![]() Australia has also assured Bangladesh of continuing the duty-free benefit after graduation.Global demand for clothing plummeted amid the COVID pandemic and big fashion brands remain reluctant to place big orders, posing a major problem for Bangladesh's vital textile industry. In a positive development, the European Union, the largest export destination of Bangladesh, has extended the duty-free export benefit to 2029. In an unpromising sign, the apparel industry could lose $5 billion in export earnings annually if the country can't retain the preferential trade benefit. The country is set to lose duty-free export benefits, which have turned Bangladesh into an apparel manufacturing hub, once it becomes a developing nation in 2026 after moving out of the group of the least-developed countries. However, lifting the garment export to $100 billion won't be easy since Bangladesh will have to navigate challenges in the coming years. The BGMEA's new logo represents nine concepts: people, inclusivity, transparency, infrastructure, innovation, circularity, global network, brand Bangladesh, and environment. ![]() Speaking at the logo-unveiling event, Shirin Sharmin Chaudhury, speaker of parliament, suggested garment manufacturers not forget the issue of climate change and the importance of protecting waterbodies during production.Ībdus Salam Murshedy, a former president of the BGMEA, said many industries would be set up in the southwestern region of Bangladesh thanks to the opening of Padma Bridge. "The future of the garment business will depend on online sales," Hassan said.Īccording to the BGMEA chief, of the export-oriented garment items produced in Bangladesh by 2030, some 80 per cent would be manufactured in green garment factories as local manufacturers are turning to eco-friendly production in keeping with the demand from consumers more concerned about businesses' impacts on the environment.īangladesh is already a global champion in green garment factories and is home to 163 such factories, including 49 platinum-rated, the highest certification given by the US Green Building Council.Īlthough international retailers and brands are not paying higher prices for the green initiatives, they are placing more work orders with garment factories. The studies are looking into how to innovate products, sell technical clothes and market products through digital platforms. "We expect that buyers will pay better prices for our diversified garment items."Ĭurrently, the BGMEA is carrying out three studies to boost exports. The garment sector, however, had failed to achieve its $50 billion export target set for 2021, mainly because of externalities in 20 and the severe fallout of Covid-19 in 20, said Hassan. The primary textile sector is also expanding its capacity to meet the demand for additional MMF, technical and other garment items. But the local primary textile sector has made huge strides in recent years, expanding its capacity significantly, thus cutting the long lead time. In the past, manufacturers used to face challenges in securing the supply of raw materials like fabrics and yarn on time. "So, we have a huge room to expand in the MMF and technical item segments as well as continuing our strength in the mid-range items," Hassan said.Īnother strength of Bangladesh is the development of the local primary textile sector. ![]() In the case of Bangladesh, cotton accounts for 74 per cent of items produced and only 26 per cent are MMF-based. In the global fashion industry, 78 per cent of items are made from MMF and the rest are from cotton fibre.
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