Bangladesh, requiring to advance in a sensible-seeming way to cope with the global readymade garments competition, should go for exploring new export destinations side by side with manufacturing more diversified products for enabling the RMG industry to stay. Industries Minister Nurul Majid Mahmud Humayun came up with this statement while speaking as chief guest at the inaugural function of ‘20th Textech Bangladesh International Expo 2019’ at International Convention City Bashundhara (ICCB) in the capital on Wednesday. Keeping understandable fear and ordeal in mind, the minister said “We have to go ahead getting over various hurdles.
Once we become a developed country; we will not have the facilities that we are now enjoying. For this, to survive in the global competition, we have to find new strategies for facing the future challenges”. “Integrated initiatives are very much important to hold the export destinations. If we do not diversify our products and explore new export destinations, it will be quite impossible to stay in global competition,” he added.
Terming the country’s present political situation as stable, the minister said foreign investors in the coming days will come up with huge investment to invest in the country’s private sector. CEMS-Global – Conference and Exhibition Management Services Ltd, is hosting the four-day “20th Textech Bangladesh International Expo 2019″ along with two concurrent exhibitions titled the “16th Dhaka International Yarn and Fabric Show 2019-Summer Edition” and the “38th Dye Chem Bangladesh 2019 International Expo” from September 4 to September 7.
More than 1300 companies from different countries, including China, India, Germany, UK, USA, Taiwan, Japan, Turkey, Italy and Sri Lanka, are showcasing their products and services through 1500 booths. As per the exhibition information, the country’s textile and apparel exports now stand at $32 billion, aggressively focusing on increasing its apparel exports to $50 billion by the year 2021.
The textile industry is currently having an export value of nearly $ 31 billion per year. It is projected that the annual RMG export value will reach about $50 billion by 2021, it added. Organizer said, with rapid advancement, the textile sector is now faced with a growing demand for chemicals. As per their primary estimates, the country’s local textile industries consume about 1.48 million tonnes chemicals per year. The industry meets its 70 percent chemical demand by importing.
This is the Biggest 360° Supplier Hub of the textile and apparel manufacturing industry in the country where visitors can find the biggest display of international yarn, fabrics, trims, accessories, chemical, dyes, machinery and other related products and services. The Expos will remain open from 10.30 am to 7.30 pm for all visitors.
Among others, Mohammed Belayet Hossain, secretary of Textiles and Jute Ministry and Mansoor Ahmed, first vice president of Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) also spoke on the occasion.