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Bangladesh bows out of
Bangladesh bows out of

$50 bn RMG export target
$50 bn RMG export target

for 2020-21 set in 2015
for 2020-21 set in 2015

Government resets target to $38.73 bn from
Government resets target to $38.73 bn from
RMG and $51 bn from entire textile sector
RMG and $51 bn from entire textile sector

Back in 2015, Bangladesh had set an ambitious $50 solutions. Post-meeting, the government reset the ost-meeting, the government reset the
solutions. P
Back in 2015, Bangladesh had set an ambitious $50
billion export target for its readymade garment
billion export target for its readymade garment earnings target from RMG at $32.69 bn for the
earnings target from RMG at $32.69 bn for the
(RMG) by 2020-21 in line with the ruling party Awami wami current 2019-20 financial year. Textile Secretary Md . Textile Secretary Md
(RMG) by 2020-21 in line with the ruling party A
current 2019-20 financial year
League’s election manifesto. The target was Mijanur Rahman said the ministry has proposed
League’s election manifesto. The target was
Mijanur Rahman said the ministry has proposed
achievable, but not easy..
achievable, but not easy resetting the export earnings target to $51 billion
resetting the export earnings target to $51 billion
from the textile sector for FY 20-21 including $38.73
from the textile sector for FY 20-21 including $38.73
bn from RMG, $11.22 bn from packaging and
Secretary of textiles and jute ministry Lokman
Secretary of textiles and jute ministry Lokman bn from RMG, $11.22 bn from packaging and
Hossain Mia said, ahead of the three-day National accessories and $1.06 bn from home textile and
Hossain Mia said, ahead of the three-day National
accessories and $1.06 bn from home textile and
terry
Textile Day 2020 and Multipurpose Textile Fair, which extile Day 2020 and Multipurpose Textile Fair, which
T terry-towel. Rahman said other ministries including -towel. Rahman said other ministries including
Exports key for sustainable growth
was inaugurated by Prime Minister Sheikh Hasina finance, commerce, foreign and labour would have
was inaugurated by Prime Minister Sheikh Hasina
finance, commerce, foreign and labour would have
W to play their roles on this issue as 81 percent of total Exports key for sustainable growth
Wajid on January 9 in Dhaka, that the government ajid on January 9 in Dhaka, that the government
to play their roles on this issue as 81 percent of total
had prepared an elaborate action plan to make the
had prepared an elaborate action plan to make the export earnings come from the textile sector
export earnings come from the textile sector..
sector stronger
sector stronger. In this regard, 42 vocational . In this regard, 42 vocational State Bank governor
institutes, seven textile institutes and seven textile Bangladeshi garment exports skyrocketed in State Bank governor
institutes, seven textile institutes and seven textile
Bangladeshi garment exports skyrocketed in
2010-11 when it jumped by 43%, but such a jump is
engineering colleges were also established. Mia
engineering colleges were also established. Mia 2010-11 when it jumped by 43%, but such a jump is
unlikely to be seen again as the six years since then
added that nine organisations and business
added that nine organisations and business unlikely to be seen again as the six years since then The economy needs to be shifted from enhanced and more avenues need to be
enhanced and more avenues need to be
The economy needs to be shifted from
have only averaged 8.8%. Looking forward, a more
enterprises would be awarded in different categories have only averaged 8.8%. Looking forward, a more inward-oriented to outward-oriented and with a explored to go beyond the traditional
enterprises would be awarded in different categories
inward-oriented to outward-oriented and with a
explored to go beyond the traditional
to enhance the RMG export and speed up the
accurate annual estimate might be somewhat lower
to enhance the RMG export and speed up the accurate annual estimate might be somewhat lower greater emphasis on exports for high and commodities. He said these existing exports are
commodities. He said these existing exports are
greater emphasis on exports for high and
development. than 13.9%.
development.
than 13.9%.
declining since 2012. He emphasised the
sustained growth, said State Bank of P declining since 2012. He emphasised the
sustained growth, said State Bank of Pakistan akistan
(SBP) Governor Reza Baqir at the ‘Firms and
(SBP) Governor Reza Baqir at the ‘Firms and importance of export diversification for which he
importance of export diversification for which he
T
