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Steps in order to achieve the $50Bn goal

The textile industry of Bangladesh is currently growing at a decent rate. But in order to achieve the 50 billion US dollars benchmark, there are a lot of measures that should be taken. Because Vietnam has become one of our major competitors and US-China trade war is also on a hot level.

So in order to face this challenging situation, we need to give proper attention to the RMG sector and take all the necessary measures.

BD $50Bn export goal

The crying need in this critical situation is the government’s association. They should come forward to solve various sensitive issues like infrastructure development, adjusting gas price, proper supply of electricity, etc.

The industrialists have to work hard in order to upgrade to the next level of manufacturing. They need to move on from producing basic products like knitwear, T-shirts, sweaters, etc. to value-added products like technical textiles, medical textiles, etc. They need to upgrade their machinery and bring innovation to the products so that they are able to manufacture any critical products as per the buyers’ demand.

Fashion diversity should also be introduced. Moreover, the factory owners should change their mind-set of being satisfied by the price they get from basic products.

Also, due to poor negotiation skills, manufacturers cannot negotiate the proper price with buyers. As a result, low price orders are being shipped and the whole sector is losing its brand image because of this. These poisonous activities need to stop and should be properly monitored by the govt. We all need to be honest from our own position and focus on the greater interest for the country’s economy.

There was a time in Bangladesh when 4-5 new factories were constructed every day. But nowadays, we find that every day about 4-5 factories – according to BGMEA – are being closed!

The industry and the government should pinpoint the proper reasons behind this and work with a proper mission and vision to close all the loopholes.

Due to Accord – for maintaining quality and compliance – the image of Bangladesh textile and apparel industry has achieved a positive image globally. As a result, buyers are being more interested to invest in our country because of our brand value.

In fine, there is a huge opportunity knocking at the door for Bangladesh. American buyers are shifting their orders from China to Bangladesh because of the Trade War. Several compliance issues of the factories have been solved. If only the remaining challenges are mitigated properly, achieving the $50 Billion dollars would be no big deal for Bangladesh.

Syed Kamrul Hassan, MD, Top Tailor BD Pte Limited
Author: Syed Kamrul Hassan, Managing Director, Top Tailor BD Pte Limited.
If anyone has any feedback or input regarding the published news, please contact: info@textiletoday.com.bd

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