$100b garment export possible by 2024
Bangladesh will be able to export $100 billion worth of garment items by 2024 as the international apparel retailers are placing an increasing number of work orders, said Commerce Minister Tipu Munshi.
“By 2021, when Bangladesh will also celebrate its 50th anniversary, we will be able to export garment items worth $50 billion.”
Last fiscal year, garment shipments fetched $30.61 billion, according to data from the Export Promotion Bureau.
Munshi's comments came at the inauguration of the 15th Dhaka International Yarn and Fabrics Show at the International Convention City, Bashundhara in Dhaka.
“Now we are in the second position in garment exports globally after China. We have immense potential for bagging more work orders.”
But entrepreneurs need bank loans at lower interest rate for rapid expansion of the business, he said.
The government has been developing 100 special economic zones across the country.
The local and foreign investors are allowed to invest in them and contribute to export receipts, the minister added.
This year, 370 companies from 22 countries are participating at the four-day exhibition to showcase products like yarn, denim fabrics, knitted fabrics, yarn and fibres, dyes, chemicals and innovative raw materials.
The fair is open for all from 10:30am to 7:30pm, said Meherun N Islam, president and group managing director of CEMS Global, the organiser.
Shafiul Islam Mohiuddin, president of the Federation of Bangladesh Chambers of Commerce and Industry; Siddiqur Rahman, president of the Bangladesh Garment Manufacturers and Exporters Association; Atiqul Islam, former BGMEA president; and Monsur Ahmed, vice-president of the Bangladesh Knitwear Manufacturers and Exporters Association, also spoke.
