Textile and Jute Minister Ghulam Dastagir Gazi opined that Bangladesh and India will move forward together with mutual cooperation in the textile sector.
He was speaking at the first meeting of the two-day ‘India-Bangladesh Textile Industry Forum (IBTIF)’ at the Lakeshore Hotel in the capital on 4 February aiming to promote the expansion and export of textile sectors through mutual cooperation between Bangladesh and India.
Bangladesh has the capability to export $2 billion worth of apparel to India in the next two years on the back of its duty-free access to the market and rising demand for garment items at competitive prices.
For instance, Bangladesh is a major importer of cotton and active pharmaceutical ingredients from India.
Bangladesh imported goods worth $8.61 billion and exported goods worth $873.27 million in last fiscal year in India, according to data from the ministry of commerce.
The Minister said that with the cooperation of the two countries, the textile sector of the two countries will be further expanded globally. Barriers to trade in the textile trade of the two countries will be resolved through discussion. I believe the decision will be made by protecting the interests of the two countries, subject to wider discussion on tariffs and non-tariffs.
The Minister also said, “We will try to unveil the potential of the textile sector through joint cooperation of the two countries. This will benefit the people of both countries as well as the textile sector of both countries.”
“This forum will help raise awareness and address information deficits in sustainable development of the textile sector.”
The forum will review and analyze the import and export image very precisely every year for the development of the textile sector so that both countries can make their decisions. The two countries will reach a consensus by discussing tariffs and non-tariffs. The sector will also be further expanded in the two countries regarding investment prospects and trade cooperation.
Indian High Commissioner Riva Ganguly Das said, “As a neighboring country, India has given the highest priority to Bangladesh. The two countries will work together to develop the textile and jute sectors.”
“Manufacturing of textile items is shifting increasingly to countries in South and Southeast Asia due to cost advantages,” she said.
India and Bangladesh need to work together to take advantage of these opportunities by creating as well as strengthening cross border value chains at a time when rapid economic growth and rising disposable incomes are contributing to fast growth in apparel consumption in developing countries, she opined.
Vice President of FBCCI Siddiqur Rahman, Shri Ravi Kapoor, Secretary of the Indian Textile Ministry, Lokman Hossain Mia, Secretary of the Textile and Jute Ministry, Executive Director of the Jute Diversification and Promotion Center (JDPC) Mohammad Abul Kalam were also present there.