RMG
BGMEA delegation meets Trade and Industry Minister of Kurdistan Regional Government to discuss business potential
A delegation of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) led by President Faruque Hassan met Kamal Muslim, Minister of Trade and Industry, Kurdistan Regional Government in Erbil, Iraq.
Sarwar Kamal Hawari, Deputy Minister of Trade and Industry, Fathi M. Ali Almudaris, Economic Relations Advisor; Dr. Ahmed Jalal, President of Kurdistan-Bangladesh Business Council were also present at the meeting.
Ambassador of Bangladesh to Iraq H. E. Fazlul Bari accompanied the BGMEA delegation which included Sharmeen Hassan Tithi, Director, Giant Group; Mohammed Shohel, Managing Director, Bangla Poshak Ltd; Mohd Shawket Hossain, Director, Bangla Poshak Ltd; and Nisher Khan, Managing Director, Banika Fashion Ltd.
They discussed issues of mutual interests, especially prospects of expanding business and investment between Bangladesh and Iraq.
During the meeting, BGMEA President Faruque Hassan apprised the Trade and Industry Minister of growing manufacturing sectors of Bangladesh and potential products, including readymade garments that Kurdistan could import from the country.
He also pointed to the promising industrial sectors in Bangladesh where Iraqi companies could consider investing in.
Trade and Industry Minister Kamal Muslim gave an overview of the investment opportunities that Bangladeshi entrepreneurs could make use of.
He assured the delegation of support and cooperation of the government in facilitating trade and investment in Kurdistan.
BGMEA, Iraqi Federation of Chambers keen to collaborate in promoting bilateral trade and investment
In efforts to explore trade and investment opportunities in new markets, a delegation of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) led by President Faruque Hassan is visiting Iraq.
Other members of the delegation are Mohammed Nasir, former vice president (Finance) of BGMEA, Nazrul Islam, former director of BGMEA, Mohammed Shohel, managing director of Bangla Poshak Ltd, Mohd Shawket Hossain, director of Bangla Poshak, and Nisher Khan, managing director at Banika Fashion Ltd.
Also read: BGMEA President hopeful of expanding Bangladesh-Iraq trade, investment
During their 4-day trip, they have meetings with Iraqi government ministers, trade bodies, businessmen and other stakeholders to promote and boost trade relations Bangladesh and Iraq.
On August 22, the BGMEA delegation met with Abdulrazak Al-Zuheere, President of the Federation of Iraqi Chambers of Commerce to discuss potential collaboration to foster mutually beneficial partnerships between Iraq and Bangladesh stakeholders.
Ambassador of Bangladesh to Iraq Fazlul Bari was present at the meeting which was also attended by Adil O. Hussein, President of the Iraqi Federation of Industries and Sabahaldin Al-Salihi, President of Kirkuk Chamber of Commerce.
Also read: BGMEA delegation meets Iraqi Industry Minister to discuss ways of boosting trade and investment
During the meeting, they discussed the investment climate in two countries, the available opportunities and the possibility of enhancing mutual trade and investment.
They had discussions also on how both sides could work together to facilitate communication and engagement between businessmen of the two countries and enhance cooperation between the private sectors in various fields of trade and investment.
BGMEA President Faruque Hassan highlighted Bangladesh as a promising and attractive destination for investment with developing infrastructure and investment-friendly facilities.
Also read: BGMEA delegation meets Iraqi trade chamber to explore business potential
He urged the President of Iraqi Chambers of Commerce to encourage Iraqi investors to invest in Bangladesh and benefit from the favorable investment climate.
Faruque Hassan also presented an overview of the readymade garment industry of Bangladesh, its strong position in the global market, and prospects of garment exports to the Iraqi market.
President of Iraqi Chambers of Commerce Abdulrazak Al-Zuheere briefed the BGMEA delegation on trade and investment opportunities in Iraq and assured them of cooperation and support to do business in the country.
He also praised the visit by the BGMEA delegation, mentioning that it would pave the way for widening business horizon between Bangladesh and Iraq.
He expressed the interest of the Iraqi Federation of Chamber in having engagement with the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) to promote bilateral trade and investment.
BGMEA President Faruque Hassan thanked the Iraqi Chambers of Commerce for providing its space to the visiting BGMEA team to display Bangladeshi garments to Iraqi buyers and hold B2B meetings.
