German company TÜV SÜD launches operation in Bangladesh
February 2, 2009
TÜV SÜD Bangladesh (Pvt) Limited, a concern of Germany based TÜV SÜD, a major international service group, has launched its operation in Bangladesh on Tuesday.
The company is 140 years old and now it operates over 41 countries of Europe, America, Africa and Asia, with more than 13,000 employees and over 600 locations. German Ambassador in Dhaka Frank Meyke inaugurated its operation formally in the capital.
He hoped that the company would be able to improve quality and efficiency of local products and production units. TÜV SÜD is a very well known group in Germany and its presence in Bangladesh would certainly help the local service providers and manufacturing units, said the German envoy. Exports from Bangladesh to Germany are increasing and it is expected to increase further in near future, said Meyke.
Anwar-Ul-Alam Chowdhury Parvez, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said local garment factories have recently progressed to a great extent in terms of quality and compliance issues.He, however, pointed to the dearth of skilled manpower the local companies are now facing. “There has been a 25 per cent shortage of skilled manpower in the sector,” said the BGMEA chief.
He expressed his happiness that the country had witnessed a huge export growth in RMG sector in the first five months of the current fiscal year despite the on-going global recession. Welcoming Tuv Sud to Bangladesh, Parvez hoped that the company would be able to help the local RMG units. According to TÜV SÜD officials, the services of the company in Bangladesh will include quality management certifications, social compliance audits, testing and inspection services for textiles, food and others and training services.
Finance minister hints at taka devaluation
February 2, 2009
Finance minister AMA Muhith hinted Sunday at devaluation of Bangladesh Taka (BDT), saying the decision to this effect would be taken after a couple of weeks in consultation with leaders of all the trade bodies concerned.
“Keeping the value of our currency intact has become a cause of concern against the backdrop of the current global perspective. Sustaining the value of local currency may not be possible for the sake of our global competitiveness,” Muhith said.
Mr. Muhith further said the decision on whether to devalue the BDT or not will be taken after discussions with representatives of all the relevant trade bodies within the next 15 to 20 days.
The finance minister was talking to newsmen after holding a meeting with the delegation of Bangladesh Textile Mills Association (BTMA), led by its Chairman Abdul Hye Sarkar, at his ministry.
Responding to a query, Mr. Muhith said: “Most of our neighboring countries have already devalued their respective currencies. But we are still trying to keep our currency value unchanged.”
He went on: “If the value of our currency remains at the present level, it will be difficult for the country’s export sector to compete with those of neighboring countries.”
Earlier, the BTMA leaders in their meeting with the finance minister raised various problems that the local textile mills are facing following the global financial crisis.
“I have heard the problems raised by them (BTMA leaders),” said the finance minister.
The BTMA chairman told the newsmen that the local textile operators have fallen into deep crisis as their Tk 30-billion worth of yarn remains unsold.
Owners of the country’s readymade garment (RMG) industries are preferring to import yarn from India rather than buying the same from local millers, he said, adding that the prices of local yarn is higher than that of India.
Replying to a question, the BTMA head said, “Since the local textile millers manufacture yarn mainly with imported cotton from India, naturally the prices of locally produced yarn is higher than that of our counterpart.”
Apart from that, the local RMG manufacturers have reduced their purchase of yarn as their exports declined in recent times against the backdrop of the global financial meltdown, he said.
Considering the satiation, the BTMA sought the finance ministry’s support for meeting its various demands including devaluation of local currency against US dollar, providing 25 per cent alternative cash support, allowing duly-free import of capital machinery for the local textile mills and reduction of bank interest rate.
About the necessity of devaluation of the BDT, the BTMA leader said recently Pakistan devalued it currency by 30 per cent while India devalued its currency by 25 per cent.
“As a result, it will be very difficult for us to compete with them unless our currency is devalued,” he said
Former adviser to the caretaker government and director of the BTMA Tapan Chowdhury, Chairman of the Beximco Group Sohel F Rahman, Chairman of the Jamuna Group Nurul Islam Babul were, among the leaders of the Association, present at the meeting.
Bangladesh can stave off global economic crisis thru’ stimulating domestic demand
February 2, 2009
Bangladesh economy can fend off damaging impact of global economic downturn by making good use of its strong labour force and stimulating domestic demand, Minister of Industries Dilip Barua said Saturday.
