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Go for value-added garments to win more orders: Korean envoy

International shows on apparel industry start in Dhaka

Star Business Report
BANGLADESHI garment exporters should manufacture value-added products to grab more orders from international buyers, Korean Ambassador Lee Yun-young said yesterday.
"Bangladesh should move from just cutting, making and dyeing to more value-added products," he said, adding that Korean companies are ready to support such upgrades.
Korean companies have contributed much to the economic development of Bangladesh since its independence, he said. Korean company Daewoo made a joint venture with Bangladesh's Desh Garments in late 1970s to export garments for the first time in Bangladesh.
"It's time to move to the new phase,” Lee said at the inauguration of a textile fair - 15th Textech Bangladesh 2014 International Expo - in the city.
CEMS-Global USA in association CEMS Bangladesh is organising the four-day fair at Bangabandhu International Conference Centre.
The envoy also urged the Bangladesh government to improve business environment for attracting more foreign investment in the country.
Korean companies have so far invested around $600 million in Bangladesh, he said, adding that Bangladesh's apparel exports to Korea rose on average 69 percent annually over the last five years.
Mohammad Hatem, first vice-president of Bangladesh Knitwear Manufacturers and Exporters Association, also urged the foreign investors to invest more in the apparel industry of Bangladesh.
"Foreign companies can invest in the backward linkage of the apparel industry though we are not allowing FDI in the cutting and stitching segment," he said. He said South Korean electronic giant Samsung has diverted an investment plan to Vietnam from Bangladesh due to non-cooperation of the Bangladesh government.
CEMS-Global is also organising two other exhibitions - 8th Dhaka International Yarn & Fabric Show 2014 and 18th Dye+Chem Bangladesh 2014 Expo -in the same venue.
"We are organising the exhibitions to help apparel makers get an idea of the latest technologies and products,” said Meherun N Islam, president of CEMS-Global USA.
Around 500 exhibitors from more than 15 countries are participating in the expositions.
Industries Minister Amir Hossain Amu said the expo would encourage foreign companies to come to Bangladesh with their cutting-edge technologies.
The exhibitions will also widen scope for foreign companies for entering into profitable long-term commercial partnerships with the Bangladeshi businesses in the areas
of green growth and sophisticated clean technology, the minister said.
Bangladesh earned $30.17 billion from exports last fiscal year, with the apparel sector alone contributing $24.49 billion.
Atiqul Islam, president of Bangladesh Garment Manufacturers and Exporters Association, said the fairs will help apparel makers get updated on modern technologies.
The exhibitions are open only for trade and business visitors from 10:30am to 7:30pm.
CEMS-Global has operations in seven countries and organises more than 40 exhibitions annually on trade and economy.