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Bangladeshi apparel makers invite Indian traders to invest in non-cotton textiles

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Local apparel entrepreneurs have invited businessmen from India and other Asian countries to explore investment opportunities in the Bangladesh textile industry based on non-cotton fabric and man-made fibre as the country needs huge investment in this sector.”There is still 15% shortfall in knitted fabrics, and 60% in woven fabrics which Bangladesh needs to import,” said Faruque Hassan, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), in the inaugural session of “Intex South Asia Bangladesh”, an international apparel textile sourcing show in the capital’s International Convention City Bashundhara on Thursday.Faruque Hassan said the textile industry in Bangladesh still does not have various raw materials like spandex, rayon, viscose, and other man-made fibres, so there is a huge investment opportunity in this sector.He also pointed out some of the government steps – such as allowing four more land ports to import cotton and yarn from India, and partial shipments – to promote trade between the two countries.

25 global textile CEOs in Dhaka for low carbon emission

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A delegation of 25 chief executive officers (CEOs) and founders of major African and central Asian textile, apparel, and footwear companies, accompanied by the representatives of prominent global brands, is now visiting Bangladesh on a two-day tour to encourage low carbon emission and share of knowledge in the sectors.The delegation reached Bangladesh on June 18 when over 28 local garment manufactures hosted them, the International Finance Corporation (IFC) said in a statement today.

.Bangladesh is a leading garment production hub in the world which, before the Covid-19 pandemic, directly employed more than 4 million people, contributed about 8 per cent to the country’s gross domestic product and accounted for more than 80 per cent of the country’s export earnings, the IFC said.The IFC has spearheaded an initiative to promote south-south cooperation, peer-learning, and joint ventures in the textile, apparel, and footwear sectors through an Africa-Asia roadshow.With developing countries contributing the largest share in this rapidly growing segment, which is projected to reach $4.4 trillion by 2030 from $2.2 trillion in 2018, the roadshow aimed to facilitate meaningful cross-regional engagement, encourage low-carbon development, share know-how and technology and uplift communities.The global manufacturing landscape is undergoing a significant realignment in the aftermath of the Covid-19 pandemic.As this shift takes shape, developing countries are poised to benefit the most, the corporation said.One of the participating CEOs, M René Silué, managing director of Compagnie Ivoirienne pour le Dévelopement des Textiles (CIDT) in Côte d’Ivoire, remarked: “This roadshow is a great opportunity for us at CIDT, to connect with our peers in South Asia, exchange insights, and explore possibilities for collaboration. We believe that by working together, we can create mutually beneficial relationships that will propel our businesses forward.””We are thrilled to see a part of this roadshow as it helped us learn about the best practices of brands and factories in the ready-made garments industry. We hope to work together and foster our partnership in the future through effective collaborations,” said Kamola Nabieva, main specialist of the UzTextileProm Association of the Uzbekistan.

EPZ planned in Patuakhali with hope for $1.5b investment

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Bangladesh is gearing up to set up its ninth Export Processing Zone (EPZ) in Patuakhali with a target of fetching $1,530 million in foreign investments and boosting exports by another $1,836 million.

The Bangladesh Export Processing Area Authority (Bepza) will implement the Tk1,475 crore project and has already sent the development project proposal to the Planning Commission for approval.

After the approval process is done, Bepza wants to start the implementation work this year.

Bepza officials said the agency aims to implement the Patuakhali EPZ project without delay as the opening of the Padma Bridge has widened the scope of investment in the country’s southern part

“There are two seaports – Payra and Mongla – near the proposed EPZ. After the launch of the Padma Bridge, Mongla has become a top investment destination. We have started talking to investors about an EPZ in the Barishal zone and they have verbally expressed their interest in investing in that area,” Nazma Binte Alamgir, executive director (Public Relations) at Bepza, told The Business Standard.

“This is why it is important to complete the proposed project as soon as possible,” she said.

A feasibility study has found 306 industrial plots can be developed on 418 acres of land of the proposed EPZ stretching over Pocha Koralia and Kuakata in Patuakhali.

The EPZ will create employment opportunities for 1 lakh Bangladeshis while another 2 lakh will find jobs there indirectly.