“The current global economic downturn can turn into a blessing for us if we can stimulate ‘domestic demand’ by fully utilising our strong labour force,” the told a seminar on ‘global financial crisis and our preparedness to face the challenges.”
“By creating jobs for the less demanding pool of workforce, we can manufacture inexpensive goods and then export those at a cheaper rate,” he said.
“These items would be good bargain in the international market at this time of crisis”.
The minister said the country must boost investment in the fast-growing Small and Medium Enterprises (SMES) to make best use of the new opportunities created by the worst global economic crisis since the Second World War.
“In my opinion, stimulating the micro-economic activities is the most crucial step for the country’s economic uplift,” he said.
Barua suggested injection of the banks’ excess liquidity into new factories and businesses, which will cut the country’s dependence on foreign goods as well as create jobs for millions of unemployed young men.
The Awami League-led government would give special emphasis towards that direction, he said.
According to some counts, some 40 per cent of Bangladesh’s labour force is unemployed. Every year some 1.5 million young men are joining the workforce although the country can create only a third of the jobs needed to employ them.
Barua said the country’s huge workforce is its most valuable possession and the best competitive advantage. He stressed proper skill-based education and training to turn them into useful human resource.
Citing examples of some South-east Asian countries; the minister said development of SMEs has laid the foundation for the economic miracle in these countries.
“But we need realistic and down-to-earth plans and a comprehensive policy to transform the SMEs into our main growth engine,” he said.
The seminar was organized by Rapport Bangladesh in the capital. Vice Chancellor of North South University Hafiz G A Siddiqi moderated the discussion.
Speakers at the seminar highlighted the negative impacts of the global economic recession, urging the government to form a public-private taskforce to face the meltdown.
“Stakeholders from all sectors and academia should have representation in the taskforce. The more expertise we have, the better we face the ongoing global downturn,” Siddiqi said.
Zaglul Ahmed Chowdhury, managing director and chief editor of the state-run Bangladesh Sangbad Sangstha (BSS) news agency warned against complacent behaviour by the government.
“While in the short term it appears that the global economic downturn will be harmless to our economy, we should still prepare hard for the possible long term impact,”
Vice President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Md. Shahidul Islam said return of the Chinese apparel manufacturers to low-end product market is a worrying sign for Bangladeshi apparel exports.
Islam demanded a stimulous package for his sector from Bangladesh government to stave off any possible dangers emanating from the global economic Tsunami. Already Chinese government has announced similar package for its exporters, he said.
“The global economic downturn deserves adequate attention as two of main foreign exchange earners — garments and remittance — could be badly effected by the crisis”, chairman of Rapport said in his speech.
Indian Stimulus packages fail to enthuse apparel exporters
February 2, 2009
The Indian government has declared two stimulus packages in the last few weeks to boost exports and to tackle the global economic crisis, but a sense of euphoria seems to be missing in the exporter’s community. The apparel export industry in particular does not seem to be so happy with the announcements. All the apex apparel associations aver that, apparel exports will fall short of a wide margin of the targeted US $11.6 billion in the current fiscal year (2008-09).
Reacting to the announcement of the second stimulus package, the Chairman, Mr Rakesh Vaid, of the Apparel Export Promotion Council (AEPC), which has more than 6,000 member companies on its rolls said, “The government has done very little to help the $10 billion apparel export sector which employs nearly 3.9 million workers. Lakhs of workers have lost work due to global economic recession.”
“We are in consultation with officials and hope the government will come up with concrete measures soon to revive the textile and readymade garments industry,” he added by saying. Against the set target of $11.6 billion, the apex body of apparel exporters does not expect to cross $8.78 billion in the current fiscal year, compared to $9.69 billion achieved in the previous fiscal year (2007-08).
In response to the first package declared in December, Mr Vaid had said, “We were expecting an increase in duty drawback rates, but there is no mention of it in the package. We have also been demanding income tax exemption for five years to offset the huge losses piling up, but there has been no response.”
Mr Vaid said that the allocation of Rs 1,400 Crore for textile up-gradation fund is what the government owes to the industry. “The allocation which has been pending for many years is for payment of arrears. There is nothing new in it”, he added by saying. On two per cent interest subvention for exporters up to March 2009, Mr Vaid said the move will benefit the sector marginally”
The President of the Clothing Manufacturers Association of India (CMAI), Mr Rahul Mehta gravely said, “The $35 billion Indian apparel industry remains in severe crisis zone as there is nothing to stimulate production in the domestic segment and inadequate incentives in the export sector. The reforms package announced by the government offers no incentives for revival of the apparel industry facing mounting costs, shrinking local and global markets thereby compelling cut in production and employment.”
