Home / Knowledge / News / Textiles / Modi backs Bangladeshi investment in Gujarat
Modi backs Bangladeshi investment in Gujarat
08
Jun '15
Modi with presidents of leading chambers in Bangladesh/C: PIB
Modi with presidents of leading chambers in Bangladesh/C: PIB
Prime Minister Narendra Modi gave his support on Sunday to a Bangladeshi proposal to invest $25 million in selling Bangladeshi garments in India, the main Bangladeshi business group said.

In a meeting on Sunday, the federation of Bangladesh chamber of commerce and industry told Modi it was seeking 50 acres of land either free of cost or at a nominal price in Gujarat.

"We told him that we want to set up warehouses and retail shops, and for that we will invest $25 million. The purpose is to sell and distribute our garments products directly," said Matlub Ahmed, president of the chamber.

"If we get this facility, then our sales will rise to $1 billion from the present $300 million in the next three years."

After the meeting, he told a news agency that Modi had promised "all cooperation and support" for the proposal.

During his visit, Modi also promised to help to reduce India's huge trade surplus with Bangladesh.

Bangladeshi exports were worth $24 billion in the fiscal year that ended in June 2014.

The textile industry is an important contributor to the economy, with duty-free access to Western markets having helped to make Bangladesh the world's largest apparel exporter after China.

But the industry, which supplies many Western brands such as Wal-Mart, Tesco and H&M, has faced pressure after a string of fatal factory accidents, including a building collapse in 2013 that killed more than 1,130 people. (SH)

Fibre2fashion News Desk – India


Must ReadView All

Courtesy: Pexels

Fashion | On 23rd Jun 2018

Nigerian bank launches N1 bn fund for fashion entrepreneur

Nigeria’s Bank of Industry has set aside 1 billion Naira (N) to...

Courtesy: Tayal

Textiles | On 23rd Jun 2018

Tayal textile factory in Algeria starts exports to Turkey

Algeria’s largest textile factory, the joint Algerian-Turkish company ...

Courtesy: Manhattan Beachwear

Fashion | On 23rd Jun 2018

Manhattan Beachwear in global partnership with BCBG Group

Manhattan Beachwear, the largest swimwear manufacturer in the US, has ...

Interviews View All

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Representatives
Textile & apparel industry

GST is a complicated and lengthy process

Headhonchos
Indian fashion industry

Organic the first choice of any environment-conscious person

Sandip Bhojani, Manthan Patel

Krypthm Tradelink LLP is a Surat-based manufacturer of westernwear....

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Paolo Crespi

For.Tex is an Italy-based leading producer of dyes and thickeners, and is...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


June 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search