Dhaka, Sept 12 (UNB) - Speaker Dr Shirin Sharmin Chaudhury on Wednesday said the garment industry has demonstrated a ‘revolution’ in the country following timely steps taken by the government and working plans that boosted its growth.
“The growth of the textile industry has generated huge employment opportunities, especially for women, apart from contributing to the economic development of the country,” she said.
The Speaker was addressing the inaugural ceremony of 19th Textech Bangladesh 2018, 14th Dhaka International Yarn & Fabric Show 2018 and 33rd Dye+Chem Bangladesh 2018 at International Convention City Bashundhara in the city.
She said the garment industry is now contributing 15 percent to the GDP (Gross Domestic Products) with amounts to US$ 30 billion.
Indian High Commissioner in Dhaka Harsh Vardhan Shringla said India's development cooperation with Bangladesh has grown tremendously in size and coverage over the last few years.
“India is a committed development partner of Bangladesh,” he said.
State Minister, Ministry of Textile and Jute Mirza Azam, President, Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) Md Shafiul Islam Mohiuddin, President, Indian Chamber of Commerce (ICC) Rudra Chatterjee, Vice President, Bangladesh Knitwear Manufacturers & Exporters Association (BKMEA). Fazlee Shameem Ehsan, Vice President, Bangladesh Garment Manufacturers & Exporters Association (BGMEA) Mohammed Nasir and President & Group Managing Director, CEMS Global-USA & Asia Pacific, Meherul N Islam were present.
With the extension of a third Line of Credit of US$ 5 billion during the visit of Prime Minister of Bangladesh to India in April 2017, the total amount extended by India under Lines of Credit to Bangladesh stands at US$ 8 billion which is the largest extended by India to any country, said the High Commissioner.
Bangladesh readymade garments industry has emerged as the leading contributor to the Bangladesh economy.
With exports worth US$ 30.61 billion, the garments industry accounts for nearly 84 percent of Bangladesh’s total exports and contributes nearly 15 percent to its GDP. Bangladesh is also the second largest exporter of garments in the world.
Shringla said Bangladesh’s exports of readymade garments to India have also seen substantial growth since receiving duty-free quota and free access to the Indian market in 2011.
“Bangladesh’s RMG exports in the year 2017-18 jumped by 115 percent to USD 278.68 million from USD 129.81 million in 2016-17. India is now emerging as one of the fastest growing markets for Bangladesh’s garment exporters,” he said.
The High Commissioner said India is also one of the biggest sources of raw materials and machineries for the Bangladesh RMG industry.
“A large part of India’s exports to India consist of inputs for the Bangladesh industry. Around one-fourth of Bangladesh’s demand for raw cotton and yarn is met by Indian suppliers,” he said.
Textile machinery exports from India to the world are also witnessing a remarkable growth.
Shringla said Indian exports grew by 20.03 percent to US$ 739.49 million in 2017-18 over the previous fiscal year.
Apart from Bangladesh, India is exporting textile machinery to several countries including Germany, Netherlands, Indonesia, Italy, the UAE and Turkey. Indian textile engineering industry has a large production capacity for textile machinery, parts and accessories with over fourteen hundred units spread all over India.
Indian Chamber of Commerce arranged an India pavilion with the participation of over 50 Indian companies from textile engineering sector in Textech Bangladesh.
“As a neighbour, India is ideally positioned to provide textile machinery and other raw materials to Bangladesh at lower prices and delivery times,” said the High Commissioner.