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: India ITME

Textiles | On 8th Dec 2016

Industry needs to create 1cr jobs in 3yrs: Kavita Gupta

Sharing several initiatives laid out by the government in R&D,...

Textiles | On 8th Dec 2016

Package will boost made-ups sector: SIMA

The reforms package approved by the Union Cabinet to boost employment ...

Textiles | On 8th Dec 2016

Cabinet okays reforms to boost jobs in made-ups sector

The Union Cabinet chaired by prime minister Narendra Modi has given...

Interviews View All

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Awen Delaval
Samatoa

'Natural fibres are appreciated for traditional authenticity'

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Jay Ramrakhiani
Occasions Elegance Wear

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

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

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
December 2016

December 2016

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search