Dhaka, Bangladesh (BBN)-Bangladesh is expected to earn over $60 billion in exports by the year 2021, said the country’s commerce minister Tofail Ahmed.
He said that the readymade garment industry is the prime sector of the country, accounting for 82 per cent of the total foreign currency earned, reports Fibre2Fashion.
The sector also has a lot of potential for further growth, according to the minister.
Overall export earnings touched $34.2 billion in the previous financial year and the upward trend can result in the earnings exceeding $60 billion by 2021, said Tofail while addressing the audience during the opening ceremony of Garmentech 2017 as the chief guest of the fair.
The country had earned $3.08 billion in export earnings in 1996, which increased to $6.7 billion by the end of the tenure of Awami League.
The 16th Garment and Allied machinery trade show, 8th Yarn and Fabrics Sourcing Fair 2017 and 8th Garments Accessories and Packaging Exposition (GAP Expo 2017) are simultaneously taking place during the four-day Garmentech fair. It is jointly organised by ASK Trade and Exhibitions Pvt. Limited, Zakaria Trade and Fair International and Bangladesh Garments Accessories and Packaging Manufacturers and Exporters Association (BGAPMEA).
Abdul Kader Khan, president of BGAPMEA said at a press conference that the trade shows will help the country’s apparel manufacturers to achieve the industry’s target of exporting textile worth $50 billion by 2021.
He also said that manufacturers of apparel accessories will need to earn $18 billion from exports to achieve the target.
Close to 400 companies belonging to over 24 countries including China, India, Sri Lanka, Singapore, Germany, Italy, US, UK, Canada, Sweden, Spain, France, Thailand and more are displaying their textiles, readymade garments, yarn and other products at the Garmentech textile fair.
BBN/SK/AD