Our buying house and trading house owners should focus on various products for export markets beyond textiles and garments, emphasizing multi-purpose export products.
The new generation of entrepreneurs in our country should work with the goal of capturing the export market with domestically manufactured products. It is crucial to alleviate the pressure on our garment industry by exploring other sectors such as agricultural products, handicrafts, and utilizing the country’s internal resources. We should identify products that can be added to exports rather than depending solely on imports.
With proper planning and conducive environment, it’s achievable to meet the country’s export earnings target and bolster foreign exchange reserves.
Pressuring the garment industry to increase export income or reserves is not the solution. Our buying house and trading house owners should bridge the gap between those excelling in other sectors in our domestic market, such as handicrafts, bamboo, jute, and agriculture. Many successful entrepreneurs are hindered by the lack of guidance, and our buying house and trading house owners can provide valuable assistance. Instead of solely focusing on the fashion industry, they should explore the vast potential lying beyond.
While the term ‘buying house’ is predominantly associated with the garment industry in our country, it’s important to recognize that trading houses have played a significant role in the economic growth of various countries such as Singapore, Hong Kong, Japan, India, China, Malaysia, and Indonesia. By functioning as trading houses, these countries have mitigated financial risks associated with their industries.
To mitigate our reserve and financial risks, we must alleviate the financial pressure on garment owners, who are already striving to overcome numerous challenges. It’s essential to support small industries in principle and nurture them into profitable export industries. By completing all necessary preparations, export trading houses can contribute to achieving the country’s export income target.
Md. Salauddin
Head of Operation- Bunon
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