Bangladesh wants to set up a readymade garment warehouse in Russia in a bid to increase trade with the Commonwealth of Independent States countries. The presence of such a warehouse will boost exports. Bangladesh has so far concentrated only on EU and American markets but now wants to explore new markets with diversified products.

The World Cup Football is going to be held in Russia in 2018. Bangladesh feels this is a great opportunity as knit garments would be in high demand during the world’s number one sports event. Bangladesh exported goods worth $796 million to CIS countries in 2014 and $721 million in 2013.

The Russian clothing and footwear market has been witnessing negative growth since 2014, forcing many European brands to close their stores and exit the market. This, along with China losing its position as the world’s leading garment manufacturer, has opened Russia for exports from Bangladesh and other Asian countries.

Apart from Russia, Bangladesh wants to have a garment warehouse in India, as well, especially, in Gujarat. The country is also in discussions with Sri Lanka and Turkey for free trade agreements, but some issues still remained unresolved.