Bangladesh offers greenfield investment in textile: BGMEA

Bangladesh Garment Manufacturers and Exporters Association (BAGMEA) President Faruque Hassan on Monday said Bangladesh is a greenfield for investments in textiles and high value-added items.

He made the remarks at a seminar titled Ready-Made Garment and Textiles: Weaving the Way on the second day of International Investment Summit-2021 in Dhaka.

“Bangladesh offers a profitable location for the investors both as a market and a production or sourcing base as it offers equal treatment for both local and foreign investors,” said Hassan.

“About 75 per cent of exports are concentrated in 5 core items. Almost 74 per cent of the produces is cotton-based, 80 per cent of our exports are concentrated in the $15 per kg price range. So, there is a huge scope of investment in high-value products and textile,” said Hassan.

“We are now focusing on design development, innovation, and end-to-end digital manufacturing. Investment opportunities are higher in high-end products technological upgradation,” he added.

Foreign investment in Bangladesh is secured by law against nationalization and expropriation and all industrial sectors are open for foreign investors for investment except four reserve sectors for the government, said the business leader.

Meanwhile, the BGMEA president also called for action in a circular fashion.

Action on circularity is imperative as circular fashion will be the future of the clothing industry, he said.

“With garment production volumes growing by 2.7 per cent annually and less than 1 per cent of products recycled into new garments, action on circularity is imperative.”

As much as 12 per cent of fibers are still discarded on the factory floor, 25% of garments remain unsold, and less than 1 per cent of products are recycled into new garments, he added.

Marks and Spencer Bangladesh Swapna Bhowmick said that the entrepreneurs in Bangladesh are very committed which is very important for the investment.