Reiterating its commitment towards meeting the US$ 50 billion export target by 2021, the apex garment manufacturers’ body of Bangladesh, the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) underlined that policy support, infrastructure and political stability are must to achieve the goal.
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Speaking at an event held for signing a memorandum of understanding with the Bangladesh news daily The Daily Star to devise ways to boost garment exports, president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Siddiqur Rahman said, “We would be able to export more than US $ 27 billion worth of garments at the end of this year. We need to increase shipment by another US$ 23 billion in the next five years to reach the target of US $ 50 billion.”
He added, “The target is achievable as Bangladesh is getting more export orders, especially since many of them are being shifted to this country from China, which was the largest apparel exporter globally.”
It may be mentioned here that Bangladesh Garment Manufacturers and Exporters Association (BGMEA), in an apparel summit in Dhaka in December 2014, decided to pursue the US $ 50-billion export target by 2021, when Bangladesh will celebrate its 50th anniversary of independence.
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Speaking on the occasion, Vice-President of BGMEA Faruque Hassan observed that despite global economy going through a rough patch, the apparel market is expanding. “Increasing exports by an additional US $ 24 billion in the next six years is a big challenge. It is still possible, if we have political stability,” the BGMEA VP said, adding that Bangladesh’s share in the global garment business is 5.80 per cent currently.
