Bangladesh has called for investments from Indian entrepreneurs to give a boost to its growing readymade garment manufacturing sector.
“It is an opportunity waiting to be tapped. While Indian entrepreneurs can gain out of their investment in the sector in Bangladesh, more number of our workers can have employment there. It’s a win-win situation for both,” President, Rangpur Chamber of Commerce and Industry (RCCI) Mostofa Sohrab Chowdhury told ET at Siliguri. RCCI is one of the largest Business and trade community platforms of Bangladesh.
According to World Trade Statistical Review 2017 of WTO, while global clothing products market has gone down to $444 billion in 2016 from $450 billion in 2015, Bangladesh could have increased its share in global apparel export up to 6.4% from 5.9% during the period to maintain its second position in the sector. But share of China, the undisputed first, had gone down from 39.3% to 36.4% while the other close competitors Vietnam, India, Turkey and Combodia recorded share of 5.5%, 4%, 3.4% and 1.4% respectively.
As Director of RCCI, Debabrata Sarkar explained, China’s market share loss is a major vacuum that could not be taken up by any other major player and remained untapped. With its huge expertise in the sector and available efficient manpower, Bangladesh can utilize this with proper investment inflow. “There lies the opportunity for Indian investors,” said Sarkar.
Indian entrepreneurs also found the prospect as bright. “With friendly political and commercial environment, over 4000 km common boundary and well set immigration as well as communication facility, Bangladesh is definitely a favourrable land for Indian entrepreneurs. Quite similar social environment between the two countries is another positive factor. Garment sector there is definitely a worth exploring arena for us. We have definite plan to verify the opportunities,”