BGMEA looks for $1b export to India

Bangladesh spots India as one of the leading export destinations in future. At present, the export volume of Bangladesh's readymade garments is $ 279 million, but in future it would be $ 1 billion," President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) M Siddiqur Rahman, said during a B2B meeting with an Indian delegation at BGMEA headquarters in the city on Saturday.

Terming India as a highly potential market for Bangladesh, Siddiqur said, "The buying capacity of the middle-class people in India is growing fast and global brands and retailers are opening stores in India." "Also India is the second largest producer of Manmade Fibre and Filament based textiles, and Bangladesh could be a potential market for it." 

The BGMEA president said. Besides, "Bangladesh imports cotton, dyes, chemicals and other auxiliary items from India to produce garments here, so textile and apparel are a promising sector to strengthen the trade relations between our countries." 

"But the major barrier to trade is lack of capacity in the land customs ports, especially at Petrapole in India." "Around 80 percent of our bilateral trade takes place through these ports, Siddiqur said."The trade between Bangladesh and India is growing every year. Because of duty free export of Ready Made Garments (RMG) 

products, export to India last year was US$279 million which was only US$96 million five years ago, "I hope there will be more exchanges of delegation between our two countries in coming days," said the BGMEA chief.He said, he would encourage the visiting Indian delegation to consider investments in the high end textile sector in Bangladesh which will be a win-win situation for both.

A 25-member delegation of TEXPROCIL-The Cotton Textiles Export Promotion Council of India, led by its Chairman Ujwal Lahoti, arrived here for a three-day visit. On the first day, they met with the members of BGMEA.

TEXPROCIL Chairman Ujwal Lahoti said Bangladesh is an important trading partner to India, in particular textiles, owing to proximity, short lead time and cultural affinity between the two countries.Claiming that there are huge potential of collaboration between the two countries, he said, the Bangladesh and India need to work on the issues to build stronger trade relation.

"Demand and supply situation in the Indian textile value chain perfectly suits demand supply gap in Bangladesh…," he added."This B2B meeting is the first mile stone in the long term cooperation and business prospect between the members of BGMEA and TEXPROCIL," he said.

"This meet, I am sure, would provide an ideal platform for business interaction between the business communities from both sides," added Nordon. BGMEA first vice president Moinuddin Ahmed, vice president (finance) Mohammad Nasir and other directors were present.