Dhaka, Bangladesh (BBN)– Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) and Dutch-Bangla Bank Limited (DBBL) have signed a Memorandum of Understanding (MoU) under which the bank will work as the key sponsor at the upcoming 6th Knit Exposition 2012 in Japan.

BKMEA president AKM Selim Osman and Dutch-Bangla Bank managing director KS Tabrej signed the agreement on behalf of their respective organsations at the bank’s head office in the city on Monday.

The BKMEA has decided to organize the fair in Tokyo, Japan, scheduled to be held from January 25 to January 27 next for the first time aiming to reduce over dependence on European Union (EU) countries, US and Canada as the prime export market of knitwear items and to diversify the market. The previous five expositions were held in Bangladesh.

Japan imports knitwear products from Bangladesh worth $ 27 billion every year. Besides, Japan has relaxed the rules of origin from three stages to two stages of knitwear items to avail of Japanese GSP facilities.

It has created an immense potential to export Bangladeshi knit products to the country, a press statement said.

The association board of directors and the members will take part in the exhibition where booking of 32 stalls have already been made. Many participants from across the world will participate at the exposition.

Both BKMEA and BGMEA leaders in recent years took an intensified move to diversify the traditional export market of apparel, the country’s lifeline of economy.

BBN/SSR/AD-14Dec11-11:12 am (BST)