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RMG export earnings grow 12 pc in 5 years

BGMEA informs at Bangladesh Investment Summit

  • Staff Correspondent
  • 30 November, 2021 12:00 AM
  • Print news

Bangladesh readymade garment sector enjoyed nearly 12 percent growth in export earnings over the last five years.

While the country earned $28.15 billion from the RMG exports in fiscal year 2016-17, the earning reached $31.45 billion in the fiscal year 2020-21.

The figures were presented in a keynote paper presented at the Bangladesh Investment Summit on Monday.

Dhaka North City Corporation mayor Atiqul Islam was the chief guest at the session titled “Readymade Garments and Textile: Weaving the Way" at Radisson Blu hotel in Dhaka.

Bangladesh Garment Manufacturers and Exporters Association (BGMEA) president Faruque Hassan presented the keynote paper.

The session was conducted by Sparrow Group managing director Shovon Islam.

DNCC mayor Atiqul Islam, who is a former BGMEA president, said, “Bangladesh is the best maker of apparel products in the world. The country also has a good business environment and political stability.”

He focused on future metro transport facilities around the factories in Dhaka which would “foster the growth of business.”

In his presentation, BGMEA president Faruque Hassan also talked about green factories and investment potentials in Bangladesh apparel sector.

"Some 40 out of top 100 garment factories are located in Bangladesh. Some 150 local factories have been certified by the US Green Building Council" he mentioned.

BGMEA president said the RMG sector drives the economy with 83 percent contribution to the export basket.

Some 3,500 garment factories are now generating 4 million employments with $20 billion investment in the sector, according to the BGMEA.

Bangladesh offers 15 percent cash subsidy on fabric cost to the exporters who source fabrics locally. Bangladesh Textile Mills Association (BTMA) president Mohammad Ali Khokon said, “The country’s 500 spinning mills have been contributing to the RMG sector from the back-end as primary textile industry.” Marks & Spencers’ country head Shawapna Bhowmick laid emphasis on the worldwide publicity of the facilities Bangladesh offers for the investors.

She said the businesses should increase investment in development of people to address the future challenges of fourth industrial revolution.

Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) president Mohammad Hatem, Bangladesh Chamber of Industries (BCI) president Anwar-ul Alam Chowdhury also attended as the panelists.