With China rapidly progressing toward the high-tech industries than basic manufacturing items, Bangladesh is anticipating a big boom in its garment exports to the nearly $300 billion clothing market of the world’s second largest economy.
According to Bangladesh Garment Manufacturers and Exporters Association ( BGMEA), China is now focusing on a strategic shift of production to other destinations, Xinhua reported. BGMEA hopes to fetch over a billion dollars in a few years from its exports of readymade garment (RMG) items to China.
China is now focusing on such strategic shift as rise in wages and overall production cost is rapidly eroding its competitiveness in the apparel industry, it said.
“I believe if we can keep our momentum and we can make a sincere move and properly use the market access opportunities, then our RMG export to China will cross a billion US dollars in a few years,” said Shafiul Islam, president of BGMEA in a press conference in which the head of a visiting Chinese delegation was present.
The eight-member delegation from China National Garment Association (CNGA) visited eight apparel factories during its three-day Dhaka visit concluded on Sunday.