As the project work progresses, foreign investors will be formally offered to invest in Patuakhali EPZ, said Bepza official Nazma.

Meanwhile, officials of the Planning Commission told TBS that they have already started reviewing the proposal.

The project evaluation committee meeting will be held after Eid on 5 July. After this, the proposal will be presented to the Executive Committee of the National Economic Council (Ecnec) meeting for the final approval.

“The land acquisition process will begin after the Ecnec approval. Then the main construction work will start. Our target is to complete the project by June 2026,” Nazma Binte Alamgir said.

According to officials concerned, the expenditure of the project will be drawn from the government fund as a loan at 2% interest.

Under the project, environment-friendly industrial plots will be developed for investors with all other necessary supplies and amenities.

EPZs in Bangladesh

Bepza was established in 1980. The agency, operating under the Prime Minister’s Office, manages all the EPZs in the country. 

Currently, there are eight EPZs in Bangladesh. The first one was set up in Chattogram by Bepza In 1983 and the other seven were developed in phases over the last three decades.

Work on the Dhaka EPZ began in 1993 and the Dhaka EPZ expansion project was taken up in 1997 after receiving positive feedback from potential investors. 

Later EPZs were set up in Mongla, Cumilla, Ishwardi and Uttara (Nilphamari). Two more EPZs were set up in Adamjee Jute Mills and Chittagong Steel Mills areas.

At present, investments in 456 industries in these EPZs amount to more than $6.04 billion. These zones are producing export goods worth $95.87 billion annually. 

More than five lakh skilled workers in the country’s EPZs are manufacturing multi-variety products for world-famous brands.

Satellite towns have been automatically developed around various EPZs of the country. Apart from this, backward and old industrial factories, and accessories industries including transportation, food supply, markets, educational institutions, and hospitals have been developed around the EPZs.

BGMEA moves to utilise Jamdani for wider global presence

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The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has started developing local high-end heritage fashion items to get better prices from global retailers.

The garment makers platform took the initiative as part of its plan to export $100 billion garment items and grab 12 per cent of the global apparel market by 2030.

To materialise the plan, the BGMEA in collaboration with the commerce ministry and the World Trade Organisation has trained 160 students, weavers and Jamdani makers.

These 160 trained hands will be able to develop new designs with local motifs on the fabrics for making garment items, said Faruque Hassan, president of BGMEA.

“We expect the local garment manufacturers will start producing high-end garment items from Jamdani fabrics as the prices of those goods are very high.”

He spoke at a certificate-giving ceremony among the trainees at the BGMEA Complex in Dhaka today.

Robust growth in RMG not reflected in job creation

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The robust growth in garment export has not been reflected in employment creation in the sector, according to an expert. 

Between 2008 and 2022, Bangladesh’s garment exports grew from $10 billion to $42 billion. However, employment in the sector is almost stagnant around 3.5 million to 4 million.

“Automation and infusion of labour-saving technology is the reason for the stagnant employment in the sector,” said Mohammad Abdur Razzaque, chairman of the Research and Policy Integration for Development (RAPID).

He was presenting a keynote at a technical dialogue on “National Employment Policy and Labour Market Employment Challenges in Bangladesh” jointly organised by the labour and employment ministry and International Labour Organization (ILO) at InterContinental Dhaka yesterday.

“One of the principal reasons for weak employment generation in the manufacturing sector is being increasingly attributed to the use of more capital-intensive technologies and automation,” said Razzaque.

This is coming about as the services and industry sectors’ employment shares are not expanding proportionately with the GDP, he said.

Though Bangladesh’s garment exports grew from $10 billion to $42 billion between 2008 and 2022, employment in the sector is almost stagnant at around 3.5 million to 4 million. Photo: Star/file

Since 2010, the share of the industrial sector in the GDP increased by more than 10 percentage points to 36.9 per cent, but the share of employment fell by 1 percentage points to 17 per cent, her said in a presentation.

According to Labour Force Survey (LFS) 2017, workers employed in the industrial sector have fallen by 3.5 lakh (0.35 million) from 12.4 million to 12.05 million in 2022, read the presentation.

Meanwhile, the average real GDP output of the industrial sector grew by more than 9 per cent per annum. On an average, 65 per cent of industrial GDP output comes from manufacturing, it added.

