Textile Industry is the main foreign remittance earning sector for Bangladesh. This industry suffered a lot during the COVID -19 pandemic. Now the industry is trying to recover the gaps. According to many sources it is evident that most of the export-oriented garments factories are packed with business orders up to April 2022. Team Denim Focus talked with different factory owners regarding how to capitalize on this situation and what is the way forward to ensure maximum profit out of it. Joheb Rashid, CMO Pakiza Knit Composite Ltd. shared his views-
In this situation, I wish there are ways to capitalize but the worrying situation is port congestion and container problems as well as higher raw material prices. We are hopeful for a solution to the port crisis as the Government has taken steps to build up new ports. It has become mandatory to make faster and smoother dispatching of export goods. Also, we need to be good negotiators to get the proper price. We have to come out from internal unhealthy competition to get orders. We need to understand that the competition is global, not local. We have to keep in mind that currently packed orders have come due to power, geopolitical and lockdown issues from China, Vietnam. Global textile market is worth around $595 billion and we have only 5% market share from the global textile market. So, we don’t have any other options except diversification. We need to be strong in developing newer value-added products to make the garment sector sustainable. If we succeed in developing new ranges of products, then the ultimate profit will be earned!
