Bangladesh has an additional export potential of $22.5 billion for non-readymade garment products to the European Union, said a recent study.
The study conducted by the Research and Policy Integration for Development (RAPID) Bangladesh also showed that Bangladesh's RMG exports to the EU could reach up to $60 billion by 2030 if the country moves towards non-cotton fibre.
RAPID shared the report at an event held at a hotel in Dhaka on Monday.
"Bangladesh has the potential to explore more markets to the EU if it (Bangladesh) can diversify the products within the garment items," said Mohammad Abdur Razzaque, chairman of RAPID, a private think tank.
Razzaque presented the study 'Exploring Export Diversification Opportunities in the European Union that showed Bangladesh's share in cotton fibre garments to the EU is 34.7 per cent while China's share in the same products in a similar market is only 14.9 per cent.
He also projected that Bangladesh’s apparel exports to the EU to rise from $46 billion to $60 billion by 2030.
Senior Commerce Secretary Tapan Kanti Ghosh said Bangladesh has diversified products, but the garment sector has been dominating the market.
Bangladesh has already done a lot about the compliances at the factory level, he said.
EU Ambassador to Bangladesh Charles Whitely said that product diversification within the garment sector is important.
Additional Secretary to the Ministry of Commerce and chief of the export wing Abdur Rahim Khan was also present among others.
