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An unlikely product brings $400m a year: cotton waste

POST BY
RMG Bangladesh
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The export of cotton waste from Bangladesh is rising rapidly on the back of higher demand for recycled garments globally amid growing consumer awareness and their lower prices in the domestic market.

Cotton waste refers to the waste of cotton and textile waste generated in spinning, weaving and textile mills coming in the forms of fibres, threads or fabric pieces depending on the manufacturing stage.

The consumption of recycled apparel items has grown in western markets, prompting local traders to ship the expensive raw materials directly to other countries, particularly India, China and Turkey.

In July-December of the current financial year of 2023-24, cotton waste export rose 72.15 percent year-on-year to $264.05 million, data from the Export Promotion Bureau showed.

Cotton waste export stood at $411.12 million in the entire fiscal year of 2022-23.

Many international clothing retailers and brands are transforming the fashion industry on the basis of recycled items with a view to cutting their carbon footprint and avoiding widespread waste, sending the demand for waste materials high.

Recently, Swedish retail giant H&M asked garment suppliers to use more cotton waste than raw cotton in their manufacturing process. Clothing retailers and brands prefer the reuse and recycling of garments to avoid environmental damage.

A new proposed European Union law has already had an impact on the consumption of garments made from cotton waste. The 27-country bloc has decided not to buy garments from factories that don’t use cotton waste from 2030, as part of their circular fashion move.

Circular fashion is a closed-loop system making new materials out of old materials, reducing the number of natural resources used to make clothing and diverting products from landfills.

Bangladesh generates around 4 lakh tonnes of cotton waste a year. If recycled, it could be used to manufacture exportable garments worth $6 billion. However, most of the items is being shipped abroad although local garment exporters are very much against.

“Because of higher demand abroad, traders don’t even have to sort them properly before shipping,” said Md Abdur Rouf, executive director of Bhaluka-based Simco Spinning & Textiles Ltd, which currently produces 20 tonnes of recycled yarn a day.

The gap between the export price and the local market rate is also a factor for the shipment of cotton wastes, said Rouf. As a result, many local mills are not finding enough wastes to make yarn and fabrics.

Khorshed Alam, chairman of Little Group, said since exporters receive higher prices, they prefer to sell the raw materials in the international markets.

“As a result, both value and volume of the export of cotton wastes are increasing.”

Among the garment wastes, the cotton waste is more expensive and millers usually don’t export them. Rather, they use them to make denim fabrics and denim garment items, Alam said.

On the other hand, knitwear waste is exported since the item is not recycled at a large scale, he added.

Monsoor Ahmed, chief executive officer of the Bangladesh Textile Mills Association, says nearly 30 local mills produce recycled yarns and they are demanding the removal of the VAT and other taxes on the sales of recycled yarn in the domestic market.

“Owing to the taxes, new investments are still slow and many traders prefer to exports.”

Faruque Hassan, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), says the demand for recycled garment items is growing globally as consumers want to cut carbon emissions.

Each year, more than 10,000 crore items of clothing are produced globally, according to some estimates, with 65 percent of these ending up in landfill within 12 months. Landfill sites release equal parts carbon dioxide and methane – the latter greenhouse gas being 28 times more potent than the former over a 100-year period, said a BBC article in February last year.

The fashion industry is estimated to be responsible for 8-10 percent of global carbon emissions, according to the United Nations. Just 1 percent of recycled clothes are turned back into new garments.

The BGMEA has already requested the government discourage the export of cotton wastes since demand is rising at home.

According to Hassan, since significant investments in the recycled yarn processing have not taken place, some like to export the items.

The exports or local sales are much better options compared to the past scenario when most wastes from old clothing items either ended up in landfills or were burnt out.

“Now, it is being processed and made into yarns and fabrics,” said the BGMEA chief.

News Sources : thedailystar

SME sector suffers setback in 2023 amid economic woes

POST BY
RMG Bangladesh
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A file photo shows two women organising products at a stall at an SME fair in the capital Dhaka. — New Age photo

Many small and medium enterprises in the country suffered tough challenges throughout 2023 due to increased production costs, rising inflation and difficulties in obtaining letters of credit for importing raw materials, businesses said.

They said that the SME manufacturing sector which accounted for nearly 25 per cent of the country’s gross domestic product borne the brunt of the ongoing economic woes in the country.

