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Bangladesh has now emerged one of the potential markets for global textile and garment machinery manufacturers thanks to rising demands for locally made apparel items across the world.
The local spinners, weavers and readymade garment (RMG) makers have been investing billions of dollars in setting up new factories and expanding their existing capacity.
Some of the 1,200 participants of the 16th Dhaka International Textile and Garment Machinery Exhibition (DTG) 2019 made the observation while talking to the FE on the first day of the show.
The four-day event kicked off at the International Convention City, Bashundhara in the city on Wednesday, jointly organised by Bangladesh Textile Mills Association (BTMA) and Hong Kong-based Yorkers Trade and Marketing Services Co Ltd.
It would be the largest textile machinery exhibition in South East Asia, according to the organisers.
BTMA President Md Ali Khokon presided over the inaugural ceremony while the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) President Shafiul Islam Mohiuddin was present as chief guest.
Businesses want stability in political situation and policy, Mr Mohiuddin told the inaugural ceremony.
"We need predictable and consistent policies. We want to know what would be the price of energy for next 10 years," he said, adding: "Businesses do not want any erratic policy in the financial sector."
He also demanded single digit interest rate on bank loans.
He stressed on diversification of products, especially man-made yarn and fabric manufacturing to grab the huge potentials of the sector.
"Buyers of textile and apparel products now recognise Bangladesh to be one of their major sourcing destinations and as such the product users prefer to include Bangladesh in their sourcing list," said the BTMA president.
"The textile machinery manufacturers now value Bangladesh as the centre of textile and clothing machinery business hub," he added.
Currently, the local spinning millers meet 80-85 per cent of the knitwear sector's requirements while the woven millers can meet 35-40 per cent of the demand for woven fabric by the readymade garment exporters," Mr Khokon said.
Terming the DTG an effective platform for the textile and apparel sector's further growth, the BTMA leader said the millers and exporters could buy machinery from the exhibition venue.
"Bangladesh is the biggest machinery market for the Chinese textile and garment machinery manufacturers," China Sewing Machinery Association General Secretary Chen Ji said while talking to reporters at the fair venue.
The Chinese sewing machinery manufacturers export such machine worth more than US$1.0 billion to Bangladesh annually, he added.
Sewing machinery is just one item, but the Chinese machinery exporters send many kinds of textile and other machinery related to the garment industry, he noted.
"Bangladesh's textile and garment business will continue to grow in the coming years as the demand is increasing every year both in the international and local markets," Mr. Ji said.
Yorkers Trade and Marketing Service Co Ltd President Judy Wang said they have been organising the DTG for last 15 years and this year the participation rose by about 25 per cent.
Echoing the BTMA president over further growth of local woven sector, she said: "The DTG is a very good platform to invite international buyers targeting the woven sector that has immense potentials to grow further."
Some 1,200 textile and machinery manufacturing companies from 37 countries including Australia, China, France, Germany, India, Italy, Japan, Korea, Taiwan, UAE, UK and USA are displaying their products at 1,650 booths, organisers said.
They are displaying their products at 11 halls where China, Hong Kong, Korea, Turkey and Taiwan will have their pavilions at halls 3, 6, 1 (A), 2 and 1 and 7 respectively, they added.
The last DTG bagged spot orders worth US$ 280 million, they said, expressing the hope that the DTG 2019 will get higher spot orders than the last event.