Karachi, 23 November 2022:

Bangladesh Deputy High Commissioner in Karachi S. M. Mahbubul Alam addresses at the office bearers of the Pakistan Yarn Merchant Association at its Headquarters in Karachi. Eminent industrialists and businesspersons of the Association were present at the program.

In his speech, the Deputy High Commissioner S. M. Mahbubul Alam briefed the leading businesspersons of the Pakistan Yarn Merchant Association that Bangladesh has huge reputation in the international apparel market and is currently the second-largest exporter of garment items worldwide with a 6.8 per cent global market share. He further mentioned that Bangladesh Readymade Garment (RMG) exports from Bangladesh witnessed an increase of 35.47 percent to US$42.62 billion in the Fiscal Year 2021-2022 compared to exports of UD$31.46 billion in the fiscal year 2020-2021. He further mentioned that Bangladesh had achieved an all-time high in terms of value of RMG exports in 2021-2022 and the total exports also crossed the target of US$43.500 billion with 19.73 percent raise during the period.

Deputy High Commissioner mentioned that Bangladesh is also performing very well in exports of woven apparel, home textile, woven and knitted apparel, and clothing accessories over the years. He added that aalthough Bangladesh depends on imports for cotton, a key raw material for textile, the country is fast becoming a major source for yarn and fabrics for textile and garment producers. Government of Bangladesh has offered export incentives for exporting yarn. Bangladesh Textile Mills Association (BTMA) has been working with textile millers and yarn and fabrics users in different countries including Vietnam, Turkey, South Korea, Egypt, Taiwan, and central Asian countries to export yarn and fabrics from Bangladesh. He further added that Bangladesh also exports denim fabrics to Turkey, China, Vietnam, Si Lanka and India. The prospects of denim fabrics are very high in Bangladesh as local spinners and wavers are producing a lot of yarn and fabrics and expanding their manufacturing capacity every year.

Deputy High Commissioner S. M. Mahbubul Alam also took the opportunity to highlight on various development initiatives and sectoral achievements in Bangladesh. He said that Bangladesh has become a ‘Role Model’ of socio-economic development in the world. He highlighted on the success stories of socio-economic progress in Bangladesh and cited that Bangladesh has constructed the 6.15-kilometer-long Padma Bridge by her own finance, which is a symbol of her pride and confidence. He also shared that Bangladesh celebrated her graduation from Least Developed Country (LDC), after fulfilling all the criteria for graduation. Bangladesh has been confirmed to be graduated from the LDC in 2026. He added that Bangladesh has attained all the Millennium Development Goals (MDGs) and some of them were attained much before the deadline and she has been on a right track to achieve sustainable development goals (SDGs). Deputy High Commissioner mentioned that Bangladesh has already achieved ‘Vision 2021’ and is on a right track to achieve “Vision 2041” to become a higher middle-income country by 2031 and developed country by 2041. He elaborated on the potential of trade and commerce and investment in Bangladesh and invited the businesspersons in Pakistan to invest in Bangladesh and to import different items from Bangladesh.

During the interactions and the question-answer session, the industrialists and businesspersons of Pakistan Yarn Merchant Association highly appreciated the socio-economic developments in Bangladesh. All the participants were deeply impressed by knowing the socio-economic progress of Bangladesh in general and the excellence in the RMG in particular and commented that they were encouraged by the impressive success stories of Bangladesh. They expressed their willingness to participate in trade fair and exhibition in Bangladesh. They also expressed their hope for joint-venture business as well. They also requested for appropriate business visas for their intended business trips to Bangladesh.

Bangladesh Deputy High Commission in Karachi S. M. Mahbubul Alam assured the industrialists and businessperson of the Pakistan Yarn Merchant Association to all possible cooperation from the Bangladesh Mission in Karachi.