Indian High Commissioner Harsh Vardhan Shringla has said Bangladesh readymade garments industry has emerged as the leading contributor to the Bangladesh economy. With exports worth USD 30.61 billion, the garments industry accounts for nearly 84% of Bangladesh’s total exports and contributes nearly 15% to its GDP. Bangladesh is also the second largest exporter of garments in the world.
While inaugurating the 19th Textech Bangladesh 2018, 14th Dhaka International Yarn & Fabric Show 2018 and 33rd Dye+Chem Bangladesh 2018, he said this.
He added that ,Bangladesh’s exports of readymade garments to India have also seen substantial growth since receiving duty free quota free access to the Indian market in 2011. Bangladesh’s RMG exports in the year 2017-18 jumped by 115% to USD 278.68 million from USD 129.81 million in 2016-17. India is now emerging as one of the fastest growing markets for Bangladesh’s garments exporters.
India is also one of the biggest sources of raw materials and machineries for the Bangladesh RMG industry. A large part of India’s exports to India consist of inputs for the Bangladesh industry. Around one fourth of Bangladesh’s demand for raw cotton and yarn is met by Indian suppliers. Twenty five percent of India’s exports to Bangladesh comprise cotton, yarn and fabric. Indian textile engineering industry is also an important source of textile machinery for Bangladesh. Bangladesh is the biggest market for Indian suppliers with India’s textile machinery exports crossing USD 100 million in 2017-18.
Textile machinery exports from India to the world are also witnessing a remarkable growth. Indian exports grew by 20.03% to USD 739.49 million in 2017-18 over the previous fiscal year. Apart from Bangladesh, India is exporting textile machinery to several countries including Germany, Netherlands, Indonesia, Italy, UAE, Turkey etc. Indian textile engineering industry has a large production capacity for textile machinery, parts and accessories with over fourteen hundred units spread all over India.
I am happy that Indian Chamber of Commerce has organized an India pavilion with participation of over 50 Indian companies from textile engineering sector in Textech Bangladesh. As a neighbor, India is ideally positioned to provide textile machinery and other raw materials to Bangladesh at lower prices and delivery times.
Indian High Commissioner said ,India is a committed development partner of Bangladesh and India’s development cooperation with Bangladesh has grown tremendously in size and coverage over the last few years. With the extension of a third Line of Credit of USD 5 billion during the visit of the Hon’ble Prime Minister of Bangladesh to India in April 2017, the total amount extended by India under Lines of Credit to Bangladesh stands at USD 8 billion which is the largest extended by India to any country. You will recall that on 10 September, Prime Minister Shri Narendra Modi, the Prime Minister of Bangladesh, H.E. Sheikh Hasina, Chief Minister of West Bengal – Ms. Mamata Banerjee, and the Chief Minister of Tripura – Shri Biplab Kumar Deb, today jointly inaugurated three projects in Bangladesh, via video conference. External Affairs Minister of India, Ms. Sushma Swaraj, and the Foreign Minister of Bangladesh, also joined the video conference from Delhi and Dhaka respectively. The projects inaugurated included supply of 500 MW additional power from India to Bangladesh, through the existing Bheramara (Bangladesh) – Baharampur (India) interconnection; Akhaura–Agartala rail link; and rehabilitation of the Kulaura-Shahbazpur section of Bangladesh Railways.
I must thank the Hon’ble Speaker of Bangladesh Parliament, H.E. Dr. Shirin Sharmin Chaudhury for attending the inauguration of 19th Textech Bangladesh 2018 as the Chief Guest despite her busy schedule. I extend my best wishes to the exhibitors, buyers and visitors participating in 19th Textech Bangladesh 2018 and other two events.