Finance
Economic Growth Bangladesh is performing well in economic front: Report
Dhaka/UNI, February 3: Bangladesh is performing well in the economic front and its export earnings are increasing rapidly at the moment, a report said.
The country has witnessed a double digit growth in its export income in the last one decade.
This has been revealed in a report published by ‘World Trade Statistical Review-2019’.
Bangladesh’s position is now 42nd among the exporting countries in the world trade. Bangladesh is also one of the garments manufacturing countries in the world, it said.
Referring to China, the report said, China’s share has been reduced to a large extent in global garment market. China’s portion stood over 31% in 2018 by reducing 3.50% compared to 2017.
In Bangladesh, the garment sector topped the export sector. Bangladesh’s portion has doubled in global garment market. Its share was over 2.50% in world garment market in 2000.
It has increased to 6.50% in last year.
It has retained its second position as a single garment exporting country in the world, the report added.
When asked to comment behind the cause of good performance, Shovon Islam (Shawn), CEO and Managing Director of Ambattur-Sparrow group of Industries, an old garments manufacturing institution in Bangladesh, said they are making continuing efforts in producing new garment products as well as finding new market.
Another matter is continued investment in developing equipment and the production process.
The third cause is ensuring safe working atmosphere in the sector, he said.
Factory owners have been able to earn confidence of buyers, he said, praising the steps taken by the present government for handling the country’s situation, which arose due to coronavirus.
The government, led by Sheikh Hasina, saved the garment industry and workers by giving incentives in the sector, he said, saying that the Prime Minister should now consider the issues of bank interest and installments of garment owners in view of the next Eid.
China’s portion has been reduced in the global garment market.
Its share stood over 31% in 2018 by reducing 3.50% compared to 2017. Portions of European Union and Bangladesh also slightly decreased, while it increased for Vietnam. Then is Chinese business being done more in Vietnam?
Ahsan H Mansur, executive director of private research organization ‘Policy Research Institute (PRI)’, said till now we are not getting Chinese business. Vietnam is getting too much because of tax facility and culture.
Bangladesh’s infrastructure is not good.
On the issue of discouraging foreign investment in garment sector, Shovon said, foreign investment on backward linkage in garment sector is needed for us.
However, there is no need of foreign investment in the fields of garment sector where our entrepreneurs proved their success, he observed.
