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Bangladesh plans to build RMG warehouse in the CIS
15
Sep '15
Bangladesh plans to set up a readymade garment (RMG) warehouse in a suitable location in a CIS country in a bid to increase trade with Russia and the CIS block, according to Bangladeshi media reports.

“Bangladesh has no warehouse in the world. But we are now thinking of such a one to bring about pace in our exports,” Finance Minister AMA Muhith said at a seminar in Dhaka titled “3rd Front of Bangladesh's Export Destination Russia and Other CIS Countries”. It was organised jointly by Bangladesh Foreign Trade Institute and CIS-Bangladesh Chamber of Commerce and Industry.

He also said talks were also on to establish an RMG warehouse in Gujarat, India. Muhith urged entrepreneurs to find a suitable place in the CIS countries to build a warehouse, mostly for apparel goods.

“This is a good idea (building a warehouse) from entrepreneurs, as our products have huge potential there and the presence of such a warehouse will help grow exports.”

“The country has so far only concentrated on EU and American markets for exports. But now the time has come to explore new markets as well with diversified products,” Muhith said.

Responding to demands for incentives for exports to Russia and CIS markets where duty is very high, he said the government would review the entire cash incentive package for the exporters and make a few more export items eligible for the benefit.

Bangladesh exported goods of $796 million to CIS countries in 2014, and $721 million in 2013, which was very insignificant compared to the country's total capacity, CIS-BCCI said.

It also said that the football World Cup in Russia in 2018 can potentially boost Bangladeshi garment exports, particularly knitwear for which a high demand is expected during the world's top sporting event.

“Being the second largest exporter of RMG in the world, Bangladesh should capture the share of 7%, and it may increase exports to $10bn to the CIS countries,” CIS-BCCI said at the seminar. (SH)

Fibre2Fashion News Desk – India

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