RMG exports: Bangladesh earned $3.95 billion in July, says BGMEA
The total RMG export during July in FY 2023-24 stood at USD 3.95 billion, up from USD 3.37 billion dollars in the same period in FY 2022-23, indicating 17.43% year-on-year growth.
RMG export earnings from woven garments in July FY 2023-24 grew by 11.54% and reached USD 1.68 billion from USD 1.51 billion in July FY 2022-23. At the same time, knitwear export grew by 22.24% year-on-year and reached USD 2.27 billion during the mentioned period, BGMEA President Faruque Hassan wrote in a letter on Sunday.
Read: Bangladesh RMG sector committed to sustaining safety accomplishments: BGMEA President
“The growth is certainly impressive, though the global economic scenario is portraying a contrasting outlook. Though inflation has started to ease off in our major export markets and the economic indicators started stabilizing, yet import of apparel by USA and EU is showing a major downtrend. Therefore, it’s quite challenging to forecast the market and I personally think that we need to follow a cautiously optimistic approach for the rest of 2023, as apparel and overall global trade may see some dip compared to last year,” the letter reads.
Construction work (2nd phase) of BGMEA Hospital in Mirpur inaugurated
The construction work (2nd phase) of BGMEA Hospital was inaugurated at Milkvita Road in Mirpur today.
BGMEA Senior Vice President S.M. Mannan (Kochi) officially inaugurated the construction work (2nd phase) of the hospital.
BGMEA Vice President (Finance) Khandoker Rafiqul Islam, Chairman of BGMEA Standing Committee on Mirpur Hospital Md. Jahander Rashid Jewel, Chairman of BGMEA Standing Committee on Mirpur Health Center and School Sultan Ahmed and Chairman of BGMEA Standing Committee on Labour Welfare and Education Md. Abdul Ahad Ansary, garment industry entrepreneurs of Mirpur area, labor union leaders and local dignitaries were present at the inaugural ceremony.
A doa mahfil was held after the inauguration.
The 150-bed BGMEA Hospital with two basements is being built at Milkvita Road in Mirpur.
At present, BGMEA's Mirpur Health Center is functioning on the ground floor of the under-construction BGMEA Hospital. Every month 1000 - 1200 workers receive free medical treatment from this health center of BGMEA.
Bangladesh's RMG export to USA grows 6.31% in FY 2023-24
RMG export to the USA, the largest export destination for Bangladesh, has increased by 6.31% in July fiscal year 2023-24 to USD 729.03 million from USD 685.77 million in the July 2022-23, according to a recent statistics of Export Promotion Bureau (EPB).
“During the first month of fiscal year 2023-24, our clothing export to the EU market grew by 17.40% to USD 1.95 billion from USD 1.66 billion in the same period of last fiscal year. During the mentioned period, our export to some major markets in EU region such as Spain, France, Italy, Netherland and Poland grew by 36.35%, 22.71%, 36.75%, 23.03% and 18.07% respectively,” said BGMEA Director Mohiuddin Rubel.
Read: RMG exports to EU grew 9.93% in FY 2022-23: Export Promotion Bureau
In a letter, Mohiuddin Rubel also said, “However, our export to Germany, the second largest export destination for Bangladesh, saw 0.70% year-over-year negative growth and reached USD 514million. At the same time, export to Finland, Cyprus, Czech Republic, Estonia, Lithunia, Malta, Slovakia and Slovania have declined significantly.”
During July, FY 2023, export to UK and Canada reached US$ 475.54 Million and US$ 128.89 million, with 29.78% and 14.78% year-on-year growth respectively.
Read: RMG exports in FY23 almost $47bn, 85% of total exports
At the same time, apparel export to the non-traditional markets also increased by 23.75% and reached USD 674.82 million. Among the major non-traditional markets, export to Japan, Australia, India and South Korea increased by 49.99%, 55.73%, 2.60% and 19.59% respectively, the letter reads.
Bangladesh 3rd largest apparel source for the USA in 2022: BGMEA
Bangladesh remains the third largest apparel source for the USA in 2022 with a 9.75% share of its total apparel import, which was 8.76% in 2021, said BGMEA President Faruque Hassan in a recent letter to its members and colleagues.
In 2022, USA’s clothing import from Bangladesh grew by 36.38% year-over-year. The USA imported US$ 9.74 billion worth of apparel from Bangladesh in 2022 which was US$ 7.16 billion in 2021 and US$ 5.40 billion in 2018, the letter said.