He vehemently said, “In contrast, China has increased its export incentives three times in the last six months, raising them from 11 to 17 percent and Pakistan too has announced a R&D rebate of 6 percent besides a 2.5 percent cut in interest rates.” Mr Mehta lamented by saying that, “armed with higher export rebates and incentives, countries like China, Vietnam, Cambodia and Bangladesh would continue to edge out Indian exporters.”
The reaction of the President of Tirupur Exporters Association (TEA), Mr Sakthivel to the second package was more vehement. He said he was totally disappointed with the second stimulus package and unfortunately the government had not considered requisitions put forth by TEA like, five year income tax holiday, two years moratorium on term loans, exemption from payment of all service and fringe benefit taxes to the apparel exporters.
Among other demands he said the government had not considered increasing duty drawback rate to 12 percent for cotton knitwear garments and provide 7 percent packing credit or in lieu increase interest subvention by 2 percent and increase the total interest subvention to 4 percent.
Indian stimulus packages fail to enthuse apparel exporters.
February 2, 2009
The government has declared two stimulus packages in the last few weeks to boost exports and to tackle the global economic crisis, but a sense of euphoria seems to be missing in the exporter’s community. The apparel export industry in particular does not seem to be so happy with the announcements. All the apex apparel associations aver that, apparel exports will fall short of a wide margin of the targeted US $11.6 billion in the current fiscal year (2008-09).
Reacting to the announcement of the second stimulus package, the Chairman, Mr Rakesh Vaid, of the Apparel Export Promotion Council (AEPC), which has more than 6,000 member companies on its rolls said, “The government has done very little to help the $10 billion apparel export sector which employs nearly 3.9 million workers. Lakhs of workers have lost work due to global economic recession.”
“We are in consultation with officials and hope the government will come up with concrete measures soon to revive the textile and readymade garments industry,” he added by saying. Against the set target of $11.6 billion, the apex body of apparel exporters does not expect to cross $8.78 billion in the current fiscal year, compared to $9.69 billion achieved in the previous fiscal year (2007-08).
In response to the first package declared in December, Mr Vaid had said, “We were expecting an increase in duty drawback rates, but there is no mention of it in the package. We have also been demanding income tax exemption for five years to offset the huge losses piling up, but there has been no response.”
Mr Vaid said that the allocation of Rs 1,400 Crore for textile up-gradation fund is what the government owes to the industry. “The allocation which has been pending for many years is for payment of arrears. There is nothing new in it”, he added by saying. On two per cent interest subvention for exporters up to March 2009, Mr Vaid said the move will benefit the sector marginally”
The President of the Clothing Manufacturers Association of India (CMAI), Mr Rahul Mehta gravely said, “The $35 billion Indian apparel industry remains in severe crisis zone as there is nothing to stimulate production in the domestic segment and inadequate incentives in the export sector. The reforms package announced by the government offers no incentives for revival of the apparel industry facing mounting costs, shrinking local and global markets thereby compelling cut in production and employment.”
He vehemently said, “In contrast, China has increased its export incentives three times in the last six months, raising them from 11 to 17 percent and Pakistan too has announced a R&D rebate of 6 percent besides a 2.5 percent cut in interest rates.” Mr Mehta lamented by saying that, “armed with higher export rebates and incentives, countries like China, Vietnam, Cambodia and Bangladesh would continue to edge out Indian exporters.”
The reaction of the President of Tirupur Exporters Association (TEA), Mr Sakthivel to the second package was more vehement. He said he was totally disappointed with the second stimulus package and unfortunately the government had not considered requisitions put forth by TEA like, five year income tax holiday, two years moratorium on term loans, exemption from payment of all service and fringe benefit taxes to the apparel exporters.
Among other demands he said the government had not considered increasing duty drawback rate to 12 percent for cotton knitwear garments and provide 7 percent packing credit or in lieu increase interest subvention by 2 percent and increase the total interest subvention to 4 percent
RMG exports to surge despite global recession – BGMEA
February 2, 2009
The ready made garment sector, one of the pillars of the Bangladesh economy, is definitely in a positive mode despite global financial meltdown.
