The head of the Turkey knitting Entrepreneurs Association met with domestic garment entrepreneurs in Bangladesh in April 7th and expressed interest in setting up joint ventures for garment products.

Because of the higher labor cost and increased production cost in Turkey, the price of labour is abundant, and raw materials are also available. Therefore, Turkey knitting enterprisers put forward suggestions for establishing joint ventures.

Domestic knitting garment manufacturers in Bangladesh have begun to collect relevant information and carry out feasibility studies on Turkey's recommendations.

Mr Fazlul Hoque, President of Bangladesh knitted garment enterprises and Exporters Association (BKMEA), said Turkey is the second largest exporter of clothing to European countries, second only to China. Turkey has a comprehensive technology, has its own brand and is still a huge market. Bangladesh is likely to benefit from Turkey's joint venture proposal.

The annual export volume of knitted garments in Turkey amounted to US $20 billion, and exports to Russia alone amounted to US $6 billion.

Research shows that the European knit market is US $36 billion. If Turkey and Bangladesh reach a joint venture agreement, the space for development in the European market will be enormous.

Entrepreneurs from both sides can get the opportunity to expand their market share.

From 2006 to 07, Bangladesh knitted garments exported US $4 billion 553 million 600 thousand, and exports of fabrics, handicrafts, shoes and home textiles were US $4 billion 657 million 630 thousand, US $8 million 160 thousand and US $256 million 970 thousand respectively.

The total export volume reaches US $12 billion 177 million 860 thousand, so Bangladesh has great potential to expand production and export.