USA is one of the major apparel importers for Bangladesh as well as for the world. In the last five years (2017-2022), USA’s apparel import from Bangladesh has increased by 13.99% CAGR whereas their import from the world has grown by 4.50% annually.
China, being the top apparel import source for the USA and having a 21.75 % share, posted 10.83% year-over-year growth in 2022 in dollar value. On the other hand, Vietnam remains in the second position. The value of USA’s clothing from Vietnam was US$ 12.21 billion in 2018 which increased to US$ 14.37 in 2021 and reached US$18.24 billion in 2022, the letter reads.
Other top countries having mentionable growth were Cambodia 28.46%, South Korea 25.08%, Pakistan 24%, Honduras 19.85% and Mexico 11.50% in 2022. The share of these countries also increased during the mentioned year.
“Since the share of Bangladesh in USA’s apparel import is only 9.75%, we have a huge opportunity to increase the share further. Bangladesh has already gained the top position in USA’s denim imports very recently. There are few more product categories where we have potential to further penetrate,” the president said in the letter.
“There have been few issues in trade between the USA and Bangladesh, especially the cotton fumigation requirement while importing cotton from the USA. Our government has already waived the mandatory fumigation requirement for importing cotton from the USA. This will certainly reduce the time and cost of business of our importers,” it noted.
RFL launches motorcycle helmets for the first time in the country
RFL has launched motorcycle helmet in the market with the aim of delivering high-quality helmets within the purchasing power of people.
RN Paul, managing director of RFL Group, unveiled the cover of "Safemate" branded helmet manufactured for the first time in the country at a hotel in the capital on Thursday, according to a press release.
Also read: RFL showcases products 6400 products at DITF 2023
The "Safemate" helmets are being manufactured at Durable Plastic Limited factory, a sister concern of RFL Group, located in Palash, Narsingdi. The factory has an annual production capacity of over 120,000 pieces. Initially, around Tk 20 crore has been invested in this factory, it said.
The annual helmet market in the country is over Tk 500 crore at the moment. Almost all helmets used in Bangladesh are imported. About 60 percent of imported helmets come from India and the remaining 40 percent come from China, the release also said.
Also read: PRAN-RFL bags 5 nat’l export trophies
“Helmet is an important accessories for bikers. Apart from ensuring safety, it is mandatory for bikers and pillion riders to wear helmet as per the existing laws of the country. The number of motorcycle users in Bangladesh is increasing day by day due for various reasons including socio-economic conditions, lifestyle changes. For the same reason, the demand for helmets is also rising,” said the RFL MD.
“The helmets available in Bangladesh are almost imported and most of the imported helmets are not of standard quality. The Safemate helmet is BSTI certified, which is the only one in Bangladesh. The main purpose of entering into this business is to deliver high-quality helmets within the purchasing power of people,” he said.
Toukirul Islam, executive director of Durable Plastic Limited, said the main feature of Safemate helmet is that it is made of advanced ABS shell and PC material. It has high quality belt and locking system. Moreover, there is an advanced ventilation system to ensure the comfort of the user.
Also read: RFL holds dealers' conference in UAE
Initially two types of helmets will be available in the market. The half face helmet will have a maximum retail price of Tk 1,400 and the full face helmet will have a maximum retail price of Tk 2,250. "Safemate" helmets are available at superstores apart from shops that sell bike accessories and helmets, the release also said.
Durable Plastic Limited’s Head of Marketing Esfaquel Hoque, Assistant General Manager (Operation) Nahid Kabir, PRAN-RFL Group’s Assistant General Manager (Public Relations) Touhiduzzaman and high officials of Durable Plastics Limited were present on the occasion.
Read more: Motorcycle Helmet Buyer's Guide with Price Ranges in Bangladesh
7th Bangladesh Int’l Garment & Textile Machinery Expo to be held in Dhaka Oct 26-28
The 7th Bangladesh International Garment & Textile Machinery Expo (BIGTEX) 2023 will be held in Dhaka from October 26 to 28.
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has inked an agreement with Redcarpet Global Ltd to be a partner of 7th BIGTEX.
The organizing committee led by Redcarpet Global’s Chief Executive Officer Ahmed Imtiaz met with BGMEA President Faruque Hassan at the latter’s Complex in Uttara, Dhaka recently and discussed various measures to ensure the cooperation and smooth execution of this expo.
Redcarpet Global’s Director and Chief Business Officer Lutfar Hossain, Director and Head of Corporate Affairs Abdullah Al Mamun and DGM-Marketing Majaharul Islam were present.
