Apparel accessory makers and packagers aim to triple sales to $12 billion in the next four years, buoyed by robust growth in garment shipments globally.
The sector with 1,200 companies now meets almost the entire accessory and packaging needs of the apparel sector, said Rafez Alam Chowdhury, president of Bangladesh Garments Accessories and Packaging Manufacturers and Exporters Association.
Accessories and packaging material makers earned $4.1 billion from sales to local garment exporters last fiscal year; the amount is expected to reach $12 billion in 2018 and $25 billion in 2025.
“We believe the sector will be able to achieve the target if the government provides policy support,” Chowdhury said at a press conference at the National Press Club in Dhaka yesterday.
The country now makes 30-35 packaging and accessory items including labels, zippers, tags, thread, ribbon, buttons and rivets to meet the garments sector's requirement, he said.
The association organised the event to announce its four-day fair 'GAP Expo-2014' that will begin on Thursday at Bangabandhu International Conference Centre, Dhaka.
Two other fairs—Garmentech Bangladesh-2014 and International Yard and Fabric Sourcing—will also be held simultaneously at the same time and venue. The events are being co-organised by Zakaria Trade and Fair International, AKS Trade and Exhibitions and BGAPMEA.
Commerce Minister Tofail Ahmed is expected to inaugurate the fair as the chief guest. The committee will also organise several seminars on the sector's opportunities and social compliance issues in Bangladesh.
Around 500 exhibitors from 25 countries will display a wide variety of accessories, packaging items, textiles and garment technology, machinery and parts. Countries participating in the fair include India, China, Pakistan, Taiwan, Australia, Germany and UAE.
Bangladesh is now the second largest garment exporter after China. The country has around 4,000 active garment factories, employing nearly 3.6 million people directly, 80 percent of whom are women, according to Bangladesh Garment Makers and Exporters Association.
Garment exports accounted for 80 percent of the country's total overseas sales of $27 billion in fiscal 2012-13, according to Export Promotion Bureau.
The Daily Star, ATN Bangla and The Daily Ittefaq are media partners for the event.