Owners of readymade garments and textile industries need to diversify their investment in the export of readymade garments in the world market. Although it is currently the second-largest exporter of readymade garments in the global market, Bangladesh exports cheaper garments than other countries. In order to change this situation, we have to invest in the man-made fibre sector. The speakers made these remarks at the first meeting of the standing committee on RMG, knitwear, sweaters at the FBCCI office on Saturday (5 March).
FBCCI President Md. Jashim Uddin was the chief guest at the meeting. Also present were Committee Chairman and BGMEA President Faruque Hassan, BKMEA Executive President Mohammad Hatem, FBCCI Director and Director of Land Ports Standing Committee Vijay Kumar Kejriwal, FBCCI Director Harun-ur-Rashid, Secretary-General Mohammad Mahfuzul Hoque, Co-Chairman of the Standing Committee Abdullah-al-Mahmud Mahin, Intekhabul Hamid Apu, Shams Mahmud, Fazle Shamim Ehsan, Mohammad Kamal Uddin, Anjan Shekhar Das, Humayun Kabir Selim, and other members.
The FBCCI President said that although it is the second-largest exporter of readymade garments in the world market, Bangladesh mainly sells relatively cheap garments. To improve this situation, it is necessary to diversify the investment of ready-made garments and textile industry owners. He said that most entrepreneurs are interested in investing in cotton-based garments factories and spinning. But now the demand for synthetic fibre clothing is increasing in the world market and the price is also higher. Therefore, the president urged the entrepreneurs in the readymade garments and textile sector to invest in the man-made fibre sector.
BGMEA President Faruque Hassan said that a research program is underway on which products are in demand in the world market and where Bangladeshi entrepreneurs have the opportunity to expand their investment. He said that exporters were often lowering the price of their products by competing with each other. The BGMEA president called for stopping this competition.