Read: RMG exports in FY23 almost $47bn, 85% of total exports
BGMEA expressed their gratitude for the opportunity to serve as an association partner in the highly anticipated 7th BIGTEX to be held at ICCB, Dhaka, said a media release on Saturday.
They also extended their thanks to the organizers for recognizing the significant contributions of BGMEA and inviting them to participate in this prestigious exhibition.
The inclusion of BGMEA in the Bangladesh International Garment & Textile Machinery Expo provides a remarkable platform to showcase the potential of Bangladesh's vibrant and thriving garment industry.
Targeting the entire Garment & Textile industry of Bangladesh, BIGTEX has three concurrent exhibitions named as Bangladesh International Fabric & Yarn Expo, Bangladesh International Dyes, Pigments and Chemicals Expo & Bangladesh International Printing, Packaging and Signage Expo, which will be helpful for visitors, buyers and exhibitors.
Read: Bangladesh-Australia have huge opportunities to expand trade: BGMEA President
BIGTEX connects all kinds of garment and textile machinery, equipment, technology and accessory manufacturer, dealer, supplier and importer from home and abroad.
Its concurrent exhibitions are targeted to the most important parts like yarn, fabric, trims and accessories, dyes, pigments, chemicals, printing, packaging and signage industry.
Ahmed said the expo will have around 200 stalls with products from at least 12 countries, including Asia and Europe.
The backbone of Bangladesh’s economic growth is the apparel sector and the networking platforms like exhibitions are very important to uphold the country's growth, as well as its economy.
To achieve the export target, there is a need to focus more on value added, high-end apparel items rather than basic, traditional products to make the business sustainable throughout the fierce competition in the global garment trade, he said.
Read: BGMEA chief stresses on providing graduates with market-oriented education, skills
These exhibitions will also provide an opportunity to experts, engineers and technicians in the field of textile to have a practical knowledge of the recent technological advancements available without going abroad, he said.
This Expo will be open for general and trade visitors from 10:30 am to 7:30pm every day.
RMG exports in FY23 almost $47bn, 85% of total exports
A total of $4.36bn RMG products were exported in June, against total exports of $5.05bn in the month, pushing the total export earnings for the sector in the just concluded 2022-23 fiscal to $46.99 billion - the highest in a single year.
RMG exports mainly comprise two categories - woven and knitwear. Among the exports, woven clothing fetched $ 1.90 billion and knit clothing worth $2.46 billion were exported in June, said Mohiuddin Rubel, director of BGMEA in a press release. The total for the 2022-23 fiscal comprised $21.25 billion for woven and $25.74 billion for knitwear.
Also read: Exports raked in $55.56bn in FY23, highest in history
The target for the fiscal was $46.80 billion, so RMG exports exceeded the target.
Data released by the Export Promotion Bureau (EPB) on Monday showed Bangladesh exported goods and services worth a record $55.56 billion in the 2022-23 fiscal. So the RMG sector's earnings amounted to 84.6 percent of the total.
Also read: RMG exports growth over 10% in first 11 months of FY2022-23
Bangladesh working to secure strong position as high-value garments sourcing hub: BGMEA chief
Bangladesh is working to secure a strong position as a trusted sourcing hub of high-value garments in the world, said Faruque Hassan, President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA).
“Our industry’s vision is to move to the next level with product diversification alongside scaling up capabilities with technology upgradation, productivity enhancement and skill development,” he said.
“The transition from volume to value and quantity to quality will not only increase our export earnings but also will enhance image of Bangladesh in the world,” he observed.
He made the remarks while addressing at the annual general meeting and get together of Bangladesh Garments Washing Technologist Foundation (BGWTF) in Dhaka on June 1.
Md. Abdus Samad, President of BGWTF, presided over the program.
In his address as the chief guest, Faruque Hassan said, “The apparel industry of Bangladesh is putting efforts to diversify from basic to high-value products, especially garments made of manmade fibre (MMF) while emphasis is also given to value addition.”
At the same time the RMG industry is also making efforts to ensure its growth in a sustainable way since the global demand for circular fashion is increasing worldwide, he said.
In order to remain competitive in the global market, Bangladeshi factories are investing in upgradrating technologies and skill development to make production process more efficient and productive, he added.
The BGMEA President called for collective efforts of all stakeholders to make the vision of the industry into a reality.