country’s national economy, they demanded introduction of rationing system for the workers immediately. They also called upon the government to check price spiral and take actions against the hoarders. Several hundred workers led by Amirul Haq Amin took part in the half an hour programme from 11am.