Traditionally reliant on Western markets, notably the United States and European countries, Bangladesh now plans to venture into the Asian markets once dominated by formidable competitors like India and China.
This strategic pivot coincides with the redirection of industrial focus in these countries towards technology, presenting Bangladesh with an opportune moment to position itself as a frontrunner in garment manufacturing.
Mohammad Hatem, Executive President, Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), emphasises on the importance of diversifying into burgeoning Asian markets such as India, China, Japan, and Australia for Bangladesh's garment sector.
He says, tapping into these Asian markets unlocks significant growth potential for Bangladesh. Moreover, this strategic maneuver also mitigates dependency on Western economies.
Recent statistics from the United States Office of Textiles and Apparels (OTEXA) show, although garment exports from Bangladesh witnessed a substantial increase in 2022, a subsequent decline in 2023 underscores the necessity for strategic planning and resource management to ensure sustainable growth.
Bangladesh can augment its exports by leveraging diplomatic channels and negotiating favorable trade agreements with South American countries like Argentina, Uruguay, and Brazil.
Looking ahead, the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has set an ambitious target of achieving a $100 billion export income from the garment sector by 2030. This vision underscores the sector's confidence in its capacity to overcome challenges and capitalise on emerging opportunities.
Faruque Hassan, President, BGMEA, cites 2024 as a promising year for Bangladesh's garment exports. He says, with a concerted effort to address internal challenges and governmental support, Bangladesh is well-positioned to ascend to the summit of global garment exports.
The government's acknowledgment of the garment industry's potential and commitment to supporting its growth further cements Bangladesh's position as a key player in the global textile market.