Talking to media persons on Wednesday, Mr Anwar-ul-Alam Parvez, President of the Bangladesh Garments Manufacturers and Exporters Association (BGMEA), countered World Bank prediction and said, “The World Bank prediction is whimsical and unrealistic. The ongoing global economic recession will rather create opportunities for Bangladesh RMG sector and the export will not decline as the bank predicted.”
At a press briefing, a day before, organized at the Dhaka office, World Bank forecasted a decline in exports by 4.3 percentage points for the current financial year.
“The recession indicates both risks and opportunities for the RMG industry. Bangladesh’s lower-end basic garments have been forecast to be less affected than the high value items,” said Mr Parvez.
According the BGMEA President, available data shows that inspite of the fact that world is going through recession, the graph of Bangladesh RMG exports will continue to move upward.
Apparel Industry’s Global Supply Chain At Risk
February 2, 2009
The number of suppliers actively serving the U.S. apparel industry has dropped more than 70% in three months, according to an analysis released Monday.
The news comes as e-commerce sites try to draw online shoppers during the last days of the holiday shopping season. Panjiva, a company that collects and disseminates data on global suppliers and manufacturers, said Monday that the economic downturn has pushed down the number of suppliers actively serving the U.S. market, from 22,099 in July to 6,262 in October.
Of those still serving the United States, 40% are on Panjiva’s Watch List for year-over-year losses of 75% or more in shipping volume. A separate index that measures risk in the global supply chain has shot up from 24 at the end of July to 43 at the end of October.
“These numbers paint a frightening picture of the state of the world’s suppliers,” Panjiva CEO Josh Green said in a statement released Monday. “U.S. companies who maintain their customer base through the economic downturn may nevertheless find their survival threatened by the disappearance of their supplier base.”
Panjiva offers new services that help companies identify risky and healthy suppliers.
The company cited statistics from a July 2008 survey and a supply chain risk management report from Aberdeen Research and said that 58% of respondents “suffered financial loss because of supply chain disruptions.”
Panjiva uses technology developed by experts from MIT to track shipments and alert companies when suppliers land on its watch list. It also notifies customers when a supplier lands a significant new customer, operates above capacity, or appears to be in a position that would make it likely to negotiate prices.
The company also offers a supplier search tool that screens tens of thousands of suppliers, shows which buyers a supplier has worked with and when, provides information on competitors’ supply bases, and tells companies where a specific product was made.
The 9th China Textile & Apparel Trade Show (New York)
February 2, 2009
China Textile & Apparel Trade Show will celebrate the 9th convention from June 18 to June 20, 2008 at Javits Convention Center of New York city. The trade show, sponsored by China National Textile & Apparel Council (CNTAC) and co-organized by the Sub-Council of Textile Industry, China Council for the Promotion of International Trade (CCPIT TEX), Specialty Trade Show, Inc (STS) and Youthful USA, will have the grand opening ceremony on June 18, 2008, at which the Chinese diplomats to the United States and the senior offcials of New York municipal government will be present.
In virtue of the organizers’ hard working and thanks to the great supports given by China diplomatic mission to the United States and the New York municipal government, China Textile & Apparel Trade Show has approved to be the big success in the past eight consecutive years.
The high quality, competitive price and complete-variety of Chinese textiles and clothing showcased by the outstanding Chinese exhibitors, as well as the favorable business environment and the clients resources the trade show has created, make the trade show the prior platform for Chinese producers to explore the American market and for the high-end traders in USA and the surrounding countries to source the textile and clothing products. The experience obtained in the past eight years contributes to making China Textile & Apparel Trade Show (New York) the largest one of its kind in overseas markets.
This year’s event will occupy 4,500 sq. meters’ exhibition space and over 100 outstanding Chinese producers from Chinese Beijing, Anhui Province, Fujian Province, Guang dong Province , Hebei Province, Heilongjiang Province, Jiangsu Province, Jiangxi Province, Liaoning Province, Shandong Province, Shanghai , Tianjin and Zhejiang Province will bring their latest products covering the range of men’s wear, ladies’ wear, casual wear, children wear, clothing accessories, fabrics and home textiles etc.
