Commerce Minister Tipu Munshi on Thursday hoped that Bangladeshi readymade garment (RMG) industry is likely to enter the world’s large markets like Russia and Brazil in a big way by one and a half years.
“The government is trying to create new export market to enhance export earnings,” said Tipu Munshi while speaking at a discussion meeting on ‘Sustainable Development of Apparel Industry: Prospect and Obstacles’ and apparel machinery exhibition in the capital.“In RMG industry Bangladesh is now a big player, but we can’t directly enter some large markets as some countries are getting benefit from export of our apparels to that market,” he said adding, “We hope that we’ll be able to enter the big markets like Brazil and Russia within next one or 1.5 years.”
The government’s Sustainable and Renewable Energy Development Authority (SREDA) organized the three-day exhibition at the city’s Bangabandhu International Conference Centre (BICC).
Chaired by SREDA Chairman Md Helal Uddin, former FBCCI president Shafiul Islam Mohiuddin, former BKMEA president Md Fazluol Haque, Dr Md Zulhas Uddin, professor at Bangladesh University of Textiles, among others, also spoke on the occasion.
“We’ve to compete with other exporters to survive in a competitive global market. Bangladeshi apparel industry has crossed many hurdles to reach the second position worldwide and is contributing 84 percent to the country’s total exports,” Munshi also commented.
The minister said the Rana Plaza accident actually helps Bangladesh for a turn-around of its RMG industry that resulted in a rise in green and modern factories in the country.
Despite the improvement, the country is not able to earn the actual price of its apparel products because of its low bargaining capacity, the minister repented stressing the need for increasing the capacity alongside lowering the production cost.For lowering production cost, he suggested increasing use of solar power in industries and lowering use of water by recycling. “With this, production cost will come down substantially and we’ll be able to become more competitive in the global market,” Tipu said.