Senior Officials of Gujarat Chamber of Commerce & Industry (GCCI) and Bangladesh Deputy High Commissioner Mohammad Lutfor Rahman held a meeting last week at the GCCI premises, to discuss the possibilities of having trade collaboration with Bangladesh’s textile industry.
The GCCI is said to work for creating and sustaining an environment conducive to trade and industry growth in Gujarat. It expressed that a partnership between both the nations in the textile sector would be a good one as they are at the forefront of textile and readymade garment industry.
Notably, trade volume between India and Bangladesh noted a 17 per cent growth in the past five years. Exports from India to Bangladesh remained US $ 5,452.90 million in the year 2015-16.
However, Indian witnessed a heavy surge in imports from the neighbour. According to latest data released by Export Promotion Bureau of Bangladesh, India noted a 66 per cent increase in garment imports from Bangladesh to US $ 111.3 million during July to December 2017 from US $ 66.9 million compared to the same period of 2016.
The data also reflected that knitted garment imports from Bangladesh zoomed 77 per cent US $ 36.5 million during July-December 2017, while woven garment import increased by 62 per cent to US $ 74.8 million.
The GCCI has further extended an invitation to Bangladesh to become a partner country for the Global Textile Summit to be held in Ahmedabad in the month of March this year.