Garment accessories makers sought on Sunday the government's policy support to raise their exports to $12 billion in a bid to help achieve the export target of $ 50 billion by 2021.
The government should provide policy supports including cash incentive and long term low-rated funds to help entrepreneurs meet the compliance issues and thus help the sector achieve the $12 billion export target in a bid to help raise the export earnings to $50 billion by 2021, said Bangladesh Garments Accessories and Packaging Manufacturers and Exporters Association (BGAPMEA) president Abdul Kader Khan.
He was speaking at a press conference in the city ahead of a four-day trade show on garment accessories and other related backward linkages that will kick off in the city on Wednesday.
The 'GAPEXO' is being jointly organised by Bangladesh Garments Accessories and Packaging Manufacturers and Exporters Association (BGAPMEA), Zakaria Trade and Fair International and ASK Trade and Exhibition Pvt Ltd at the International Convention City Bashundhara (ICCB).
If the country wants to achieve the $50 billion export target, it would need to export accessories worth $12 billion, he said. The sector earned $6.7 billion in the last fiscal year through deemed exports.
The sector meets nearly 95 per cent of the country's garment sector's requirement of accessories, Mr Khan said.
The trade show will help the sector players learn about the latest machinery and technology and thus help in product diversification and value addition.
"We expect that the fair will create a greater opportunity for local and international businesses to learn about the latest technology, machinery and other raw materials including yarn, fabric under one roof," BGAPMEA president Abdul Kader Khan said.
The BGAPMEA will also award the apparel accessories makers trophies based on their contribution to exports in four categories on the closing day of the show, he added.
About 450 companies from more than 17 countries including India, Sri Lanka, China, Japan, Taiwan, South Korea and the US will display their products related to garment accessories, packaging and machinery, organisers said.
The show will also display apparel printing machinery and technology in view of the rising demand in the fast-growing segment to offer a scope for product diversification and value addition, Mr Khan added.