Bangladesh aims to capture 10% of global apparel market by 2025

Clothing manufacturers want to capture 10% of the global clothing market by 2025, exploring new markets and diversifying product baskets, said Faruque Hassan, president of the Association of Clothing Manufacturers and Exporters, on Saturday. of Bangladesh (BGMEA).

Currently, as the second largest garment exporter, Bangladesh holds a 6.2% share of the global market.

By maintaining annual growth of at least 15%, Bangladesh can grab an 8% share by 2022, he also said, adding that as data for 2021 has not yet been released, Bangladesh , hopefully, has already gotten 7%.

He was speaking at a press conference regarding the upcoming “Made in Bangladesh Week 2022” exhibition in the capital.

Usually, the World Trade Organization (WTO) releases the data on the global market shares of different goods including clothing items at the end of September for the previous year.

The BGMEA chairman also said that new markets such as Japan, India, Middle East countries and others will be major export destinations for Bangladesh in the coming years.

Purchase orders from Europe and North America have seen a decline in recent months, he also said.

Regarding the ongoing energy crisis, Hassan said their production costs have increased amid the ongoing energy crisis and fuel price hikes.

He also said that every day they faced load shedding for a significant amount of time and during that time they used diesel-based generators.

“But due to rising fuel prices, we have to shell out more money, which has increased our production costs. The efficiency of generators has also decreased due to long-term operations,” he said. he adds.

Considering the current economic crisis, he urged the government to provide uninterrupted energy to the industry and reduce the withholding tax from 1% to 0.5%.

During the press conference, Hassan announced the schedule for Made in Bangladesh week, which will start on November 12 in the capital and end on November 18.

“It will not only be important for the garment industry, but will also showcase our achievements as a country,” said Faruque Hassan.

It is hoped that Prime Minister Sheikh Hasina will inaugurate the event as the main guest on November 13 at the Bangabandhu International Conference Center (BICC).

The major events of Made in Bangladesh will be the 37th IAF World Fashion Convention, the 3rd Dhaka Apparel Summit (14-16 November), Dhaka Apparel Exposition, Bangladesh Denim Expo (15-16 November), MIB Photography Award (18 November), NRB Award (November 16), Sustainable Leadership Award (November 17) and Sustainable Fashion and Innovation Award (November 16), Fashion Show (November 16).

Along with Made in Bangladesh Week, the global launch of the BGMEA Innovation Center will take place on November 18.

There will also be panel discussions, seminars, cultural programs and workshops at the BGMEA University of Fashion and Technology (BUFT).

In response to the question what image of Bangladesh this event will show, Hassan said that competitive workforce, less lead time, compliant and safe factory, green factory, hassle free port and shipping and many others.

On the sidelines of the event, he told the Dhaka Tribune that there is no child labor at member factories.

“Small factories and non-members can have them. However, it is not the responsibility of BGMEA to supervise, but the relevant government department,” he added.

Responding to a question, he also said that since the number of orders has fallen, growth in September, October and November should also be negative.

On the issue of election-related instability, he expects all political parties to refrain from activities that harm businesses and the economy in the interests of the well-being of the country and its economy.

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