Home ›› 30 May 2022 ›› News
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and Wazir Advisors have signed an agreement for conducting a study to identify the potential and challenges of non-cotton textile and apparel for Bangladesh in the global apparel market.
The findings of the study will be used to formulate a strategy to develop the country’s overall competitiveness and strength in the area and capture a significant portion of the global market.
BGMEA President Faruque Hassan and business consultancy firm Wazir’s Business Director Varun Vaid inked the agreement on behalf of their respective organizations at a virtual signing ceremony on Sunday.
Faruque said cotton has so far driven the country’s growth in the apparel sector. “But the growth of cotton-based products seems to have reached its peak, and there is little scope for growth through the natural fibre because the global fashion trend has drastically shifted from cotton to man-made fibres.”
“It is now time for us to tap into this segment, where I believe this study will play a crucial role,” he added.
The study, titled “Fibre Diversification Study of Non-Cotton Textile and Apparel for Bangladesh in the Global Apparel Market,” will analyse non-cotton product categories in terms of complexities, resources and trade volumes while the economic, demand and sustainability rationale of non-cotton apparels will be looked upon.
Competitiveness in terms of products, technologies, skill, cost and availability of other resources will be assessed in the study, which will also identify challenges that limit Bangladesh’s potential to supply non-cotton products.
It will develop a roadmap for manufacturers, investors, policymakers, development partners and other influencers, detailing approaches and ways to establish a strong presence in the non-cotton textile and apparel market.
With better functionality, price competitiveness and popularity of categories like sportswear and athleisure, manmade fibres are on a high growth path. Global trade is also at the cusp of restructuring with China vacating trade shares, said Vaid.
Bangladesh can leverage its manufacturing competitiveness and buyer relationship to capitalize on these opportunities. But the key aspect will be to present itself as a diversified supplier across categories and fibres, he stressed.
He added that with the support of BGMEA, Wazir Advisors will develop a framework for the industry to identify and tap opportunities in non-cotton categories.
The study will act as a guide for policymakers. It will encompass learnings from global leaders, the evolution of industry elsewhere, and key enablers – investments, ecosystem, policies, partnerships, etc, Vaid said.
The study will be funded by IFC’s Partnership for Cleaner Textile (PaCT II) program, supported by the government of Denmark through the Danish International Development Agency and the Embassy of the Kingdom of the Netherlands in Bangladesh.
