Basic infrastructure support to improve predictability of business trends; efficient functioning of Chittagong port and national airports; stable power tariff to enable uninterrupted growth in exports; stability in pricing of electricity and gas are what Bangladesh’s garment manufacturers are waiting for. They feel this will help them in a big way to set up long term plans and goals for their businesses. Incentives to the primary textile sector are expected to help increase raw material supply to the garment sector and result in an overall boost.
The garment sector in Bangladesh accounts for nearly 82 per cent of export receipts. The primary textile sector provides 85 per cent of the raw materials needed by the knitwear sector but just 40 per cent of those needed by the woven sector. Bangladesh garment makers have begun targeting emerging export destinations like India, China, and the Latin American countries that import garments worth billions of dollars annually.
The preferred choice for garment retailers and brands is still Bangladesh. The speedy recovery of global markets provides an opportunity on the export front. Bangladesh is the world’s second largest readymade garment exporter with advantages like a low labor cost, favorable business climate, and a well-established transport facility.