Ohidul Haque Shanto, proprietor of Chamra Bari, a business specialising in leather goods, lamented a decrease in both production and sales compared with those in the previous year.

He said, ‘In the previous year, we received five orders, whereas in 2023, we managed to secure only one order.’

He said, ‘Recently I have missed out on two orders due to escalating cost of production.’

He said that raw materials such as leather, dyes and solutions, essential for crafting leather products had become more expensive.

This surge in the prices of raw materials has significantly raised the production costs, he added.

He said that the importers of raw materials said that the increased import costs were a result of the difficulties encountered in opening LCs.

In January 2023, the general point-to-point inflation rate stood at 8.57 per cent, with food inflation at 7.76 per cent.

In November of the same year, the general inflation figure rose to 9.49 per cent and 10.76 per cent for food inflation, according to Bangladesh Bureau of Statistics data.

Jahirul Islam, proprietor of Shamima Silk House, a small business specialising in handloom saris, mentioned that in the past, they operated between 25 to 30 hand machines for sari production.

However, currently they are only able to run four machines.

He observed that the rising cost of living had led to increased wage demands from workers, consequently raising their production costs.

Moreover, due to this escalated cost of living, there has been a decline in customers as people’s purchasing power has diminished, he said.

Centre for Policy Dialogue distinguished fellow Mustafizur Rahman told New Age that different types of economic challenges had collectively impacted all forms of investments, with a greater effect observed in the SME sector.

He said that the increase in the prices of raw materials and the rise in the cost of doing business had disproportionately affected small and medium industries.

‘While they were just recovering from the Covid outbreak fallout, these challenges have hit small businesses harder, and their usual coping mechanism might not suffice in overcoming these problems,’ he said.

He said, ‘The SMEs that produce products for the local market and those who are involved in exports both suffered losses.’

They encountered various issues starting from the opening of LCs, he said.

While larger industries managed to leverage opportunities and banking facilities somewhat, procuring dollars at higher rates for material imports or opening LCs, smaller industries struggled to access the same, leading to increased hardships for them, Mustafizur said.

A total of 78,13,315 establishments within the SME sector, including cottage, micro, small, and medium enterprises and these establishments collectively engaged a workforce of 2,10,33,994 individuals, according to the Economic Census of 2013 conducted by Bangladesh Bureau of Statistics.

Out of the total establishments, 68,42,884 were cottage industries, 1,04,007 were micro enterprises, 8,59,318 were small enterprises and 7,106 fell under the medium category.

In terms of the workforce involved in these SMEs, 1,31,68,327 individuals were employed in cottage industries, 5,58,870 in micro enterprises, 66,00,685 in small enterprises and 7,06,112 individuals were engaged in medium-sized units.

Garment waste recycling can reduce cotton imports by 15%

POST BY
RMG Bangladesh
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More use of cotton waste means more value addition and more employment. Possible to make $6 billion worth of exportable garments. Need policy support to utilize its full potential.

At present, the country has an annual demand of about 80 lakh bales (one bale of 182 kg) of cotton. In contrast, the country is producing only 2 lakh bales compared to the demand which is less than 3 percent. On the other hand, about five to six lakh tons of cotton waste is produced in Bangladesh annually. If this cotton waste was recycled in the country, cotton imports would be reduced by about 15 percent. 500 million dollars would have been saved.

Figure: If this cotton waste was recycled in the country, cotton imports would be reduced by about 15 percent. 

Garment-exporting factories generate a huge amount of waste of more than five lakh tons. This waste is mainly cloth cut residue, scrap, yarn, and textile waste produced in the weaving and textile industries. Currently, only $300 to $400 million are earned by exporting a part of the country’s manufactured garment waste. But if the garment waste could be recycled, it would be possible to make $6 billion worth of exportable garments.

Also read: https://www.textiletoday.com.bd/cotton-waste-export-increases-with-global-demand-more-beneficial-if-recycled-locally

Mohammad Ali Khokon, President of Bangladesh Textile Mills Association (BTMA), said that a huge amount of garment waste is generated in the pre- and post-production stages of the country. If we can convert this waste into recyclable materials, it will help reduce cotton imports by 15 percent.

