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 Focus editor M A Islam Riyadh talked different businessman, stakeholders regarding their observation and planning during the pandemic situation. Key discussion points are mentioned individually-
This is the time for Bangladesh to approach high end brands and request to work with Bangladesh manufactures
Chandima Punyawardana, Director, Redox Chemical Industries Ltd.
Bangladesh is expected to have 50 Billion exports in 2021. They have always maintained 6% or more economic growth in the last couple of years. This is an enthusiastic market and entrepreneur and Blue collars are positive. Majority of manufactures are practicing compliances and ethics. There was big hope on 2020. It is very unfortunate when COVID-19 hit the Bangladesh market in March 2020. The government and authorities were not ready to face it and there was a late reaction.
COVID-19 started spreading from Wuhan china. Initially Chinese government may have tried to hide it but failed. WHO was late to declare a pandemic until it reached Europe killing thousands of people. Not only Bangladesh even Italy, Spain and USA may not understand the gravity of the Virus. Europe has been paralyzed for two or more months since March 2020. There may be negative mindsets on china that has been developing in Europe and Japan due to them hiding information.
All of these factors may effect on the present and future business. There is no other sourcing hub other than Bangladesh if any brand want to move their destination. This is one of the top countries who contribute to the Textile industry amazingly. World economic power houses are changing from USA/ Europe to Asia. China became a manufacturing hub of the world. China will be the powerhouse of the world in 2050. Chinese labor prices are going up compared to South Asia. There is a regional political tussle between China and Vietnam. Chinese investments are moving to Sri Lanka, Bangladesh as well as Pakistan. New investments may bring in technology and open markets for a new era.
This is the time for Bangladesh to approach high end brands and request for work with Bangladesh manufactures. Chemical suppliers are part of the supply chain. Demand and supply depend on the end users and Brands. We need to be optimistic till Pandemic disappears. Economic growth will be slow in 2020 but it will recover 2021. It is essential to understand the movement of the COVID-19 and how long it will take to be eradicated from the soil.