However, Mia’s own ministry recently estimated that , Mia’s own ministry recently estimated that To meet their projections, Bangladesh will have to o meet their projections, Bangladesh will have to Growth’ seminar said the government was committed to partner
However
Growth’ seminar. He said that every fourth . He said that every fourth
said the government was committed to partner
the country’s RMG export earnings in 2020-21 would
outperform the global apparel industry. The Asia-Pacific . The Asia-Pacific
the country’s RMG export earnings in 2020-21 would outperform the global apparel industry emerging economy has grown at an average with the private sector to address the factors that
with the private sector to address the factors that
emerging economy has grown at an average
apparel export market is expected to grow around 9%
be $11 billion short of the ambitious target. The
be $11 billion short of the ambitious target. The apparel export market is expected to grow around 9% rate of seven percent since 2001 and for were constraining export growth.
rate of seven percent since 2001 and for
were constraining export growth.
annually
estimate sets RMG export earnings in the coming
estimate sets RMG export earnings in the coming annually. To achieve 10.9% growth, Bangladesh will . To achieve 10.9% growth, Bangladesh will P
Pakistan to achieve this average growth, it is akistan to achieve this average growth, it is
fiscal year at $38.73 billion. F
fiscal year at $38.73 billion. Following up on the ollowing up on the have to gain market share from regional competitors critical to have significantly higher export growth. Umar said the government was committed to job
have to gain market share from regional competitors
Umar said the government was committed to job
critical to have significantly higher export growth.
estimate, the Bangladeshi government is
like China, India, and P
estimate, the Bangladeshi government is like China, India, and Pakistan, all while they seek to akistan, all while they seek to creation and competitiveness. He stressed that the
creation and competitiveness. He stressed that the
grow their own garment exports.
considering setting export earnings target at $51
considering setting export earnings target at $51 grow their own garment exports. Also attending the seminar was PM’s Financial government’s protection of non-competitive
government’s protection of non-competitive
Also attending the seminar was PM’s Financial
billion from the entire textile and clothing sector Advisor Abdul Hafeez Sheikh, Minister for sectors had been detrimental to economic growth.
billion from the entire textile and clothing sector
sectors had been detrimental to economic growth.
Advisor Abdul Hafeez Sheikh, Minister for
including RMG, packaging, accessories and home
In 2014, the World Economic Forum rated orld Economic Forum rated
including RMG, packaging, accessories and home In 2014, the W Planning and Development Asad Umar
Planning and Development Asad Umar, and , and
textiles as export trend s howed that $50 bn target by Bangladesh’s infrastructure 127th out of 144 W One of the seminar organisers, International
textiles as export trend s howed that $50 bn target by
Bangladesh’s infrastructure 127th out of 144
World Bank representatives.orld Bank representatives.
One of the seminar organisers, International
countries evaluated. In order to accommodate an
FY 20-21 would not be achieved alone from RMG
FY 20-21 would not be achieved alone from RMG countries evaluated. In order to accommodate an Growth Centre Chairperson Dr Ijaz Nabi said the
Growth Centre Chairperson Dr Ijaz Nabi said the
additional $25bn in RMG exports, the Bangladeshi
additional $25bn in RMG exports, the Bangladeshi
fiscal responsibility and export strategy needed
Baqir said P
government will need to make considerable
The textile and jute ministry held a meeting with the
The textile and jute ministry held a meeting with the government will need to make considerable Baqir said Pakistan’s exports have largely akistan’s exports have largely fiscal responsibility and export strategy needed
remained concentrated to few sectors including
remained concentrated to few sectors including
to be improved to ensure sustainable growth
to be improved to ensure sustainable growth
stakeholders to identify deficits and any possible
stakeholders to identify deficits and any possible infrastructure investments.
infrastructure investments.
textiles and agriculture, which also need to be
and to avoid recurrent external account crises.
textiles and agriculture, which also need to be and to avoid recurrent external account crises.
February
January/February 2020
February/March 2020 January/February 2020/March 2020