Between LFS 2013 and 2017, manufacturing employment declined by 0.7 million. But the manufacturing GDP grew by Tk 648 billion (average growth of 9 per cent) during the same time, it read.

Provisional report of LFS 2022 did not report the share of employment of manufacturing sectors, it said.

His presentation was on “Labour Market Dynamics in Bangladesh and the National Employment Policy (NEP) 2022”.

The NEP includes provisions for skills development of both domestic and migrant workers, establishment of labour market information system (LMIS), creation of national employment database, etc.

The policy identified 11 challenges to creating skilled manpower in Bangladesh, including inadequate sector-based training centres with modern technology, lack of education and language proficiency of workers, shortage of modern benefits, instruments and skilled trainers and weakness in operating and monitoring training institutes.

A lack of government and private initiatives to create a productive labour force and lack of sector-based modern training manuals and trainers are also key challenges.

Razzaque said the NEP 2022 was a welcome initiative as its objectives and “issues for consideration” were well-specified.

“However, its effective implementation will be most important,” he said.

“It requires a concrete time-bound national action plan with clear and pragmatic goals. The NEP should be subject to regular periodical review/monitoring and evaluation mechanisms to assess progress and undertake any corrective measures,” he added.

Begum Monnujan Sufian, state minister of labour and employment, said the Ministry of Labour and Employment, together with other ministries and stakeholders, would pursue evidence-based policy development and targeted interventions to create an enabling environment for decent employment opportunities.

“This initiative will be aligned with the employment policy developed last year. As part of its implementation, the Ministry of Labour and Employment is also exploring the establishment of an employment directorate to coordinate the employment agenda,” she said.

Tuomo Poutiainen, country director for ILO Bangladesh, ensured ILO’s support for the Bangladesh government to achieve the United Nations country status graduation and Vision 2041 by implementing a 4th decent work country programme.

“It is evident that jobs creation, social security, quality of employment and international trade are crucial to achieve the goals, but the national employment policy could be the pivotal tool to pushing employment agenda further in connection to achieve the country’s vision,” he said.

“Promoting the creation of full and productive employment has been an integral part of ILO’s work in Bangladesh,” he said.

“This is because decent jobs are not just any jobs but the basis for peace, social justice, social inclusion, economic development, and personal fulfilment,” he added.

Md Kawser Ahmed, member (secretary) of General Economics Division (GED), Sharifa Khan, secretary to Economic Relations Division, Shahnaz Arefin, secretary to Statistics and Informatics Division, and Sher Singh Verick, acting chief for employment, labour market and youth branch of ILO, were present.

Non-banks’ loan recovery suffers

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Loan recovery by non-bank financial institutions (NBFIs) dropped in the January-March period as businesses are facing the detrimental effect of a challenging business scenario amid the devaluation of the local currency and electricity shortages.

In the first three months of the current calendar year, loan recovery by NBFIs dropped 5.46 per cent to Tk 6,586 crore from the preceding quarter in 2022.

The recovery rate declined both in banks and NBFIs as businesses are finding it hard to repay loans, said Kanti Kumar Saha, vice president of the Bangladesh Leasing and Finance Companies Association (BLFCA).

Raw material prices have risen by a huge margin, which is tough to handle for most companies as they cannot fully shift the burden onto consumers.

This is especially true for firms that depend on imported raw materials.

“As a result, the businesses were impacted,” said Saha, also managing director of Alliance Finance PLC.

And even when entrepreneurs were able to shift the burden, their business suffered as sales dropped, he added.

Loan recovery from the construction sector fell the highest, 22.5 per cent, followed by the agriculture sector (20 per cent), transport (11.8 per cent), trade and commerce (8.8 per cent) and industrial sector (8.7 per cent), according to Bangladesh Bank data.

Although almost all businesses were impacted, it was massive for the small-scale ones, and since they are the main borrower of the NBFIs, the impact on the NBFIs is higher, Saha said.

Deposits of many NBFIs fell, so their advance and lending were also lower last year, which ultimately led to lower recoveries, said Md Golam Sarwar Bhuiyan, president of the BLFCA.

