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China wants to invest in bangladesh apparel industry

China wants to invest in bangladesh apparel industry Source: www.chinatexnet.com
Date: 14-05-2013
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Chinese apparel sector entrepreneurs yesterday expressed interest to invest in Bangladesh as they found many factories here adequately compliant.
 
They expressed the interest at a time when the industry is facing criticisms from developed countries like the European Union, USA and Canada following the tragic incidents of Tazrin Fashion and Rana Plaza.
 
A 21-member delegation of China National Garment Association (CNGA) visited nine factories in Bangladesh in last two days as they shared their findings at a press conference at Bangladesh Garment Manufacturers and Exporters Association (BGMEA) yesterday.
 
"We visited 9 factories and all the companies seemed highly compliance and working environment for workers are very good,”
 
CNGA Vice President Feng Dehu told the press conference.
 
BGMEA President Atiqul Islam, former president M Shafiul Islam Mohiuddin and vice president Shahidullah Ajim were present.
 
BGMEA has signed a memorandum of understanding (MoU) with the CNGA in the perspectives of traded information exchange and strengthening fashion designing of readymade garments industries in Bangladesh.
 
The delegation members said China last year exported apparel items worth US$116bn across the world and their domestic market is around $310bn.
 
From Bangladesh, China imported $100m worth of clothing items in last 9 months and their target is to reach $1bn next year.
 
Though European countries are giving negative reaction on Bangladesh RMG market due to recent deadly collapse of Rana Plaza, they said China wants to support Bangladesh and they found very good compliance factory where they have visited.
 
The BGMEA leaders said China is a big market for Bangladesh and have a chance to tap the $310bn market. It would help increase the country's export volume.
 
Bangladesh is gradually emerging as a lucrative destination of apparel outsourcing for foreign buyers, especially for China, which is switching to high-tech industrialization due to high manufacturing cost there, they added.
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