Bangladesh can earn at least $ 2bn more exporting non-cotton products: BGMEA chief | The Business Standard
Skip to main content
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Tuesday
July 15, 2025

Sign In
Subscribe
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
TUESDAY, JULY 15, 2025
Bangladesh can earn at least $ 2bn more exporting non-cotton products: BGMEA chief

RMG

UNB
08 June, 2021, 05:20 pm
Last modified: 08 June, 2021, 05:29 pm

Related News

  • Exporters to receive same cash incentives as last FY
  • Bangladesh’s export data challenges: Towards transparency and harmonisation
  • Reciprocal tariff shock: Navigating Bangladesh's export vulnerability and strategic response
  • 35% tariff by US not final, Bangladesh trying for something good as talks are on: Washington embassy spokesperson
  • Vegetable exports quadruple amid stable local market

Bangladesh can earn at least $ 2bn more exporting non-cotton products: BGMEA chief

He seeks 10pc cash incentive to encourage exports, investment

UNB
08 June, 2021, 05:20 pm
Last modified: 08 June, 2021, 05:29 pm
BGMEA President Faruque Hassan: Photo: Courtesy
BGMEA President Faruque Hassan: Photo: Courtesy

Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Faruque Hassan on Tuesday said Bangladesh can add at least US$ 2 billion in its export earnings annually by grabbing the growing global market of man-made fibre (MMF) textiles.

 "There's huge opportunity. Market is there. If we can grab the opportunity, we can add additional exports worth US$ 2 billionat least," he told a small group of reporters at his office in the city.

The chief of the country's apparel sector's apex body reiterated its request to the government to provide a 10 percent cash incentive for non-cotton based garment exports for a certain period so that Bangladesh remains competitive in the global market.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

Faruque said such efforts will help create employment and boost investment in the sector contributing to the overall economy of the country. 

He said the demand for man-made fibre (MMF) textiles all over the world is on the rise with annual growth of 3 to 4 percent as a substitute for cotton amid changes in global fashion trends.

Currently MMF dominates global textile fibre consumption with around 75 percent non-cotton fibre (64 percent MMF) while the cotton share is only 25 percent.

The share of MMF has been steadily increasing due to the inherent limitations of growth of cotton and other natural items.

The BGMEA President said they did not ask for reduction of any tax this time but only wanted continuation of those facilities that are already in place.

He said MMF-based textile trade volume stood US$ 150 billion in 2017 while Bangladesh's share was only 5 against Bangladesh's competitor Vietnam's share of 10 percent.

The BGMEA President said though there was investment in the non-cotton or MMF sector in the past, it was mainly capital investment and technology-based investment.

He said it will encourage investment and exports in the non-cotton sector if 10 percent incentive is given on export of non-cotton products.

Faruque said they did not see that much investment in the sector in the last couple of years which is required for employment generation.

McKinsey & Company in its recent report said the ready-made garment (RMG) industry is a mainstay of this economic success story and Bangladesh is today one of the world's largest garment exporters, with the RMG sector accounting for 84 percent of Bangladesh's exports.

However, it said, the pandemic has stalled the sector's progress at a crucial moment, just as global shifts in fashion sourcing threaten Bangladesh's position in industry supply chains.

Referring to the report, the BGMEA President said over the past decade, Bangladesh's RMG sector has made impressive progress in tackling the challenges of growth—particularly in diversifying customers and products, improving supplier and workforce performance, and strengthening compliance and sustainability.

"We'll remain transparent," he said and referred to the report that says Bangladesh's RMG sector is today a frontrunner in transparency regarding factory safety and value chain responsibility.

The BGMEA President said they, within the next three months, will launch "Centre of Innovation and Efficiency."

Bangladesh exported US$ 34.13 billion worth of RMG products in the 2018-19 fiscal while the country's earnings from garment export in the 2019-20 fiscal declined to US$ 27.83 billion. After the third quarter of fiscal 2020-21, export earnings from the garment products stood at $23.49 billion.

Bangladesh / Economy / Top News

BGMEA chief / export / income

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Commerce Adviser Sk Bashir Uddin met USTR Ambassador Jamieson Greer at the USTR office in Washington, DC on 10 July 2025. Photo: CA Press Wing
    US tariff: 3rd round talks to be held on issues under non-disclosure agreement 
  • Representational image. Photo: Collected
    Dollar gains Tk1.8 as BB buys at higher rates, lifting market floor
  • US President Donald Trump speaks to the press as he arrives at the White House in Washington, DC, US, July 13, 2025. REUTERS/Annabelle Gordon
    In reversal, Trump arms Ukraine and threatens sanctions on countries that buy Russian oil

MOST VIEWED

  • Graphics: TBS
    Bangladesh Bank buys $171m at higher rate in first-ever auction
  • From Gulf to Southeast Asia, why Bangladeshis are facing visa denials
    From Gulf to Southeast Asia, why Bangladeshis are facing visa denials
  • Infographic: TBS
    Dollar price plummets by Tk2.9 in a week as demand wanes
  • Energy Adviser Fouzul Kabir Khan speaking about tariff negotiations with United States on 13 July 2025. Photo: TBS
    US wants a framework agreement with Bangladesh that includes their security concerns: Fouzul
  • CNG drivers blockaded a road in Banani demanding route allocation on 13 July 2025. Photo: TBS
    CNG drivers block road in Banani for hours, causing Mohakhali-Uttara gridlock 
  • Representational image. Photo: Mohammad Minhaj Uddin/TBS
    Navy-run Dry Dock takeover boosts Ctg Port container handling, daily avg up 7%

Related News

  • Exporters to receive same cash incentives as last FY
  • Bangladesh’s export data challenges: Towards transparency and harmonisation
  • Reciprocal tariff shock: Navigating Bangladesh's export vulnerability and strategic response
  • 35% tariff by US not final, Bangladesh trying for something good as talks are on: Washington embassy spokesperson
  • Vegetable exports quadruple amid stable local market

Features

Illustration: TBS

Open source legal advice: How Facebook groups are empowering victims of land disputes

3h | Panorama
DU students at TSC around 12:45am on 15 July 2024, protesting Sheikh Hasina’s insulting remark. Photo: TBS

‘Razakar’: The butterfly effect of a word

12h | Panorama
Photo: Collected

Grooming gadgets: Where sleek tools meet effortless styles

1d | Brands
The 2020 Harrier's Porsche Cayenne coupe-like rear roofline, integrated LED lighting with the Modellista special bodykit all around, and a swanky front grille scream OEM Plus for the sophisticated enthusiast looking for a bigger family car that isn’t boring. PHOTO: Ahbaar Mohammad

2020 Toyota Harrier Hybrid: The Japanese Macan

2d | Wheels

More Videos from TBS

Will Patriot missile defense save Ukraine?

Will Patriot missile defense save Ukraine?

4h | Others
Market intermediaries want changes in policies

Market intermediaries want changes in policies

5h | TBS Today
Robbery 'in front' of the police, what happened next...

Robbery 'in front' of the police, what happened next...

5h | TBS Stories
Conspirators want Bangladesh not to hold elections: Fakhrul

Conspirators want Bangladesh not to hold elections: Fakhrul

6h | TBS Today
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net