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Explore new markets, increase MMF productions to reach $100b export target: Experts

BTJ Desk Report
Explore new markets, increase MMF productions to reach $100b export target: Experts

Apparel manufacturers of the country said that to reach the $100 billion export target by 2030, the massive production of manmade fiber-based items, exploring new markets, and attracting more investment in the textile industry are mandatory.

They were speaking at a parallel session of the Bangladesh Business Summit 2023 on its second day titled “Towards a $100 Billion Apparel and Textile Sector: Leveraging Sustainability, Competitiveness, and Investment Opportunities”.

They also said overconcentration to five core items – trousers, T-shirts, sweaters, shirts and blouses, and underwear – and two markets – Europe and the USA – is one of the major challenges for the Bangladesh apparel industry.

They noted that investment in skills development, design, innovation, efficiency, and recycling technology is also important for the Bangladesh textile and clothing industry to achieve its goal.

Bangladesh Garment Manufacturers and Exporters Association President Faruque Hassan said that the Russia-Ukraine war-driven high inflation in developed countries and climate changes are also the top risks for Bangladesh’s apparel industry.

As the global demand has been shifting toward non-cotton and circular fashion products, he continued, “We need more investment in the backward linkage industry to establish a strong MMF base.

He also stressed apparel diplomacy to increase the country’s share in the global market, citing concerns about the country’s over-concentration on a small number of goods and markets.

Azizur Rahman Chowdhury, director of the Bangladesh Textile Mills Association, stated in the keynote paper that maximizing investment possibilities, boosting competitiveness, and investing in sustainability are the keys to reaching $100 billion in textile and apparel exports by 2030.

Mohammad Ali Khokon, president of the Bangladesh Textile Mills Association, said that technical textiles, varied sustainable goods, and garments made of synthetic materials might all contribute significantly to RMG reaching $100 billion in export revenues by 2030.

Government officials should keep an eye on the growth of investment in man-made fiber, he said.

Shafiul Islam Mohiuddin, a member of the parliament and also a former president of the BGMEA, stressed a unified code of conduct from global buyers for social compliance audits saying the industry was struggling with inspection fatigue.

Regarding workers’ wages in the readymade garment sector, he said that the process for reviewing wages has started as a five-year period has gone past since the last review.

Mohammad Hatem, executive president of the Bangladesh Knitwear Manufacturers and Exporters Association, also urged the brands and buyers for a unified certification system for the RMG industry.

Sree Devi Kalavakonalu, a senior director of Walmart, and Asif Ashraf, BGMEA director, also spoke at the event.


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