Among the exhibitors, there includes Anhui Honren, Hei longjiang Jinding, Shanghai Flying Horse, Shanghai Shenda, Wuxi Qingfeng, Jiangsu Guotai , J i angy in Shencheng, Suzhou Hengrun, Zhejiang Furun and China Textile Machinery Co., Ltd.
It deserves our attention that Guangdong Dalang Town, the impor tant product ion base of sweaters in China will attend the show as a pavi l ion for the 4th successive year.
It should be noted that nearly half of the exhibitors registered this year have ever attended the trade show before and 30% for more than three times consecutively in the past. It is pleasing to see that quite a few producers have identified the stable clients through years’ participation.
In the year of 2007,the scientific development concept was implemented in Chinese textile and clothing industry, which kept a steady growth by overcoming the complicated situation of the high speed growing domestic economy and the sluggish internat ional economy and trade.
In the year, the industrial output conducted by the scale-sizable producers(namely the producers with over five million’s turnover in Chinese Yuan) exceeded 3,080 billion RMB,21.15% up than 2006 in terms of the comparable price, and the growth rate was 0.87 points higher over that of 2006. Meanwhile, the industrial performance and profits of Chinese textile and clothing industry was improved greatly, and correspondingly the international competitive edge being further strengthened, the innovation ability being improved and the industrial structure being optimized evidently.
All the efforts will be continued by implement ing the scientific development concept and carrying out the developing outline of the 11th Five Year Plan in the whole industry in 2008. Given this, it is expected that the economic growth mode will be further adjusted and the improvement will be achieved in the innovation, products quality, IPR and CSR. The efforts also aim to main the order of the domestic market and the international trade, reconstruct the export structure and reduce the mass exports by enhancing the contribution made by the science & technology and the brand to the products. The textile and clothing producers are accelerating the pace to abandon the competitive pat tern based on the quantity and sharpen the international competitiveness of the products. The new type products with high value added will be the highlight of this year’s show, like bamboo fiber products, functional products of fire resistance, water proof, oil repellence, breath free or heat preservation, memory fiber, Tencel, organic cotton products and so on.
Today, reputed and well-known among the leading American traders,China Textile & Apparel Trade Show is the most influential t rade fai r exclusively or iented to Chinese text i le and clothing producers in the United States. At the opening ceremony of the 5th China Textile & Apparel Trade Show in 2004, Mr. Allen Jeannine, the Senator of New York City awarded the Outstanding Contribut ion Medal to CCPIT TEX on behalf of the New York City Council, for its special contribution to promote the exchange and cooperat ion between USA and China in textile and clothing feld and the prosperity of tourism sector of the city.
Mr. Michael R. Bloomberg, the Mayor of New York City wrote the letters of congratulation to the opening of the trade show in years of 2005?2006,2007and sent envoys to attend the opening ceremonies, to thank China Textile & Apparel Trade Show for its devotion to the prosperity of the New York economy and the promotion of the bilateral trade.
The well -prepared exhibits that cater to the taste of the local consumption are extremely popular among the visitors. The statistics show that more than 3,000 visitors from over 2,000 companies visited the trade show in 2007, of which 84.2% were the wholesalers and 15.8% retailers. At the three-day event, the orders valuing nearly 100 million dollars were concluded. The sourcing managers of the leading traders like Liz Claiborne, Adolfo, DKNY, Victoria’s Secret, Coach and American Exchange Apparel visited the trade show for the negotiations.
China Textile & Apparel Trade Show is devoted to promoting the bilateral trade of textile and clothing between USA and China and has eventual ly developed to be the important platform which helps the business and trading circles of the two countries to develop the business in the manner of common win.
China Textile & Apparel Trade Show has built a bridge across the Pacific Ocean which connects the healthy and mutual beneficial business relations of textile and clothing trade between USA and China.
The statistics released by China Customs indicate that the Chinese exports of textile and clothing to the United States was US$ 26.634 billion in the twelve months of year 2007, 14.42% growth over the corresponding period of the previous year. Looking into year 2008, despite of the diffcult situations, more specifcally the sub-prime crisis in the United States and the deflation pressure in China, the trend of industrial transfer and restructuring under the economic globalization will not be changed.
In this context, the stable trade relation of textile and clothing between USA and China is expected in the year. In the process of improving the technology and innovation level of Chinese textile and clothing industry, the trade show is given more obligations and expectation by the industrial players from both the United States and China.
