Globally we are passing a very hard time which was not observed in our life time ever. More or less every industry is suffering. Textile industry is the main earning source of Bangladesh economy and large portion of our population is directly involved in this industry. Textile machineries business dropped as the industry was closed for a certain period and investors don’t have confidence for further investment and expansion. Textile Focus editor M A Islam Riyadh talked machinery and technology suppliers how they are working and future forecast. Here we are presenting feedback from Muhammad Farhad Hossain, Owner & Managing Director, Bengal Technology & Engineering Associates.
Muhammad Farhad Hossain, Owner & Managing Director, Bengal Technology & Engineering Associates
Due to COVID-19 business all-over the world is slow and economy is largely suffering. We the machineries suppliers are not out of this pandemic situation. As the economy is not moving well, there is no investment and we have very limited business. Big investments are paused as people are still confused what is coming next. Survival is the main challenge now and everybody has already adopted the health and safety practice. There were some expansion projects in our textile industry but those are not very soon as the investors are still confused. But the good thing is that, our industry is open now and working in full swing. We are also getting orders as the world has stated new normal life.
Now we need to work on further development. We need to think about value added products and work on vertical integration. COVID-19 has changed the life style and industry a lot. We may also have some new buyers as we have developed our industry a lot in terms of technology, skill, manpower, process etc. We are hopeful that in coming days we will have good business. Every industry has adopted the practice to support the customer online. If there is no urgency, people are not going for physical meeting. We considered this situation as crisis and we are confident to come back soon with our back locks. Importantly now need to think more before taking any big decision as the business pattern is changing rapidly and we need to expand based on demand. Here we are getting some significant development of vaccine of COVID-19, hope we get come back our new normal life soon.