Home / Knowledge / News / Apparel/Garments / BGMEA, CNTAC sign MoU to boost apparel trade
BGMEA, CNTAC sign MoU to boost apparel trade
10
Dec '12
courtesy: The Financial Express
courtesy: The Financial Express
To prop up mutual trade and investment in the textile and clothing sectors of their respective countries, apex apparel bodies of China and Bangladesh have inked two separate MoUs, The Financial Express reported.
 
Deputy Director of China National Textile and Apparel Council (CNTAC) Lin Yunfeng, Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Shafiul Islam Mohiuddin and Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) first Vice-President Md. Hatem signed the pacts on behalf of their respective organizations.
 
According to BGMEA and BKMEA, the deals would prove helpful in enhancing mutual cooperation in trade and investment, education, science and technology transfer, data and delegation exchange and participation in trade expos.
 
The MoUs were signed during the visit of a 40-member high-powered delegation led by Mr. Yunfeng to Bangladesh to explore opportunities for apparel sourcing and investment.
 
Mr. Yunfeng said when they visited some of the apparel factories in Bangladesh they were amazed by the quality of products, machinery set up and management of those units.
 
He said Bangladesh has a flourishing garment industry with a great future, and they are keen to invest in the country’s garment industry, as soaring labour cost and dearth of workers continue to hinder their scope in China.
 
During the MoU signing ceremony, BGMEA President invited the Chinese delegation to invest in production of high value items like blazers, suits and backward linkage spinning and weaving industries in the country.
 
He said Bangladesh views China as a key destination. It is because China is a big market for Bangladesh, particularly when its clothing requirement, per capita income and standard of living of the people are continuously rising.
 
China has a huge domestic market and its exports to other nations are also rising, while several brand retailers are setting up their branches there. Thus, Bangladesh has an unexploited opportunity to satisfy the clothing demand of China, he said.
 
China is heading towards becoming a more high-tech and high-end industry, and hence shifting of production to Bangladesh can benefit both the countries, as Bangladesh has good scope in this field, Mr. Mohiuddin said.
 
He called on the Chinese producers to invest in the fields where Bangladesh has immense potential, but lacks enough capacity and strength. Citing an example, he said there is huge demand for suits and blazers, but Bangladesh lacks sufficient capacity in this area.
 
BGMEA Vice President Faruque Hassan too invited investment in the backward linkage spinning and weaving industries, stating that while domestic sources hardly cater to 30-35 percent of woven fabric demand, they cater to around 90 percent of the demand for knit fabrics. This spurs a need for foreign investments in these sectors.
 
He said China can also take advantage of duty-free access that Bangladesh enjoys for its exports to the EU, Japan, Malaysia, Japan, Australia and even China.
 

Fibre2fashion News Desk - India


Must ReadView All

Nigeria's ABP scheme targets 1 lakh cotton farmers in 2019

Textiles | On 21st Mar 2019

Nigeria's ABP scheme targets 1 lakh cotton farmers in 2019

The Central Bank of Nigeria’s (CBN) Anchor Borrowers Programme (ABP)...

Pic: CorePower Yoga

Apparel/Garments | On 21st Mar 2019

TSG Consumer Partners takes over CorePower Yoga

TSG Consumer Partners, a leading private equity firm focused...

Pic: Showcase USA

Apparel/Garments | On 21st Mar 2019

Showcase USA store helps in cross-border e-commerce sales

Leveraging the backbone of ABC Depot Logistics, the exclusive 3PL and ...

Interviews View All

Top executives, Association

Top executives
Association

'Support and Outreach' huge relief for MSMEs

Mohammad Mamun Ar Rashid, UL VS Bangladesh Ltd

Mohammad Mamun Ar Rashid
UL VS Bangladesh Ltd

Productivity, creativity and innovation play a vital role in the growth of ...

Sunil Kumar Sharma, Loknayak JPNSSSG Ltd

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Nitesh Mittal,

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Tom Adeyoola,

Tom Adeyoola

Describing itself as the best body shape and garment fit company in the...

Carmen Silla,

Carmen Silla

Leading the transformation of the textiles industry with disruptive...

Steve Cole, Xerium Technologies

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Kai Poehler, Voith Paper GmbH & Co. KG

Kai Poehler
Voith Paper GmbH & Co. KG

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

Kevin Nelson, TissueGen

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Madhu Jain, Madhu Jain

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Sidharth Sinha, Sidharth Sinha

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Ritu Kumar, Label Ritu Kumar

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

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


March 2019

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

news category


Related Categories:

Advanced Search