RMG manufacturers seek policy support to reach $50bn export target
Garment accessories and packaging manufacturers have sought policy support from the government, including low cost fund and incentives, to help achieve the $50 billion export target from the apparel sector by 2021.
They made the demands while speaking at the inaugural ceremony of the four-day GARMENTECH Bangladesh 2019 expo, held yesterday at the International Convention Center, Bashundhara in Dhaka.
Industries Minister Nurul Majid Mahmud Humayun inagurated the international expo.
While addressing visitors at the expo, Bangladesh Garment Accessories and Packaging Manufacturers and Exporters Association (BGAPMEA) President Abdul Kader Khan said: "The Bangladesh government has set a target of earning $50 billion from the apparel sector by 2021. As a backward linkage industry, we are contributing $7.10 billion to the garment export earnings of the country."
Kader added that if the government provides policy support and low cost funds to improve compliance in the sector, they will be able to contribute over $12 billion by 2021.
Industry stakeholders present at the event also called for government support to make the business process easier and help expand businesses to create more jobs.
FBCCI President Shafiul Islam Mohiuddin said that the sector is helping exporters reduce their lead time by providing accessories and packaging products in a short time. "In addition to supplying packaging products to local exporters, the sector is also exporting their products directly and has become self reliant," he added.
In the previous fiscal year (FY2017-18), the accessories and package manufacturing sector alone exported accessories worth $1 billion.
The FBCCI president furthered that in order to expand businesses and create jobs, the government should provide financial and policy support.
In response to business people's demands, Industries Minister Humayun assured that the government would provide all-out support for the sector.
"There is a huge opportunity to generate employment in the apparel and garment accessories and packaging sector," said Humayun, adding that he plans to sit with all the stakeholders and come up with a solution to resolve the challenges the sector is facing.
Zakaria Trade & Fair International, ASK Trade & Exhibitions Pvt Ltd, and BGAPMEA, are organizers of this year's edition of GARMENTECH Bangladesh 2019.