Global textile players eye Bangladesh to share potential

Global textile players eye Bangladesh to share potential
News From Bangladesh
Wednesday February 08 2014 11:51:51 AM BDT

Global textile players are increasingly taking interest in Bangladesh in their investment planning, which shows a clear sign of immense potential of the country’s clothing industry due to big domestic and overseas market, reports UNB.

A huge number of 236 exhibitors from 22 technologically developed countries are attending a four-day textile and RMG machinery fair beginning in Dhaka Wednesday, reflecting the business potential. Bangladesh Textile Mills Association (BTMA) in association with Malaysian company ES Event Management has organized the fair titled

‘The 3rd Dhaka International Textiles and Garments Machinery Exhibition-2014’. Textile and Jute Minister Shajahan Siraj will inaugurate the fair as chief guest while Board of Investment (BoI) executive chairman Mahmudur Rahman will be present as special guest.

“Growing global textile and apparel market offers Bangladesh an infinite opportunity,” BTMA Chairman MA Awal told a Press conference on the eve of the show.

He said the textile market is estimated to boost to US$ 350 billion in 2014-07 from US$ 199 billion in 2000 and Bangladesh has 2.6 per cent of global market share now. “With increased global exports, Bangladesh’s exports will increase to US$10 billion if the potential is fully realized.”

The exhibitors would be displaying a wide range of hi-tech primary textile and RMG machinery in 500 stalls–considered to be the highest number as compared to any other events in the country–at the compound of Bangladesh-China Friendship Conference Centre.

Enterprises taking part in the fair are from countries like USA, Germany, Switzerland, France, Italy, Thailand, Korea, Japan, Singapore, China, India, Indonesia, Malaysia, Pakistan, Hong Kong, Turkey, Thailand, UK, Spain, Taiwan and Bangladesh.

They would showcase new technology, state-of-the-art equipment, materials and services as well as provide avenues for international suppliers to expand business to the lucrative market and accelerate Bangladeshi technological advances that will ensure quality, speed and competitive advantages in textile and garment industry.

The BTMA chairman pointed out that Bangladesh’s textile products enjoy duty-free access to the European Union under GSP and EBA schemes, which offers a great advantage over other competitors. The advantage would continue for at least a decade.

He also expected that the country’s presence in the US market would be significant despite the abolition of quota regime.

He said the government provided various incentives for the sake of attracting foreign investment in textiles, besides low labour costs, skill development potential and an expanding market.

Awal said the show would provide local entrepreneurs with the opportunity to have a firsthand idea on the new technologies and machinery being used in different sub-sectors of the textile industry.