India is now emerging as one of the fastest growing markets for Bangladesh's readymade garment export, said Harsh Vardhan Shringla, Indian high commissioner, yesterday.
He said Bangladesh's RMG export to India has seen substantial growth since receiving duty-free and quota-free access in 2011.
Bangladesh's garment exports rose 115 percent to $278.68 million in 2017-18 from $129.81 million a year ago, said Shringla.
He was addressing the inaugural session of three concurrent exhibitions on textile technology, yarn and fabrics and dyeing and chemicals at International Convention City Bashundhara.
Shringla said India was one of the biggest sources of raw materials and machinery for Bangladesh's apparel industry.
Indian suppliers exported over $100 million-worth textile machinery to Bangladesh in 2017-18, he said.
Speaker Shirin Sharmin Chaudhury of Bangladesh Parliament said she appreciated garment entrepreneurs' role in empowering women while the sector contributed to reducing the poverty rate from 40 to 22 percent in a decade. Shafiul Islam Mohiuddin, president of the Federation of Bangladesh Chambers of Commerce and Industry, urged Indian investors to set up joint venture industries in Bangladesh.
He said Bangladesh was one of the biggest contributors of remittance for India as a good number of Indians work in this sector.
Mirza Azam, state minister for textiles and jute, said exhibitions help entrepreneurs adopt new technologies for higher production.
Around 1,250 companies from 25 countries are participating in the four-day exhibition, which is open from 10:30am to 7:30pm.
The organisers said it was a one-stop platform showcasing latest developments and emerging technologies for the textile and garment industries.
Among others, Rudra Chatterjee, president of the Indian Chamber of Commerce; Fazlee Shameem Ehsan, vice president of the Bangladesh Knitwear Manufacturers and Exporters Association; Mohammed Nasir, vice president of the Bangladesh Garment Manufacturers and Exporters Association, and Meherul N Islam, president and group managing director of CEMS Global-USA & Asia Pacific, addressed the programme.