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Accessories sub-sector to earn $11.22 billion in FY21

According to a recent estimation of Textile and Jute Ministry, Bangladesh Garments Accessories and Packaging sector, backward linkage industry of RMG, will earn $11.22 billion in FY 2020-21.

Bangladesh-Garments Accessories sector earn in FY21
Figure: Bangladesh Garments Accessories and Packaging sectors’ production capacity exceeds the local requirement with excellent quality.

At present, almost all requirements of garments accessories and packaging of readymade garments and other export-oriented industries are being met up locally which is about 95%.

However, to attain this target the sector needs to expand its market globally.

“Nowadays our market is confined to only in Bangladesh but we are capable of taking this to foreign markets also. Now we have a production capacity exceeds the local requirement with excellent quality,” Md Abdul Kader Khan, President, Bangladesh Garments Accessories and Packaging Manufacturers and Exporters Association (BGAPMEA).

Also Read: “Accessories sector has potentiality similar to RMG industry”

“I think to boost the export of accessories and packaging products we need to participate in different international expositions. We urged the EPB to give us the opportunity to participate in the international expos. We just want a booth, we will bear all costs,” said Kader Khan, also the Managing Director of Khan Accessories & Packaging Company Ltd.

“If we could participate 4 to 5 expositions every year, we ought to be able to show our strength in garments accessories and packaging sector,” he emphasized.

“To achieve the US$50 billion export target by FY 2021, GAP sector is likely to be exported US$ 12 billion respectively. If the government provides adequate facilities and policy support, then we will be able to contribute more than $12bn of export earnings by 2021,” Kader Khan highlighted.

Export earnings from packaging and accessories items stood at $7.10 billion in FY 2017-18.

Read More: Garments accessories and packaging entrepreneurs should focus on branding the sector

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