Bangladesh’s apparel export to neighborhood India has taken a giant leap of 10.6% growth during the July-August period of the fiscal year 2019-20.
Recently, several Indian business giants like Reliance, Tata, etc. started their RMG ventures and set up retail chain stores all across the country. Along with this, the number of fashion-conscious consumers has also grown in recent times.
All these factors have opened up a tremendous market for Bangladesh resulting in a huge amount of USD 112.64 million export in July-August period of FY2019-20. During the same period in FY2018-19, the figure was USD 101.84 million.
Mohammad Nasir, Managing Director of Masud Apparels Ltd. and former Director of BGMEA said, “Renowned international brands like Zara and H&M have established their businesses in India and Bangladesh is the biggest supplier. Indian domestic market has also grown along with the number of fashion-conscious consumers are also increasing.”
“We import raw materials such as cotton, machinery for RMG from India. Their exports are rising as well creating a win-win situation for both the countries,” Nasir added.
India and China are two of the biggest markets containing a tremendous opportunity for Bangladesh. Since the two countries have shifted their business operations from manual to high-tech, this resulted in an increase of wage and push up for production cost.
Bangladesh can do business more easily with India comparing to America and European countries since the shipment time is only four hours, along with this, India is currently importing goods worth of USD 450 Billion from all over the world. So, there is a huge market to grab for Bangladesh.
Meanwhile, the remediation work for more than 95% of all RMG factory buildings have been completed, and the requirements of Accord and Alliance-the platform of two western buyers have been fulfilled.