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Posted by
Hasina Akhtar Nigar March 21, 2019 -
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Business
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##garments
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Garment sector in Bangladesh
- Hasina Akhtar Nigar
As China , Turkey and Vietnam have become expensive for apparel manufactures because of higher wages there, leading importers from across the globe located Bangladesh as their most favourite destination for profit making.
around 75 percent of the global leaders for importing readymade garment has already opened their liaison offices in Bangladesh when many others are getting ready to follow the stream.
And that is happening not only for the competitive price, but also the quality of the local garment, which has earned a name in the international market.
“Quality, competitive prices and timely supply–those are the major factors behind the success of the country’s garment sector."
The future looks better as the major apparel producer, China , is losing competitiveness due to higher wages and currency appreciation.
The global buyers are coming increasingly to our market as we are catering to their needs with competitive, timely and quality supply.
The country’s exporters are also exploring new markets along with meeting the increasing demands from buyers.
Besides, the generalized system of preferences (GSP), which became effective also opened a new avenue for Bangladesh in European countries.
GSP facility would help increase Bangladesh exports to Europe by many folds in future.
Inditex, Wal-Mart, Hugo, Addidas and Uniqlo have opened their country offices in Bangladesh . Representatives of some other major buyers including Marubeni and One World of Japan already visited Dhaka for opening of their liaison offices for directed sourcing.
Wal-Mart had been importing garments from Bangladesh since 1997 because of competitive prices and the trade and business-friendly atmosphere of the country under a democratic government.
Exporters believe that they are getting at least 20 percent more profit because of direct sourcing by the world leading importers.
The expects that the export earnings from this sector would increase faster because of the benefit from the direct sourcing in addition to the increased number of foreign buyers and new export destinations.
Garment sector would create new job opportunities for another one million people.
If the government solve the gas and energy crisis, increase port efficiency and improve road communication between Dhaka and Chittagong so the garment sector gets the immense benefit of the new opportunities.
