Workers in Bangladesh’s garment industry will be imparted fashion and design skills to suit the choice and taste of foreign buyers. The percentage of skilled workforce in the country is 26 at the moment and by 2020, this figure is expected to grow to 65 per cent. The country hopes to eventually export quality technicians and skilled manpower in different fields to other countries instead of importing them.
Bangladesh began giving cash incentives on garment exports to emerging markets to offset the fallout from the financial meltdown the world faced in 2007. These incentives on export to non-traditional markets drove growth over the years. Subsequently, exports to India, China, Russia, Japan, South Africa, Turkey, Brazil, Chile, Mexico, South Korea, Malaysia, Australia and New Zealand started to rise.
Cash incentive for apparel exporters was five per cent in 2009-10, four per cent in 2010-11 and two per cent in 2011-12. They still receive a two per cent incentive for exports to new destinations. One of the factors driving Bangladesh’s textile and garment industry over recent years is the growing foreign direct investment in the industry. The country’s cheap labor, preferential location in the heart of Asia-Pacific and government support are some of the reasons.