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International Investment Summit 2021 emphasizes investment in high-end fabrics

Textile and readymade garment (RMG) leaders emphasized policy support and investment in the backward linkage of woven and manmade fabrics within the next two years. RMG and textile leaders highlighted that in the just concluded International Investment Summit 2021, hosted by Bangladesh Investment Development Authority (BIDA).

Mohammad Ali Khokon, President of Bangladesh Textile Mills Association said, “Investment in manmade fabrics is paramount for us. If we get policy and utility support from the government, it will greatly benefit to reduce import dependency and cut lead time too.”

Figure: Faruque Hassan emphasizes developing manmade fibers and Bangladesh’s scope in this sector. Courtesy: BGMEA

Khokon added, “If it happens then after the next two years, we do not have to import any fabrics from abroad.”

Faruque Hassan, President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) said, “Bangladesh is a greenfield for investments in textiles and high value-added items.”

And Hassan urged for foreign direct investment (FDI) in diversification towards high-end apparel and technological up-gradation.”

Hassan also stressed that Bangladesh offers a lucrative sourcing destination for both investors as a market and in RMG.

“Basic items cover over 82% of RMG export earnings of Bangladesh. That are focused within the $15 per kg price range.”

“We are mainly exporting mainly five apparel items, which have occupied over 82% of RMG export earnings,” Faruque Hassan said while delivering his keynote speech at a session on ‘Readymade garments and textiles – weaving the way.’

The growing eco-consciousness and care for sustainability consumers is driving customers globally towards non-cotton, especially manmade fibers and Bangladesh has ample scope in this area, he added.

Hassan also put importance on up-scaling capability in innovation, pattern making, design input services, developing own collections, trend analysis, product research and development.

“So we need to invest in technologies like virtual design and prototyping for quick adaptation in the area of design. Investment in the area of re-skilling and up-skilling our workers is important to take the advantage of the 4th IR.”

While Mohammad Hatem, executive president of Bangladesh Knitwear Manufacturers and Exporters Association (BTMA) said, “The RMG industry has been receiving a noteworthy number of orders from buyers, but we lack skilled workers. And the govt. need to set up vocational training centers to develop skilled workers”

While, Bangladesh country manager for Marks and Spencer, Shwapna Bhowmick said, “Bangladesh is one of M&S’s major sourcing countries. Our sourcing of lingerie from Bangladesh has reached more than $100 million over the last 5 years.”

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