Many local factories are producing yarn by mixing new cotton with cotton waste. 40 small and large factories including Simco Spinning & Textile Ltd, Square Textiles PLC, Beximco Group (jointly with Spanish company Recover), Akij Group, Badsha Group, Mosharaf Group, Aman Textiles, Hameem Group, S Alam Group and Mother Textile Mills are using garment waste to produce recycled yarn. But this is only 5 percent of the waste being recycled to make exportable products.

Meanwhile, the use of recycled materials worldwide is increasing day by day with increasing consumer awareness about the sustainable use of clothing. Due to a new proposed law in the European Union, the use of clothing made from cotton waste will increase. The EU will not buy clothes from factories that do not use cotton waste from 2030.

Because of this, Bangladeshi garment manufacturers are also paying more attention to circular fashion and using new technologies. BGMEA has already called on the government to ban the export of cotton waste. So that such raw materials are easily available in the country’s market for garment manufacturers. BGMEA President Faruque Hassan said, BGMEA and its member factories are actively working on waste recycling to reduce dependence on imported 98 percent cotton to meet current demand.

The benefits of recycling are not limited to cost savings. More use of garment waste means more value addition and more employment. Because the demand for clothes made from cotton waste is increasing globally.

Since 2013, Dutch brand G-Star has been leading sustainable fashion by creating new denim products using post-consumer denim waste. Swedish H&M aims to source 100% of its materials in recycled or a more sustainable manner by 2030. And it wants to use 30 percent recycled materials by 2025. Spanish brand Inditex has set a target of making 100% of its textile products from materials with a low environmental footprint by 2030.

However, the recycling industry in the apparel sector has some major challenges in terms of financing and taxation. Mohammad Ali Khokon said the main challenge is imposing 22 percent VAT. There is 7 percent VAT on garment waste collection and 15 percent VAT on sale of recycled yarn. BGMEA president Faruque Hassan said the government should provide policy and tax support to encourage recycling.

On the other hand, most garment waste recycling technology companies are European, requiring high investment in the sector, which is a major challenge. If the government has a scheme to provide low-cost financial support to the garment recycling industry and if buyers or donor agencies provide financial support, the garment industry will be in a better position to utilize its full potential.

BGMEA sends letter to British envoy regarding Guardians’ defaming article

POST BY
RMG Bangladesh
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The report published in the British newspaper Guardian about women workers in Bangladesh garment sector, tried to smear the honor of millions of women workers. Exporters’ body BGMEA has termed the report as false and distorted. The Guardian has published such sensational reports without evidence several times before.

BGMEA sends letter to British envoy regarding Guardians’ defaming article
Figure: The real truth is that the garment industry is playing an important role as a platform for the empowerment of millions of women in Bangladesh.

BGMEA President Faruque Hassan said these things in a letter sent to British High Commissioner Sarah Cooke appointed in Dhaka on December 3. Referring to the negative impact of the Guardian’s report, he requested the High Commissioner to raise the matter with the editor of the newspaper.

BGMEA’s letter also said that the report tried to portray Bangladesh’s garment sector as a sector of oppression. The real truth is not revealed. The real truth is that the garment industry is playing an important role as a platform for the empowerment of millions of women in Bangladesh and their economic independence. Through this, these women are supporting their families and educating their children.

A copy of the letter has been sent to the Prime Minister’s Office, Ministry of Foreign Affairs, Ministry of Commerce, Ministry of Labor, High Commission of Bangladesh in the UK and other related departments.

Recently a report was published in the Guardian quoting a Bangladeshi female garment worker. It is said that women garment workers are forced to work as sex workers at night due to rising cost of living due to inflation. When the report came to notice, BGMEA protested immediately. The organization termed the news as fake and deliberate. On 02 January, a protest rally was organized by seven federations of garment sector workers unions.

Garment exporters relieved as VAT on shipment goods lifted

POST BY
RMG Bangladesh
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Finally, Chittagong Port Authority has withdrawn the value added tax (VAT) on port services for export-oriented industries to help businesses facing downturn amid the global economic crisis.

For the past few months, the Chittagong Port Authority has been collecting VAT at the rate of 15 percent against various charges on the import and export of garment industry’s raw materials. Because the National Board of Revenue (NBR) had granted the provision of 15% VAT on port services for both imported and locally manufactured goods for fully export-oriented industries and factories. They granted it by issuing two separate statutory regulatory orders (SROs) back in 2019 and 2021.

Figure: Relief for Bangladesh shippers as tax on exports is lifted.

