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Earnings from RMG sector may touch $16bn

Apr '07
Bangladesh Government expects that in next three years foreign currency earning from RMG sector and inflow of remittances likely to touch US $26 billion.

The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) announced that RMG export to US would double to $16 billion in coming three years from present $8 billion.

BGMEA President Anwar-Ul-Alam Chowdhury Parvez said in a press meet "It is our challenge to double the export earnings and it is possible to win subject to the government's policy support,"

According to Chowdhury Parvez if Government pays heed to major issues like customs procedure, efficiency of Chittagong port, banking policy in harmony with global practice, set up yielding garment village, restore ailing industries, relaxing GSP rules of origin, try to get zero-tariff access to USA market and derive benefits from WTO, then this target will be easily achievable.

Meanwhile senior officials of Bangladesh Central Bank informed that the inflow of remittances would reach $10 billion a year in next three years. The country expects non-resident workers may send $5.5 billion in the current fiscal (2006-2007) year, ending in June. Remittances rose nearly 25 percent to a record $4.8 billion in 2005-06.

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