We are very hopeful that in 2023 the technical textile will be the potential segment where Mithela Textile Industries Ltd has the ability and skills to grab the opportunity to explore and expand its business.
Recently Team Textile Focus talked with Mahbub Khan Himel, Director to know about their business in 2022 and furcating for 2023.
Textile Focus: How are you observing 2022 for your business?
Mahbub Khan Himel: The beginning of 2022 was fantastic and overall business growth was remarkable but the impact of Russia Ukraine war has slowed businesses in the European markets. US customers are also in a slow lane nowadays. As the world is facing the consequences of supply chain disruption post the Covid-19 and rising commodity prices tremendously including food and fuel, especially due to the Ukraine war, small economies like Bangladesh are facing challenges to sustain requisite growth in their lead sector.
Currently in 2022, the Textile, as well as the Denim industry of Bangladesh, is under stress and facing major challenges due to the global recession and inflation and a decline in global demand. Retailers in both European and US markets are either deferring the shipments of finished products or delayed orders due to soaring inflation. The energy crisis has increased the cost significantly of doing business in the country which is directly impacting Bangladesh’s exports. The weakening currencies also face significant challenges to economic growth. If the textile and garment industry does not pick up its momentum of recovery, especially exports, the continuity of recovery might come under pressure.
Textile Focus: What is your expectation and planning for 2023?
Mahbub Khan Himel: It is anticipated that 2023 will be a challenging year for the world economy, particularly for Bangladesh. The question is how to counteract the upcoming headwinds. In recent. In recent months it has become apparent that foreign organisations have increased their growth estimates for 2022 while simultaneously adjusting their growth forecast for our economy in 2023. It is pretty hard to stick to a proper plan and strategy at this moment but to wait for a suitable solution. Hope the country will get the needed solution to the power shortage in 2023.
We are very hopeful that in 2023 the technical textile will be the potential segment where Mithela Textile Industries Ltd has the ability and skills to grab the opportunity to explore and expand its business.