Last year’s Finance Act ended the “zero rate of VAT” on services relating to the ‘transportation of international transport services and supplies relating to loading on and unloading from ships’, from 1 July 2022, after which the chairman of the Chittagong Port Authority had to start collecting 15% VAT on port services –  which hit garment exporters hard, they claimed.

Some 45% of containerised goods, mainly raw materials, imported through Chittagong port came under the purview of VAT, raising the cost of exports, mainly garments.

An emergency meeting of senior leaders of BGMEA was held with NBR on October 1 to stop VAT collection. In addition, on October 4, Syed Nazrul Islam, the First Vice President of BGMEA, wrote a letter to Chittagong Customs, Excise and VAT Commissioner Syed Mushfiqur Rahman requesting to stop VAT collection.

The VAT Commissioner wrote a letter to the member of the National Board of Revenue (musak policy) on October 30 seeking guidance in this regard.

Data shows that Chittagong port handled a total of 3.05m teu in 2023, compared with 3.143m in 2022. Some 4,103 ships came to the port last year, around 6% fewer than in 2022.

Inland container depots handled 877,689 teu of containers in 2023, against 983,452 teu in 2022, around 11% less.

(Source: The Load Star)

Price has a greater impact on US consumers purchasing decisions: Survey

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RMG Bangladesh
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Only a third (32%) of US consumers highly prioritize sustainability when making purchasing decisions, compared to other factors like good value (68%) and low price (57%). This result was revealed by a survey conducted by financial services company Stifel Finance Corp, which questioned over 6,000 US active/causal lifestyle brand consumers aged 18-55.

Figure: Almost three out of five consumers (63%) remain willing to pay a premium for brands with leading sustainability practices.

Amid continuous inflationary pressures, the survey revealed price continues to play a key factor in purchase choices. Nevertheless, almost three out of five consumers (63%) remain willing to pay a premium for brands with leading sustainability practices.

The survey finds U.S. consumer views of the importance of brands operating sustainably has reached parity with Europe, but also shows greater consumer concerns about the economy and personal finances. Following three years of near-record inflation, the survey data indicates heightened price sensitivity, just as the holiday shopping season kicks into high gear.

Many consumers regularly consider and value sustainability, especially in the active and casual lifestyle category. The survey found that 62% of consumers are more concerned about the state of the economy this year versus last year and 56% are more worried about their personal finances, so low-cost issues are having a greater impact on purchasing decisions.

Key findings

In the US, most active/casual lifestyle brand consumers (80%) agreed it is important for brands to focus on improving their sustainability practices, and many regularly consider and value sustainability when they shop these categories

Four in five US consumers said it is important for brands to operate sustainably, including almost two in five (38%) who said it is “very important”

Ethical business practices continue to be top-of-mind to US consumers, with over half (58%) saying they are “very important” for brands to prioritize. When asked to rank individual sustainability priorities for brands, US consumers most frequently prioritize ethical business priorities.

Most US consumers (80%) reported trying to be more sustainable in their day-to-day life, 70% care more now about sustainability of products than they did a year ago, and 49% regularly chose more expensive products for the sake of sustainability.

Two in three US consumers reported to have heard of a brand which received negative backlash on social media for a statement or action taken on a social issue. Half of category purchasers have boycotted a brand this year or in the past, and only one in four would not consider boycotting.

When asked what they preferred, about three in five US consumers stated they would rather a brand stay out of social issues entirely, than to make a statement which they disagreed with. If a brand did make a statement that consumers disagreed with, only one in three said it would not affect the trust that they had for the brand.

Key global consumer findings

The survey also questioned over 4,000 additional active/causal lifestyle brand consumers aged 18-55 across the UK, Italy, Germany, and France and found:

A large share of consumers across the surveyed European markets prioritize sustainability, though with directionally lower indications of willingness to research and spend on leading sustainability practices compared to 2022.

Across all markets, at least four in five active/casual lifestyle brand purchasers said it’s important that brands operate with environmental sustainability, social sustainability, and ethical business practices.

Italy and Germany both experienced a significant decline among consumers in terms of a willingness to pay more for brands with leading sustainability practices.

Traditional knitwear house Astrifa adopts pattern technology

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RMG Bangladesh
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Astrifa GmbH, a Bavarian traditional knitwear manufacturer, places its trust in Stoll’s Create Plus software for crafting its sweaters.

