Since the coronavirus (Covid-19) outbreak began in China at the end of 2019, its impact has been felt across the global apparel and textile sector. However, now it’s time to take advantage of this situation.
To discuss Bangladesh’s apparel industry, global apparel demand landscape and technological penetration under the current context and also for creating new opportunities, various garment manufacturers and exporters, HSBC customers, regulators, international buyers and officials took part at a virtual discussion on September 9 organized by HSBC, Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and Serai, a new technology subsidiary of HSBC.
They brought together industry leaders from across the apparel ecosystem (manufacturing, advisory consulting, finance and technology) to discuss how demand is changing, why Bangladesh is such a unique destination and how the industry can thrive in this new environment.
The program began with short speeches and a discussion between HSBC CEO Md Mahbub ur Rahman, BGMEA President Rubana Huq and Serai CEO Vivek Ramachandran.
There were also presentations made by Kanaiya Parekh, an expert partner in retail, performance improvement, customer strategy & marketing and results from delivery practices at Bain and Company, and Ramachandran, CEO of Serai.
Industry leaders mentioned that the Covid-19 crisis has created an opportunity for Bangladesh to reinforce its position as a leading exporter of apparel products. So Bangladeshi manufacturers can embrace these changes and innovate new ways of production.
On the event, HSBC’s Chief Executive Officer Md Mahbub ur Rahman mentioned that HSBC was founded with one key objective to facilitate trade and despite tech-driven improvements in most areas of business, international trade remains as complex today as it was more than 150 years ago.
“Responsible and sustainable supply chains are becoming increasingly important as consumers’ choices are coupled with both innovations and disclosure.”
According to BGMEA President Rubana Huq, “The industry can only retain or better its position by restructuring its capabilities, responding to the needs of lean manufacturing, reducing lead time and increasing online engagement.
She also added that “Effective business to business interactions are one of the most effective ways to go ahead.”
Ramachandran said it is clear that the future of international trade lies in increased digitization and the efficiency gains that all participants can draw from. That’s why they’re building Serai a data-powered platform to help businesses build trusted relationships and grow their business.
“This will ultimately enable the apparel industry to reduce duplication and costs, re-build trusting relationships and make faster and better trade decisions,” he added.
It’s high time for garments manufacturers to become updated for expanding their business.