Bangladesh plans to partner with Australia to produce woolen garments for export

According to Bangladesh’s “Business Standard” report on December 15, Bangladesh currently mainly imports a small amount of wool fabrics from China, Italy or the United Kingdom for the production of high-end clothing and exports. However, due to lack of raw materials, Bangladesh is unable to make an impact in this product segment. Recently, Australia, one of the world’s largest wool producers, is considering Bangladesh as an alternative country for Chinese wool processing. Sources from the Bangladesh Ministry of Commerce said that a delegation led by Australian Wool Producers Association CEO Joe Hall recently visited Dhaka to meet with Bangladesh Textile Mills Association (BTMA) representatives and entrepreneurs. Australia has expressed its willingness to provide various support to develop the potential of wool processing in Bangladesh. The Bangladesh Textile Mills Association stated that Australia is currently the largest wool producer, and 80% of their wool is processed in China. As part of a geopolitical shift, they want to reduce their dependence on China and consider Australia as an alternative. In the next five years, Australian wool product exports will increase from US$100 million now to US$1 billion. </p