4-day int’l textile fair begins in city Feb 23The four-day-long Dhaka International Textile and Garment Machinery Exhibition (DTG) showcasing new technology, state-of-the-art equipment, materials and services, will begin in the capital on February 23. The DTM, an excellent avenue for international suppliers and visitors to expand the business, will close on February 26. The international fair will offer Bangladesh exporters an opportunity to expand their supply chains globally. Currently, Bangladesh holds the second position on the global podium in RMG exports, following closely behind China. Bangladesh’s RMG sector contributes to more than 81 percent of the country’s exports and offers 4.4 million direct employments, thus having a considerable impact on the country’s socio-economic development. Country’s RMG exports have consistently grown in past 5 years, out of which 60 per cent of Bangladesh’s RMG export goes to its biggest consumer, the European market, and around 9.64 per cent goes to the USA, making it the second largest market for Bangladesh’s apparel industry. Currently, the sole reason behind Bangladesh’s dominance over other Southeast Asian markets has been low labor costs; however, strengthening of labour unions, growing wages, ensuring compliance in the factories and the like will not hold this position for Bangladesh forever. The industry needs to seek some other way to bring the apparel costs down without compromising on the currently offered quality. What better way to do so, than revisiting the raw material sourcing, which is the other major pie in the total garment cost. Globally India and China dominate cotton production, and Bangladesh’s huge demand for its RMG sector leads it to import around $5 billion worth of cotton, which made Bangladesh the 2nd biggest cotton importer in 2014-15. The biggest cotton supplier for Bangladesh being China, Bangladesh needs to find a way to cope up its cotton demand in order to stay competitive globally.With US’s policies shifting its market’s focus from China towards other sources, Bangladesh is looking at a lucrative opportunity to grow its market share in the US even further. But to do so, it needs to find a feasible solution to its reliance on raw material imports for the sector. ThreadSol Pvt. Ltd. with its innovative solutions will participate in the fair to share its expertise with apparel manufacturers during the four-day event, said a press release of the company.ThreadSol is headquartered in Singapore and runs offices in Dhaka, Delhi, Bangalore, Colombo and at an spot in Turkey. ThreadSol the pioneer of Enterprise Material Management enables manufacturers boost their topline by reducing material usage hence production cost.”The most practical solution that presents itself in such a scenario is the development of a textile hub within the country, to cater to the RMG needs, and increase its cotton production and utilization efficiencies,” the press release quoted ThreadSol Bangladesh Country Head Anas Shakil as saying.
