Bangladesh’s garment industry faces many challenges
According to the “Financial Express” report on February 21, the report “Expanding and Promoting the Bangladesh Ready-made Garment Industry” recently released by the Bangladesh Foreign Trade Institute (BFTI) pointed out that the Bangladesh ready-made garment industry faces problems such as low productivity and lack of mid-level management talents. , high tariffs and non-tariff barriers in potential non-traditional markets, poor business environment, poor performance in standards and compliance, lack of coordination between brands and related agencies, dependence on imported raw materials, single export market, and insufficient transportation and port infrastructure , rising production costs and other challenges, and made suggestions on product and market diversification, improving productivity and professional skills and capabilities, and strengthening brand building. The report points out that Bangladesh’s garment industry currently relies heavily on the EU, US, and Canadian markets. The proportion of garment exports to the EU, the US, and Canada is 63%, 18%, and 3% respectively. It needs to develop potential markets such as South Asia, Oceania, and South America. At the same time, Market strategies should be improved, high value-added products should be developed, public and private sector investment should be expanded, dependence on external raw materials should be reduced, and infrastructure should be developed. Bangladesh’s garment industry faces many challenges
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