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We will have to customize cost of doing business and move with proper strategic planning

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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-

We will have to customize cost of doing business and move with proper strategic planning

Mr. Faruque Hassan, Managing Director, Ginat Group & Honorary Consul General of Greece, Bangladesh

faruq-hassanWe all are passing a very hard time for worldwide. Our textile industry is largely effected by the pandemic situation. Now we need to thing seriously how to survive. If you think tradition way we will not be able to survive. Cost effective is the main concern of our industry. We have to take proper long term strategic. We are continuously facing negative growth in our export figure. The negative growth started in Mid of 2019 and it is massively observing during COVID-19 pandemic.

We have to customize our cost of doing business. Utility cost, port container charge, wastage, worker wages, speed money and all other associated cost for our business has been increased a lot. Government offered 1% intensive but we haven’t received yet! We are still focusing on cotton fiber. We need to focus on manmade fiber which has an emerging market. China is strong in manmade fiber. Now we can take the opportunity to take the business.

We must develop our design and development activities. Also we can’t deal with our partners properly. Our worker wage is high but it not higher than our competitor countries. Now its time to utilize our work force with proper policy. The factory owners had to send a lot for Accord & Alliance issue. Now they are not in a position to invest further. Government to support the industry not every segment but in need basis.

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