Bangladesh government can finance textile projects

Tashkent, Uzbekistan (UzDaily.com) – The Government of Bangladesh can finance textile projects. This was announced by the Extraordinary and Plenipotentiary Ambassador of Bangladesh Jahangir Alam during a meeting today, on 23 February, at the Uztekstilprom Association with the Chairman of the Association Ilkhom Khaydarov.

The main purpose of the meeting was to pay a courtesy visit, as well as to discuss issues of cooperation with the textile industry of Bangladesh and the Association of the Textile Industry of Uzbekistan.

Chairman of the Association "Uztekstilprom" Ilkhom Khaydarov acquainted the guests with the potential of the textile industry of the republic. At the same time, special attention was paid to a number of issues, including the opportunities and conditions created for investors in the country, and the benefits provided to entrepreneurs.

During the conversation, the Ambassador expressed interest in the implementation of joint projects, including:

the readiness of the Government of Bangladesh to provide Bangladeshi investors and entrepreneurs with up to 50% of the project cost of loans for the implementation of projects in the textile industry of Uzbekistan;

attracting highly qualified specialists to exchange experience with Bangladesh;

He said that he was ready to consider the possibility of transporting goods through Uzbekistan in connection with the advantageous geographical position of our country.

Currently, many Bangladeshi specialists and technologists work at various textile enterprises in Uzbekistan. At the end of 2020, products worth US$10.5 million were exported from Uzbekistan to Bangladesh.

Bangladesh is the world’s largest textile producer. The production of cotton fiber in the country is 28 thousand tons per year. The industry has about 7,000 enterprises employing more than 5.1 million people (85% of the employed are women).

Bangladesh is the second largest exporter of ready-to-wear to the world market after China. In 2018, apparel exports reached US$33 billion, and its share of global apparel exports is 6.4%, while total textile exports account for 81% of all Bangladesh exports. The main markets for ready-to-wear are the USA and the European Union.