1.Strong government support to the entrepreneurs– it has been seen distinctively in recent times that the government is extending all sort of necessary supports to the industry owners. Some of those supports could be mentioned as a tax cut, continuing incentives, depreciating taka against USD, more and more apparel businessmen in the government etc.
2.Huge private sector investments: despite turmoil in the banking sector, it has been seen that unprecedented amount of investment went to the textile and apparel sector of Bangladesh. Most of the renowned apparel makers are increasing their capacities very rapidly.
3.Getting more close to the growth markets: A trend has been visible in recent times that, Bangladeshi manufacturers once getting bigger they have achieved the capacity to invest in their own marketing and so they are going closer to the markets and bringing more orders to them.
4.Safety reputation: Because of the strong intervention of Accord and Alliance, Bangladesh has achieved a strong reputation on workers’ safety. Now the country is one of the safest apparel making countries in the world.
5.Huge capacity, easier control on the supply chain: Bangladeshi companies have built unbelievable vertical capacity which is unique to China. Brands those who want to make their supply chain more transparent, they are shifting more orders to Bangladesh as if controlling the supply chain is easier here.
6.A huge crowd of global brands: Any global retail brand selling apparel now considers Bangladesh if they want to open second overseas sourcing office after China. In Bangladesh, they get experts and suppliers to run their operations.
7.Technology adoption, qualitative transformation: The country in recent times has adopted most sophisticated technologies for textile and apparel manufacturing. The achievement rate of quality and technical compliance is very high in Bangladesh.
8.Power & gas supply is getting better: Even though the cost is increasing, the government now in the position to make the sure uninterrupted supply of power and gas to the industries.
9.Human capital transformation: It is not only a slogan now. Even though the quality of education is still a question, but the country is producing a huge number of graduates every year in the area of textile and apparel. Such big influx of educated and trained youth is making the sector capable of taking any challenge forward. There has been a strong growth in professional level training as well.
10.Green branding: Being the host of top 7 USBC LEED-certified green factories; Bangladesh has done a revolution in green investment in the garment This is the time for Bangladesh to capitalize on ‘Green’ branding by attracting the attention of global consumers and the brands.
Source: Textile Today
