Bangladesh Plans To Expand Wool Garment Exports 10 Times
The Bangladesh garment export industry aims to expand its woollen garment exports in the next five years and propel them by 10 times from the current US $100 million.
This development comes in the background of Australia, the world’s biggest wool producer, is targeting Bangladesh as an alternative to China for its wool processing.
“Bangladesh currently procures a minimal quantity of woollen fabric from various countries to produce high-value woollen clothing,” TBS reported.
The garment industry has not been able to tap the full potential of a $17 billion global market for woollen apparels, as the country does not have access to domestically produced wool yarn or fabrics.
According to industry sources, having local wool fibre spinning and also weaving facilities will lead to domestic availability of these raw materials, thereby reducing lead times and increase competitiveness.
A delegation of an Australian wool producer’s body had visited Bangladesh recently to explore the feasibility of setting up wool processing units.
According to sources, the delegation expressed their willingness to provide all cooperation and support to explore the potential of wool processing in Bangladesh.
Currently, 80 percent of Aussie wool is processed in China and as a part of a geopolitical shift, the country wants to reduce China dependence and consider Bangladesh as an alternative.
