IFC roadshow aims to foster joint investment opportunities

The International Finance Corporation (IFC) has spearheaded an initiative to promote south-south cooperation, peer-learning and joint ventures in the textile, apparel and footwear sectors through an Africa-Asia roadshow.

With developing countries contributing the largest share in this rapidly growing segment, which is projected to reach $4.4 trillion by 2030 from $2.2 trillion in 2018, the roadshow aims to facilitate meaningful cross-regional engagement, encourage low-carbon development, share know-how and technology and uplift communities, said a press release.

Under the initiative, a delegation of 25 chief executive officers (CEOs) and founders from major African and central Asian textile, apparel and footwear companies, accompanied by representatives from prominent global brands, visited Bangladesh from June 18 to 19. Over 28 local garment manufacturers hosted them during their visit.

Bangladesh is a leading garment production hub in the world which, before the Covid-19 pandemic, directly employed more than 4 million people, contributed about 8 per cent to the country’s gross domestic product, and accounted for more than 80 per cent of its export earnings.

The roadshow provided a unique platform for African and central Asian entrepreneurs to foster partnerships. By connecting CEOs and founders from different regions, the event encouraged the exchange of ideas and best practices, driving innovation and growth within the industry. This initiative has garnered strong support from industry leaders.

One of the participating CEOs, M René Silué, managing director of Compagnie Ivoirienne pour le Dévelopement des Textiles (CIDT) in Côte d’Ivoire, said, “This roadshow is a great opportunity for us at CIDT, to connect with our peers in South Asia, exchange insights, and explore possibilities for collaboration. We believe that by working together, we can create mutually beneficial relationships that will propel our businesses forward.”

“We are thrilled to see a part of this roadshow as it helped us learn about the best practices of brands and factories in the readymade garments industry. We hope to work together and foster our partnership in the future through effective collaborations,” said Kamola Nabieva, main specialist of Uz Textile Prom Association of Uzbekistan.

“South Asia is one of the best examples of where more and better jobs have created profound change in people’s lives. Collaboration with Bangladesh is an opportunity for African businesses to capture more of these jobs, leveraging one of the fastest growing workforces in the world, coupled with world-class infrastructure,” said Kyle Kelhofer, IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo, based in Accra, Ghana.

“There is also an opportunity for transferring skills, connecting expertise, and improving market access – for which IFC has been supporting the manufacturing sector in Africa,” Kelhofer added.

“Over the years, IFC has invested more than $7 billion in all sectors of the economy in Bangladesh. The world-class manufacturing sector is the backbone of this amazing country. Bangladesh has a strong internal market, as well as an incredible readymade garment export market, which is already approaching $50 billion a year,” said Martin Holtmann, IFC Country Manager for Bangladesh, Bhutan and Nepal.