The NBFIs attracted deposits of Tk 43,698 crore in the first quarter of 2023, which was 0.12 per cent lower compared to the preceding quarter, as per central bank data.

The deposits also dropped in the NBFIs as increased inflationary pressure ate away people’s savings and interest rate in the NBFIs is low compared to that in banks, said Bhuiyan, who is also the managing director of the Industrial and Infrastructure Development Finance Company.

Saha echoed the same, saying that the deposit growth of the NBFIs has been in the negative since last year as the central bank had capped the interest rate at 7 per cent while banks were able to offer a higher rate adjusting with the inflation rate.

Inflation in Bangladesh jumped to 9.33 per cent in March, which was 8.78 per cent and 8.57 per cent in the previous two months respectively, according to the Bangladesh Bureau of Statistics.

As a result, the interest rate for deposits is lower in the NBFIs compared to the banking sector. So, people prefer the banks to keep their savings, Saha said.

“Now, Bangladesh Bank allows us to add 2 more percentage points with SMART (six-month moving average rate of treasury bill) for attracting deposits,” he said.

If inflation rises further, banks will be able to offer a higher interest rate again as they can offer inflation-adjusted rates. It is expected now, meaning a change in the treasury bill rate in alignment with the inflation rate, he added.

Well governed NBFIs are getting deposits as they have acquired faith of the savers in their previous years, said Sabed Bin Ahsan, head of deposits and affordable housing loans of DBH Finance PLC.

But the confidence issue was making some NBFIs suffer, he said.

Although it was common in the banking sector too, the NBFIs were unfortunately impacted more when it comes to attracting deposits, he added.

RSC starts including new RMG factories

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The RMG Sustainability Council (RSC) has started enlisting new factories without brand nomination.  

Previously, the factories could only be enlisted in RSC if they have nomination from the brand.  

From now on, any export-oriented garment factories who are the members of BGMEA and BKMEA can also be enlisted under RSC with the nomination of BGMEA. 

BGMEA President Faruque Hassan signed an agreement with 8 garment factories on Monday (19 June) at BGMEA Complex, Uttara. These factories will now be listed in RSC. 

Nafis ud Daula, director of RSC board was also present at the MoU signing ceremony. 

BGMEA President Faruque Hassan said, “We thank our factories for joining the RSC spontaneously. Through this, the entrance of the new factories to the RSC has opened.” 

He said, “By enlisting under the RSC, these garment factories will be able to take orders from the global renowned brands which will play a significant role in increasing the country’s exports.

“By following these 8 factories, other factories would be encouraged to be enlisted under RSC.” 

During the first phase, the RSC will inspect the working environment of the factories and provide safety remediation in terms of fire, electrical and structural.

The RMG Sustainability Council (RSC) is an unprecedented private national tripartite initiative to carry forward the significant accomplishments made in workplace safety in Bangladesh. The RSC was set up by three incorporating members representing each of the three constituents from Global Fashion Brands, Global and Local Trade Unions and Industry. The vision of RSC is to deliver world-class sustainable workplace safety programmes and to make the RMG Industry a safe and better place to work.

Dhaka retains duty-free access for exports to UK, but it depends on human rights, political freedom

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The UK’s Developing Countries Trading Scheme (DCTS) has come into effect from Monday, 19 June, with simplified rules and tariff cuts that will facilitate more products entering the UK market from 65 developing countries including Bangladesh.

“Bangladesh is due to graduate from Least Developed Country status in 2026. Changes made to the DCTS mean Bangladesh will retain duty-free access for 98% of exports, including readymade garments. It is more generous than the European Union’s scheme the UK was previously a member of,” says a British High Commission release in Dhaka on Monday, reports UNB.

Under the new scheme, Bangladesh will be able to participate in global value chains involving raw materials from 95 countries to export their final products to the UK duty-free, provided they meet certain requirements, it says.

The announcement comes as a relief for Bangladesh as traders and policymakers were worrying about the status of trade with the UK since the country exited from the European Union.

“This new scheme demonstrates the UK’s commitment to a modern and mutually beneficial partnership with Bangladesh,” says the release, stating the DCTS will help grow trade, boost jobs, and drive sustained economic growth.

