Textile sector boom

There is no denying that the rise of the RMG sector has transformed Bangladesh, employing millions, empowering women and creating a wealthy upper class of entrepreneurs. The current state of Bangladesh, which is on her way to achieving middle income status, is mainly due to a booming textile sector which earned $ 5.73 billion in the July to August 2018 fiscal. This is a 3.82 per cent rise from the earning of the previous year. Despite sporadic unrest and other issues, the garment sector has moved on without any major disruption, thanks to the special economic zones that offer an environment for uninterrupted production with top of the range incentives. However, there is more to do in textile production as against a demand of 12 billion metres, the current production is 3 billion. To tackle this, the local investors have pumped in Tk. 7000 crore for the production of fabric, yarn which can work as a backward linage to the RMG industry.

In short, the objective is to make Bangladesh a composite unit, which will produce, manufacture and export world class garments. The rise in local demand is also indicative of an expanding middle class with plenty of dispensable cash. Once the local textile production is increased, import will fall.

The amount of money invested is certainly staggering and the government’s main duty is to ensure a smooth business atmosphere so that investors feel encouraged. At the same time, efforts need to be made to root out certain elements within the sector that try to create discord and unrest. Bangladesh has already made a mark in Europe and America; now the search should be for new markets in the rising continent of Africa. Again, the government can play a role, through its embassies, to help local textile manufacturers showcase their products in far-flung countries.

Also, the rural textile industry needs to be given an impetus in the forms of loans, modern equipment and skills training. The approach has to be holistic, starting from billion dollar industries to the small home based ones that are intertwined to social empowerment, poverty eradication and women’s emancipation. Many of the rural industries often languish due to government apathy. This has to change with the ‘digital Bangladesh’ mantra used to add momentum to village-based textile industries.

Textile sector boom

There is no denying that the rise of the RMG sector has transformed Bangladesh, employing millions, empowering women and creating a wealthy upper class of entrepreneurs. The current state of Bangladesh, which is on her way to achieving middle income status, is mainly due to a booming textile sector which earned $ 5.73 billion in the July to August 2018 fiscal. This is a 3.82 per cent rise from the earning of the previous year. Despite sporadic unrest and other issues, the garment sector has moved on without any major disruption, thanks to the special economic zones that offer an environment for uninterrupted production with top of the range incentives. However, there is more to do in textile production as against a demand of 12 billion metres, the current production is 3 billion. To tackle this, the local investors have pumped in Tk. 7000 crore for the production of fabric, yarn which can work as a backward linage to the RMG industry. In short, the objective is to make Bangladesh a composite unit, which will produce, manufacture and export world class garments. The rise in local demand is also indicative of an expanding middle class with plenty of dispensable cash. Once the local textile production is increased, import will fall. The amount of money invested is certainly staggering and the governments main duty is to ensure a smooth business atmosphere so that investors feel encouraged. At the same time, efforts need to be made to root out certain elements within the sector that try to create discord and unrest. Bangladesh has already made a mark in Europe and America; now the search should be for new markets in the rising continent of Africa. Again, the government can play a role, through its embassies, to help local textile manufacturers showcase their products in far-flung countries. Also, the rural textile industry needs to be given an impetus in the forms of loans, modern equipment and skills training. The approach has to be holistic, starting from billion dollar industries to the small home based ones that are intertwined to social empowerment, poverty eradication and womens emancipation. Many of the rural industries often languish due to government apathy. This has to change with the digital Bangladesh mantra used to add momentum to village-based textile industries.