The reopening of economies in the EU and US has created new opportunities for Bangladesh to recover from the severe fallout of Covid-19, according to apparel exporters.
“This is because garment exporters have been receiving a lot of work orders from international clothing retailers and brands ever since Western economies reopened,” said Faruque Hassan, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA).
The demand for garment items made of artificial fibres has increased worldwide and so, local apparel makers could use this chance to grab a bigger share of the market.
As such, the BGMEA is preparing a recovery roadmap for domestic suppliers in this regard, he added.
The BGMEA chief went on to say that Bangladesh will continue to enjoy preferential access to European markets even after the country makes the status graduation from the UN’s least developed grouping in 2026.
The access will be enabled under the EU’s proposed Generalised System of Preferences that will come into effect from January 1, 2024.
Hassan was addressing a discussion organised by Bangladesh Apparel Youth Leaders Association at The Westin Dhaka yesterday. Garment exporters, textile millers, and various young entrepreneurs attended the programme.
Mohammad Ali Khokon, president of Bangladesh Textile Mills Association, said unhealthy competition among local suppliers has been affecting the pricing of the garment items.
“We need to reduce the unhealthy price completion among us in order to get better prices from international retailers and brands,” he added.
Khokon also urged local apparel makers to improve their production capacities in order to meet the increasing number of work orders.
Mohammad Hatem, executive president of the Bangladesh Knitwear Manufacturers and Exporters Association, said since Bangladesh was the global leader in green garment factories, local suppliers could label their products as such in order to get better prices.
Hatem also sought timely policy support from the government for attracting foreign direct investment in the woven sector as there was room for investment in the industry.
Abdur Rahim Harmachi, business editor at NewsBangla24, moderated the discussion.
SM Rashidul Islam, general secretary of Economic Reporters Forum, and Rafez Alam Chowdhury, former president of the Bangladesh Garment Accessories and Packaging Manufacturers and Exporters Association, also spoke.
