International Affairs Adviser to Prime Minister Gowher Rizvi urged foreign denim manufacturers to invest in Bangladesh’s denim sector as huge opportunities lied with the demand rising.
He was addressing as the chief guest at the inauguration of a two-day Denim and Jeans.com Bangladesh show in Dhaka yesterday.
The event displays jeans and denim products along with fabrics to local and foreign jeans manufacturers.
“Bangladesh has become a global player in manufacturing RMG products and there is no reason that it cannot be the number one manufacturer in the world,” Gowher said.
He said as China was shifting its business from clothing to high-end industry, Bangladesh could take the chance to become the world’s largest supplier of clothing products.
The adviser added: “Bangladesh has made lots of investment in power and infrastructure. So you (foreign investors) can come up with your investment here in manufacturing industry.”
“Bangladesh now exports denim products of $2bn annually. The figure will increase and we want to raise our 2021 RMG export target.”
Dhaka Chamber of Commerce and Industry (DCCI) Acting President Humayun Rashid said Bangladesh should be considered as a place of investment, not a source of import only.
“It is high time to invest in Bangladesh’s denim industry as the country is increasingly becoming a lucrative place of sourcing denim products,” he said, claiming that by 2021 Bangladesh’s denim export will reach $7bn.
Envoy Textile Assistant General Manager (marketing) Rizwanul Karim said the expo was a platform to inform the global consumers as well as the buyers about the capacity of Bangladesh Denim industry.
“The demand of Denim fabrics is increasing both locally and internationally. The growth is now 15%-20% annually,” Rezwanul said.
Square Denim deputy manager Muhammad Zakir Hossain said since the denim industry was an emerging sub-sector of the RMG industry, the government should offer special policy support on import chemical, an essential ingredient of the products.
He said since the manpower was available in the country, investment could produce good returns.
“Considering the rise of demand, we are going to increase production capacity to 2m yards from existing 1.5m yards per month, Zakir said.
Another official of Square Textile said Bangladeshi manufacturers should focus on research and development, making fabrics with different items and attracting global buyers attention to become the best in the sector.
Indian company Nandan Denim Director DK Jain said: “Bangladesh is highly potential country for us as it supplies products to the European and United States market.”
He said: “Bangladesh is a good source of garment products, even India imports from Bangladesh.”
Nandan Denim is also participating in the expo.