However, retention of DCTS preferences is based on respect for human and labour rights and compliance with relevant international conventions, including those on civil and political rights, anti-corruption, climate change and the environment, it reminds.

“The DCTS promotes free and fair trade, human rights, and good governance,” says the High Commission.

The DCTS makes it easier to produce goods using components from other countries without losing duty free status.

The British High Commissioner to Bangladesh, Sarah Cooke, said the DCTS will support Bangladesh’s manufacturing capacity, increase long term economic growth and resilience, and allow it to access global supply chains, reports UNB.

“It benefits the UK through greater consumer choice and competitive prices. This announcement underscores our commitment to a modern and mutually beneficial partnership with Bangladesh, based on deeper, economic and trade ties and global standards.”

The scheme will contribute to developing countries’ integration into the global economy, creating stronger trade and investment partners for the future, and strengthening supply chains, it adds.

Exporters are upbeat with the announcement and expecting a further boost in exports to the UK market.

Talking with The Business Standard, BGMEA Vice President Shahidullah Azim said the DCTS scheme will create an opportunity for Bangladesh’s exports to the UK market, especially “when we will lose duty-free market access after LDC graduation.”

He also mentioned that this facility will also be helpful to negotiate with other countries after graduation.

The BGMEA vice president, however, said there is no fear about maintaining compliance and labour rights issues as the Bangladesh apparel industry already maintains the standards which are beyond the standards they set.

“There are two parts, one is for entrepreneurs and the other part refers to the government,” Azim added.

The UK’s total imports from Bangladesh surged by 54.0% to £3.8 billion ($4.86b) in 2022. At the same time, UK exports to Bangladesh increased by 36.7% to reach £897 million ($1.15b) during the same period, according to the data released in May by UK’s Department for Business and Trade.

Apparel exporters Tusuka Group’s chairman Arshad Jamal Dipu welcomed the UK’s scheme, saying it is a very positive step. “We hope our exports will increase there even after the LDC graduation if the scheme remains in force,” he said.  

Syedur Rahman Ranu, president of British Bangladesh Chamber of Commerce & Industry (BBCCI), the initiative taken by the UK is good news for Bangladesh. “It will boost export potentials for non-RMG products too.”

Though the new scheme would reduce value addition criteria from 30% now to 25% for developing countries and relax the condition for ratifying 32 international conventions, issues like human rights violation might still matter, trade researchers said.

Dr Mohammad Abdur Razzaque, an international trade expert and chairman at Research and Policy Integration for Development told TBS that the adherence to 32 international conventions is not mandatory for the UK as it is for the EU. “It means Bangladesh will get some relief in issues like human rights. But the UK will reserve this right to review in case of any violation,” he says.

Md Touhid Hossain, former foreign secretary told TBS, “It is useless to judge now if the trade conditions are justified for us or not, rather we have to accept those and get prepared.” He said it is assumed that Bangladesh might have to adhere to conditions if it wants to get benefits. “At best we can bargain, there is no point in thinking otherwise,” the former diplomat said, pointing out that most of the issues like labour rights, civil rights, political rights are all recognised in our constitutions.

Having left the EU, the UK was planning to relax import terms and launch the Developing Countries Trading Scheme this year to replace the Generalised Scheme of Preferences (GSP) to facilitate more trade with developing countries such as Bangladesh.

The scheme, which will offer lower tariffs and simpler rules of origin requirements for exporting to the UK, could increase Bangladesh’s exports of readymade garments to the UK two and a half times to $11 billion by 2030, a study by the private research organisation Research and Policy Integration for Development (RAPID) said in March.

According to RAPID data, Bangladesh has gained most of the share lost by China in the UK market.

“As some conditions have been relaxed in the DCTS and China’s market share is declining there, the growth rate (of Bangladesh’s RMG exports) could be 10% till 2026,” RAPID chairman Dr Mohammad Abdur Razzaque forecasts.  

Data shows Bangladesh now holds the second position in the UK market with its share in the UK apparel market doubling to over 14% in 11 years to 2021, when China’s share fell from 37% to 21%.

Though the new scheme would reduce value addition criteria from 30% now to 25% for developing countries and relax the condition for ratifying 32 international conventions, issues like human rights violation might still matter, trade researchers said.