Despite the homage to craftsmanship in the production of knitted jackets, pullovers, hats, and scarves in traditional costume style, Astrifa’s manufacturing process is decidedly ultra-modern.

Figure: Astrifa GmbH places its trust in Stoll’s Create Plus software for crafting its sweaters.

In addition to utilizing state-of-the-art machinery, Astrifa adopts innovative solutions for programming, incorporating Karl Mayer Stoll’s Create Plus alongside other patterning systems.

The company’s longstanding collaboration with Stoll, dating almost to its inception, has been marked by consistent support from the renowned industry player.

Even during a significant expansion and renovation initiative in the 1980s, Astrifa received the latest generation of machines from Stoll.

The company, located in Aidenbach in the Passau district of Bavaria, boasts approximately 70 employees and generates around 700 items weekly for men, women, and children. Employing the finest merino wool from England, Astrifa’s production floor is exclusively equipped with Stoll flat knitting machines, including the latest models from the ADF and CMS series.

Presently, Astrifa operates a total of 17 Stoll flat knitting machines, underscoring the enduring nature of their partnership, characterized by reliable all-round support.

The Create Plus software combines a full-featured, advanced programming system with an easy-to-learn user interface, revolutionizing the programming of Stoll flat knitting machines. The software also stimulated great interest at ITMA 2023.

Versions are updated every four months; the most recent release includes numerous fine-tuned enhancements as well as a significantly larger multi-part knitting system than the previous version of the program, along with a wealth of report and statistic creation options.

For the further development of Create Plus, a constant dialog between the manufacturer and users may happen.

RMG workers stage protests in Gazipur for not getting increased wage

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RMG Bangladesh
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Over a thousand workers of a garment factory in Gazipur blocked the Nabinagar-Chandra highway and staged demonstrations claiming that they did not get salaries aligned with the newly implemented wage structure.

The workers of Dorin Garments Limited started a protest by blocking the road in Jirani area under Kashimpur police station of Gazipur from 5:00pm on Thursday (4 January), creating a 15-kilometer tailback on both sides of the highway.

Police dispersed the protesting workers around 7:30pm and cleared the road.

The agitating workers claimed the factory authorities have yet to implement the new minimum wage for all workers. 

Additionally, the workers requested a three-day holiday during the national elections, which was allegedly declined by the owners.

Following the disagreement with the factory authorities in the afternoon, a group of workers initiated a protest on the streets. Later, thousands of factory workers joined in solidarity.

Md. Moinul Haque, additional superintendent of police of Gazipur Industrial Police-2, told The Business Standard that workers staged protests on the highway, stating that they did not receive payments in accordance with the newly set government wages.

“The situation calmed down around 7:30pm after we managed to remove them from the highway,” he added.

Sheikh Abul Hasan, officer-in-charge of Savar highway police station, said, “A prolonged traffic congestion was created along the road, stretching from Savar’s Jirani towards Bishmile on Dhaka-Aricha highway due to the workers’ protest.”

The situation has improved and traffic is gradually returning to normal, he added.

The factory authorities could not be reached for comments on the matter.

Md Nasir Uddin, vice president of BGMEA, said Doreen is among the compliant factories and there is no justification for refusing to implement the new wage structure.

Some workers alleged that the increase in their salary fell short of their expectations, he said.  

Nasir Uddin pointed out that blocking the road demanding a three-day holiday seemed illogical as the government only announced a holiday for the election day (7 January).

Despite protests from apparel workers demanding a minimum wage of at least Tk20,000, the government in November last year set it at Tk12,500.

Garment workers staged protests to press for a significant increase in their minimum wage. Workers started to take to the streets from 23 October and their protests gradually turned violent.

On 30 October, at least two people were killed and about 40 injured in massive clashes between police and workers in several industrial areas in Ashulia, Savar, and Gazipur.

BGMEA slams Guardian’s ‘offensive’ report on RMG industry

POST BY
RMG Bangladesh
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A recent article published by The Guardian, framing the lives of female garment workers in Bangladesh between factory and brothel, is not only offensive but also a gross overgeneralization, said BGMEA President Faruque Hassan.

It risks overshadowing the remarkable transformation of women’s empowerment propelled by the nation’s RMG industry, he said in a statement, condemning the article that “defames women at work.”

“It’s true that individual hardships exist, but framing women workers within a single struggle is potentially harming them by provoking radicalism, causing social stigma and mental illness,” Faruque said.

