Bangladesh Garment Manufacturers and Exporters Association (BGMEA)President Faruque Hassan has stressed the need for organising more promotional campaigns and roadshows to introduce "Made in Bangladesh" across the globe and brand Bangladesh.
He discussed this in a webinar titled "Opportunities and potential of Bangladesh RMG industry in pursuit of sustained growth" organised by the Export Promotion Bureau (EPB) on the occasion of "Sourcing Bangladesh-2021, Virtual Edition" on Wednesday (17 November), said a press release.
"Bangladesh has immense potential ahead in terms of exploring new and emerging markets. BGMEA being the apex trade body has organised several scoping and trade missions in potential markets and still working relentlessly in the area of apparel diplomacy," Faruque Hassan said.
He put emphasis on the necessity to shift to non-cotton products as a response to rising global demand.
"So we are now prioritising our focus to non-cotton based textile and apparel to realign our product mix with global sourcing trends. This can be a potential area of investment in the upcoming days. Virtual marketplace could also be a big source of growth while we need to move from Original Equipment Manufacturer (OEM) to Original Design Manufacturer (ODM)," Faruque Hassan added.
"For entering into that new arena of business, it is important to work on several issues such as reforming foreign exchange policies, export and import policies and tax policy, extending fiscal incentive to those who will develop their own collections, and be involved in innovation," the BGMEA president added.
The business leader further added: "We need more investments in the backward linkage textile sector, particularly in the woven fabric sector. The textile sector contains largely unexplored areas of high investment potential, such as man-made fibre-based yarns and fabrics, functional fabrics like polyester, viscose, spandex, mélange, etc."
EPB Vice-Chairman A H M Ahsan chaired the webinar.
Fazlul Haq, president, Bangladesh Employers Federation, M S Siddiqui, co-convenor, Bangladesh Columnist Forum, and Md Khorshed Alam, chairman, Standing Committee on Development of local spinning and weaving mills of Bangladesh Textile Mills Association (BTMA) attended the discussion as panelists.