25 global textile CEOs in Dhaka for low carbon emission

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A delegation of 25 chief executive officers (CEOs) and founders of major African and central Asian textile, apparel, and footwear companies, accompanied by the representatives of prominent global brands, is now visiting Bangladesh on a two-day tour to encourage low carbon emission and share of knowledge in the sectors.

The delegation reached Bangladesh on June 18 when over 28 local garment manufactures hosted them, the International Finance Corporation (IFC) said in a statement today.

Bangladesh is a leading garment production hub in the world which, before the Covid-19 pandemic, directly employed more than 4 million people, contributed about 8 per cent to the country’s gross domestic product and accounted for more than 80 per cent of the country’s export earnings, the IFC said.

The IFC has spearheaded an initiative to promote south-south cooperation, peer-learning, and joint ventures in the textile, apparel, and footwear sectors through an Africa-Asia roadshow.

With developing countries contributing the largest share in this rapidly growing segment, which is projected to reach $4.4 trillion by 2030 from $2.2 trillion in 2018, the roadshow aimed to facilitate meaningful cross-regional engagement, encourage low-carbon development, share know-how and technology and uplift communities.

The global manufacturing landscape is undergoing a significant realignment in the aftermath of the Covid-19 pandemic.

As this shift takes shape, developing countries are poised to benefit the most, the corporation said.

One of the participating CEOs, M René Silué, managing director of Compagnie Ivoirienne pour le Dévelopement des Textiles (CIDT) in Côte d’Ivoire, remarked: “This roadshow is a great opportunity for us at CIDT, to connect with our peers in South Asia, exchange insights, and explore possibilities for collaboration. We believe that by working together, we can create mutually beneficial relationships that will propel our businesses forward.”

“We are thrilled to see a part of this roadshow as it helped us learn about the best practices of brands and factories in the ready-made garments industry. We hope to work together and foster our partnership in the future through effective collaborations,” said Kamola Nabieva, main specialist of the UzTextileProm Association of the Uzbekistan.

‘Time to diversify export basket to UK’

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Bangladesh considers the United Kingdom (UK) as an important export destination and it is time for diversifying the export basket, as the bilateral trade is currently concentrated on a few specific items, FBCCI President Md Jashim Uddin said today.

The policymakers and business leaders of the two countries should collaborate in a focused manner to improve and diversify this trade relationship, said the chief of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI).

“Our bilateral trade currently stands at $5.46 billion. Bangladesh exported goods worth $4.83 billion in 2021-22 fiscal year while import was $0.63 billion,” he said.

“Our export to the UK is concentrated on a few items like knitwear, woven garments, frozen fish, clothing, and textile. We need to diversify our export items.”

He made the comments at an event styled “Bangladesh-UK Business Corridor: Legacy and the Future” jointly organised by the HSBC in partnership with the FBCCI at the Westin Dhaka.

In a bid to improve bilateral trade and investment between Bangladesh and the UK, the HSBC in partnership with the FBCCI has commissioned a study on the UK and Bangladesh market to Ernst and Young and Quay Asia.

“The UK and Bangladesh share an excellent bond with a strong people-to-people connection. This study will serve as a stepping stone towards further developing trade, investment, and economic relations,” said Jashim Uddin.

“And I believe this study will mark a significant milestone in the bilateral business and economic relations between the UK and Bangladesh, serve as a roadmap, guiding investors and entrepreneurs towards the most promising sectors and facilitating collaborations that drive economic growth.”

Commerce Minister Tipu Munshi said: “I thank HSBC and FBCCI for supporting this market study which will undoubtedly open opportunities for further trade and investment growth.”

Mahbub ur Rahman, chief executive officer of HSBC Bangladesh, ‍said the UK is the second largest foreign investor and third largest export destination for Bangladesh. “This study shall enable us to scope out the avenues of opportunities in our respective trade and investment ecosystem. Through this collective endeavour, we can leverage those opportunities across both our countries, forging a path towards a prosperous future.”

The synergy between the nations is a true win-win scenario, benefitting not only the economies but also fostering long-term, sustainable relationships, he said.

Over 240 British companies have so far invested in Bangladesh.

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