“The report itself appears to be incorrect to us as it says that the mentioned female worker works for a large factory, it didn’t mention the name; and there is hardly any export-oriented garment factory located at the place as the report mentions, except for a few tailoring facilities catering to the local market only,” he said.

“The report does not only perpetuate harmful stereotypes against women at work, but also defames an industry that employs millions of women and contributes significantly to the national economy,” said the BGMEA chief.

Rest of the BGMEA chief’s statement

“Women’s contribution to Bangladesh’s GDP growth is estimated at a staggering 34% and it continues to rise. For millions of less privileged women having less literacy and skills, the RMG industry is the first formal sector of employment.

Through this industry, women have emerged as the critical support for their families, achieving economic independence and social empowerment.

The ascent isn’t confined to the shop floor. Women are scaling the ranks, their talents are gracing technical departments in the industry like industrial engineering, product designing and merchandising, as well as taking on leadership positions.

When they leave the factories, they leave footprints of entrepreneurial spirit, transforming into owners of their own businesses.”

“While writing a report remotely, without having proper understanding of the background and reality, to deliberately portray the bleak picture, one must acknowledge the broader narrative – millions of women rising from poverty, gaining skills, and forging a path towards brighter futures for themselves and their families.

“Currently around 90 young female RMG workers are pursuing higher studies in the Asian University for Women under the Pathways for Promise program.

“While the girls pursue their bachelor studies with full scholarship from the university, the employer factories continue to pay the full wages to them throughout the entire tenure of their study.

“There are numerous instances that the sons and daughters of workers are pursuing higher education in engineering, medical science and many more disciplines through the humble support of the factories.”

https://www.dhakatribune.com/335656

RMG exports see 3.67% rise in 2023

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RMG Bangladesh
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The export of readymade garments (RMG) witnessed a slight growth of 3.67% in 2023 to $47.39 billion, up from $45.71 billion in 2022, according to data from the Export Promotion Bureau (EPB).  

Among the twelve months of 2023, RMG exports faced negative growths in five months and witnessed positive growths in the other seven months, meaning the sector’s growth fluctuated frequently and left the year as turbulent for the sector. 

The month-wise export performance for the year 2023 showed that the year started well with modest growth of 8.24% and 12.31% to $4.42 billion and $3.994 billion in January and February, respectively.

However, then the exports dipped in March and April by 1.04% and 15.48% to $3.9 billion and $3.32 billion respectively.

The positive trend in growth was restored and maintained during May-September, when Bangladesh earned $4.05 billion in May, $4.36 billion in June, $3.95 billion in July, $4.04 billion in August, and $3.91 billion in September.

Then the exports further started declining for three consecutive years by 13.93% to $3.16 billion in October, by 7.45% to $4.05 billion in November, and by 2.35% to $4.56 billion in December.

However, the exporters said that the RMG export turnover in 2023 remains historic in a single year, considering the global economic and geo-political crisis. 

Regarding 2023 exports, BGMEA President Faruque Hassan said that, however, for the full year (2023) the growth has increased slightly amid the global apparel trade and the ongoing economic situation.

“We have done well. It could have been done better if we had not faced domestic hurdles like gas shortage, electricity shortage, bond and customs-related issues. But if we take the global market, inflation, turbulence etc into consideration we have done better than our competitors,” he added.

BGMEA Director Mohiuddin Rubel said that the imports of major markets declined as most of the advanced economies are struggling due to high inflation and the impact on consumers due to monetary policy measures taken to contain inflation. 

“Since the growth curve of global clothing trade falters every year, we believe that 2024 will be a year of turnaround since 2023 was a weaker year for this industry globally,” he added, saying that there are some indications of a turnaround as the consumption and spending will rebound soon. 

He also said that despite all the challenges, the industry continued its commitment and efforts toward sustainability. 

The minimum wage was declared which came into effect from December 1, 2023; the transformation of green industrialization continues with more robust performance; and the industry is making visible progress in reducing emissions, he added.

Moreover, export diversification in terms of markets and products is also going on and they hope for more strategic investment in 2024. 

“There are certain challenges that our economy is facing currently. I believe 2024 will bring a breath of fresh air in it as we expect a positive shift,” he added. 

He urged continued support and collaboration from all stakeholders including government, development partners and others.

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