China’s high prices boost Bangladesh garment exports
February 2, 2009
Bangladesh’s garment industry is growing rapidly despite the global economic turmoil as China loses orders due to high prices and worldwide demand for cheap clothing soars.
Nearly 5,000 apparel makers here initially sought government help when some top US and European buyers postponed and cut orders in the wake of the worst financial crisis since the 1930s Great Depression. But clothing makers say that a massive diversion of orders from China, the world’s largest producer of apparel, has more than compensated.
In the first quarter to September, garment shipments grew by a record 45 per cent to $3.4 billion, government data this week showed, with more than 90 per cent of the exports going to the US and Europe. “It’s a huge change in fortune for us,” said Golam Faruq, owner of the country’s largest sweater manufacturer and a key supplier to British up-market retailer Marks and Spencer. “This month I got an unexpected $12 million order to make sweaters for a Swedish manufacturer. They told me in the past they used to give the order to Chinese manufacturers. But this year we offered a far better price,” he said.
Faruq said his SQ Sweaters had also received dozens of small orders diverted from China as Bangladesh has became the top choice for producing low-priced basic items like T-shirts, denim pants, sweater and shirts. Now the government’s Export Promotion Bureau, which monitors shipment trends, is urging the industry to prepare for a “flood of orders” as the global recession boosts sales of the low-cost items it produces.
“We held several expositions in Europe and North America in the past month and top buyers told us to be prepared for a massive increase in orders in the months and years ahead,” said Export Promotion Bureau head Shahab Ullah. “They said people in the West have cut purchase of luxury goods and are switching to cheaper items. And it’s our manufacturers, not the Chinese, who can supply the items at a price they now want.”
Bangladesh’s garment sector specialises in low-end clothing and is the impoverished country’s main industry, pumping $11 billion a year into the economy. It accounts for about 80 per cent of exports and employs more than 40 per cent of its industrial workforce.
Bangladesh logged 6.2 per cent economic growth last year, bolstered by a 17 per cent increase in garment sales. This year, the government projected growth of 6.5 per cent, banking on garment exports remaining strong. Knitted items, led by T-shirts which last year made up a quarter of garment exports, were the main drivers of the growth, manufacturers said.
“This year thousands of Chinese factories have shut as they are no longer competitive because of higher wages and currency appreciation,” said Fazlul Haque, head of the Bangladesh Knitwear Manufacturers and Exporters Association. “The buyers have no choice but to switch orders to another country. It has emerged as a new pattern in global sourcing. And so far it looks like Bangladesh is the main beneficiary,” said Haque. Haque said his group, which includes 1,500 factories, had enough orders to the end of the year, although it was still a bit worried over the long term impact of the global financial turmoil.
The Export Promotion Bureau’s Ullah said Bangladesh, now the world’s second largest producer of apparel according to the International Monetary Fund, would continue to dominate in the basic apparel sector if it scales up investment in new factories. “Data shows we’re cashing in on the new trend,” he said. “But we can do more, provided our factories increase capacity and set up backward linkages such as yarn manufacturing, dyeing and washing facilities as early as possible.”
Exploring new markets pays rich dividends
February 2, 2009
The Bangladeshi garment industry adopted the strategy of diversifying their global markets after the unfolding of recessionary trends in the global markets leading to a slowdown in exports of apparel which is the biggest export revenue generator for the country.
Infact, diversifying of the markets had begun long before the crisis exploded. The exporters had started seeking East European and the sub-Saharan African markets from the beginning of 2008. But, now that strategy is paying dividends.
Among the new markets to which the garment exporters have started shipping their products are Brazil and Mexico. The volumes to these new markets is increasing at a steady pace, leading to a lesser dependency on the key markets of the US and EU.
After being able to penetrate these new markets to a certain extent, these garment exporters are now on the lookout for other un-explored new markets like Russia, South Africa and Japan, as, if at all exports are being done to these markets as on date, it is in nominal volumes.
Our spoke to Mr Zahidul, Vice President of Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), who was very optimistic when he said that, “Yes, in spite of on going recession we are able to survive.
Reason for the same is we have found new destinations for our RMG export. We have now started exporting to different countries like Japan & Russia. This change started in middle of year 2008.”
“Our export to Japan is now more than US $15 million. Although we are also facing some banking problems in exports to Russia, we are also making serious affords it. We are also facing a language problem in Japan, but we will try to overcome the same too”, he asserted by saying.