In a recent virtual meeting, textile ministers, senior bureaucrats and industry stalwarts, from India and Bangladesh unanimously agreed that both the countries should collectively target to achieve a 35 per cent share of global textile and apparel trade in the next 5 years.
As of now, India’s overall textile and apparel export is around $ 39 billion (FY19), and before the coronavirus pandemic, it is expected to reach $82 billion in 2021. While on the other hand, Bangladesh apparel export was $27.95 billion in FY20 compared to $34.13 billion in the previous fiscal year. Earlier, its target for 2020-21 was $ 50 billion, while looking at the current conditions, it has now changed and is set at $ 33.78 billion.
Together, both the countries have textile and apparel exports of $66.95 billion, and together they have to achieve at least $350 billion in the next 5 years. They have to grow collectively with the rate of 5.22 times.
Dr Rubana Huq, President, Bangladesh Garment Manufacturers and Exporters Association (BGMEA), insists on collective efforts and urges to focus on ‘go regional, go green’. While Dr A. Sakthivel, Chairman, Apparel Export Promotion Council (AEPC), suggests having a joint expo of Indian and Bangladeshi companies where they can approach buyers together and get better value and more business collectively.
