Bangladesh, despite being the world’s second-largest producer of readymade clothes, mostly exports low-cost garments, according to FBCCI President Md Jashim Uddin, who also stated that garment and textile entrepreneurs should step forward to rectify the situation and diversify their investments.
He claims that the majority of the entrepreneurs want to invest in the cotton-based garment and spinning industry.
However, on the global market, demand for artificial fibre apparel is increasing, and prices are rising as well.
“Exporters are gradually losing the advantage of inexpensive electricity, energy, and labour,” the FBCCI president stated, urging the RMG and textile entrepreneurs to invest in the manufactured fibre sector. Furthermore, raw material prices are steadily rising.
“As a result, exporters must now focus on exporting high-value clothes to maintain the industry’s growth.” According to Jashim Uddin, the FBCCI has established a safety committee to protect the safety of non-export-oriented firms.
A research is under underway to uncover new things in which the manufacturers may excel, as well as new prospects to increase their investment. The BGMEA president observed that exporters frequently cut the prices of their competing items, and he urged for a halt to such competition.
BKMEA Executive President Mohammad Hatem advocated forming numerous sub-committees on the banking and financial sector, power and energy, finance ministry, and labour ministry to address the garment industry’s varied difficulties.
The harassment of the Customs and Bond Commissionerate, according to the members of the committee present at the meeting, is now their main problem. Due to HS Code issues, businesses are also having difficulty importing diverse raw materials. Entrepreneurs believe that the legislation should be changed to allow for waste recycling.
Bijoy Kumar Kejriwal, FBCCI director and director-in-charge of the Standing Committee on Land Ports, said at the meeting that his committee would do all possible to help resolve any concerns with the land port. The meeting was also attended by FBCCI Director Harun Or Rashid, Secretary-General Mohammad Mahfuzul Hoque, and Standing Committee Co-Chairman Abdullah-al-Mahmud Mahin.