Undaunted by the formidable challenges facing both domestic and international markets, Bangladeshi manufacturers in the garment, textile, and accessories sectors are gearing up to make a resounding statement even as they are reportedly set to invest a substantial Taka 12,000 crore over the next two years in cutting-edge technologies that promise to revolutionise the industry.
This is as per reports, which added these forthcoming technologies encompass advanced machinery for producing man-made fibres and fabrics, recycled fibres, automated equipment, and robotics for garment and accessory manufacturing.
Insiders, who are well-versed in the matter reportedly stated that eight leading companies are preparing to channel approximately Taka 12,000 crore into these new investments, as part of a strategic move projected to create job opportunities for approximately 50,000 individuals across their respective apparel, textile, and accessory facilities.
Among the industry giants spearheading these initiatives are Hameem Group, DBL Group, Pacific Jeans, Team Group, Windy Group, Nipa Group, Shasha Denim, and Indet Group. These conglomerates are in the process of establishing new facilities to boost their production capacities and strengthen their positions in the global ready-made garment (RMG) export market.
Meanwhile, interacting with media, some entrepreneurs reportedly acknowledged the challenging economic environment but stressed their investment decisions were strategic steps to secure the industry’s future and diversify their business foundations even as they reportedly expressed optimism that the apparel sector could see a positive turnaround in the coming year, especially as Western markets show signs of improvement.
However, they also acknowledge ongoing challenges, such as fluctuations in the dollar exchange rate and disruptions in utility supplies, which continue to pose obstacles to the industry.
Source: Apparel Resources