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Stable taka inspires BGMEA to aim for higher textile exports

26
Apr '08

In comparison to the strong currency of India and China, Bangladeshi taka is still weak, which is giving the nation an edge over these two competitors in gaining export orders that mainly include textiles.

As a result, the country now aims to take its apparel exports to a greater height, the target that Bangladesh Garments Manufacturers and Exporters Association (BGMEA) has set for its textile sector is, to earn revenue worth US $25 billion within next five years.

Fibre2fashion contacted Mr Anwarul Alam Chowdhury Parvez, President, (BGMEA), to gain more information about the initiatives the association is undertaking to achieve export target. Mr Parvez stated, “China and India are our major competitors, and we have proved our ability by beating them both in price and quality in some categories which will help us to sustain our export growth. We have already started receiving huge orders from buyers and are quite confident of achieving a rapid growth in future. “

Mr Parvez asserted, “The stability in taka has played a major role in giving Bangladesh a strong position, as the value of taka has been around 68.5 per dollar since middle of 2007. On the other hand, both Chinese yuan and Indian currency has witnessed a growth of over 8 percent. It is expected that these two nations will see a further boost in their currency, making exports expensive for foreign buyers.”

Mr Anwarul further divulged, “The Government needs to support textile sector by reducing the interest rates of banks and along with practicing Procedure of L.C (letter of credit) the bank should also take procedure of U.C.P.600, that will bring great relief to textile enterprises. “

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