Bangladesh stands as a titan in the global garment manufacturing landscape, boasting an impressive array of 250 spinning factories, 500 fabric factories, and 200 dyeing and finishing mills.
Yet, despite this robust infrastructure, the domestic apparel market remains underdeveloped, with an estimated value of only $6-8 billion.
Alarmingly, a significant portion of local demand is met through imports, particularly during key festivals like Eid and Pahela Baishakh, where local garments account for a mere Tk 4,000 crore of the Tk 25,000 crore spent.
Our newspaper on Wednesday reported that this reliance on imports underscores a pressing need for concerted efforts to fortify the domestic industry.
The growth potential is immense, yet it remains largely untapped.
Industry leaders, including Mohammad Hatem of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), have pointed to the importance of fostering entrepreneurship, particularly among women, and advocating for robust government policies to support this vital sector.
To harness this potential, a multi-faceted approach is essential. First, empowering local entrepreneurs through initiatives such as duty-free imports and a tax tag system could invigorate the market.
This would allow small and large factories alike to thrive, reducing the dependency on imports and enhancing market efficiency.
Furthermore, the establishment of sewing hubs in rural areas could diversify product offerings, particularly in low-cost segments, making local apparel more competitive.
Moreover, the introduction of policies that permit factories to sell unsold stock in the local market by paying applicable taxes could alleviate financial burdens and stimulate sales.
By leveraging Bangladesh’s established infrastructure and skilled workforce, the country could capture a larger share of the burgeoning domestic market, keeping revenue within its borders.
As we look towards 2030, the vision of creating a new wave of entrepreneurs is not just aspirational but achievable.
With the right support from organisations like the FBCCI, BGMEA, and BKMEA, Bangladesh can cultivate a thriving domestic apparel market that not only meets local demand but also enhances its global standing.
The time has come for Bangladesh to pivot its focus inward, nurturing its domestic apparel industry to reduce import dependency, drive economic growth, and create globally competitive brands.
The potential is there; it is now up to all stakeholders to seize this opportunity for a brighter economic future.
