Bangladesh expects to double its textile exports by 2010

Bangladesh expects to nearly double its earnings from textile exports by 2010 despite stiff competition in the global market, a textile sector leader said. Impoverished Bangladesh, which gets more than 75%of its total export earnings from its burgeoning textile sector, mainly ships its apparel products to the United States and Europe.

Annual earnings from the sector, which directly employs about 2.4 million workers, a majority of them women about $10 billion. But we have targeted up to $18 billion in three years, said Anwar-ul-Alam Chowdhury, President of the Bangladesh Garment Manufacturers and Exporters Association.

He said the country is already facing competition from China, Vietnam, India and Pakistan, and will face increased competition if the European Union allows Chinese textile producers unlimited access to its vast market at the end of this year. Currently the EU controls the flow of cheap Chinese-made textile products under a quota system to protect its own manufacturers.

He said product diversification would be a key strategy for Bangladesh manufacturers to exploit the global market and hold off the potential new competition. To achieve the $18 billion export target the country also needs to improve its port facilities and cut the interest rates for bank loans.