The high value-added non-cotton fabric sector is an area with very high potential for investment in Bangladesh, and the RMG industry is increasingly focusing on apparel made from synthetic fibers to meet the growing demand in the global market. Said President Falke Hassan of the Bangladesh Clothing Manufacturers and Exporters Association (BGMEA).
“It’s time to diversify our export baskets into non-cotton, and this is a potential investment area,” he said in a Bangla media report.
Representatives of Bangladesh’s textile and garment sector have recently sought to increase domestic and foreign direct investment in the backward link industry, especially in the manufacture of textiles and artificial textiles, in order to capture the growing global demand for such items. I asked. This narrows the output gap of raw materials and shortens lead times.
Representatives observed at the recent Business Session of the International Investment Summit 2021 Bangladesh that major textile factories can supply only 35-40% of the required textiles to exporters.
Bangladesh’s exportable garments are primarily cotton-based, with more than 74%, Falke said, while about 75% of the world’s apparel consumption is non-cotton.
Of Bangladesh’s 433 spinning mills, only 27 produce synthetic and acrylic yarns.
Bangladesh will need to use local textiles to take advantage of the European Union’s GSP Plus facility as soon as the current Everything But Arms (EBA) scheme is phased out after graduating from LDC.
Mohammad Ali Khokon, Chairman of the Bangladesh Textile Factory Association (BTMA), welcomed FDI to set up a textile and man-made textile factory to make up for the current 60% textile shortage.
He sought policy support, including tax exemptions, for this sector over the next decade to attract both domestic and foreign investment.
Mohammad Hatem, Executive President of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), has provided technical and vocational training nationwide to help governments work with the industry to provide the necessary training to meet the needs of the sector. Requested to establish an institution. ..
Fiber2Fashion News Desk (DS)
Bangladesh’s textile industry wants to invest in sectors other than cotton
Source link Bangladesh’s textile industry wants to invest in sectors other than cotton