Global slump won’t affect RMG exports: BKMEA

The current global financial recession will not create any fearful situation for the garment exporters.

The country is facing both negative and positive influences of the global economic slowdown in the knitting sector, President of Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) Fazlul Haq yesterday said this while briefing the reporters on a three-day exhibition of knitting technology and machinery from November 28 in the city.

Though the country lost 30 percent international orders for its knit products due to the slump, but new orders from various countries, including China, are filling the gap, he added. The current rate of growth in the fields of manufacture and export of readymade garments is above 15 percent and that will be continuing, he added. Fazlul Haq said every two days a new knitting unit is being established. About Taka 2,000 crore is being invested in the sector annually.

Besides, Taka 1,000 crore more is also being spent in a year for expansion and modernisation of the knit sector, the BKMEA chief said.

Citing the knitting machinery exhibition as a bold step, which has been organised for the first time in the country under the cloud of the global recession, Fazlu Haq said many countries did not hold such exhibition due to the existing situation. A total of 75 organisations from 10 countries, including Germany, the UK, China, South Korea and India, will participate in the fair at the China-Bangladesh Friendship Centre in the city.

Fazlul Haq urged the BKMEA members not to accept selling prices of knit products fixed by the foreigners. "Rather, we should develop a price fixation mechanism," he added.