Bright prospects of apparel accessories
Even a decade back it was a general complaint of the entrepreneurs that due to absence of the backward linkage materials and others, the Readymade Garments (RMG) industries in the country was not being able to reach its full potential. Now the scenario is completely different. This bottleneck is no longer hindering the sectors journey ahead. The RMG sector in the country saw a phenomenal growth during the last two decades. A special report in this newspaper recently gave a rosy picture of this sector.
At present RMG sector is the largest contributor to the national export earnings. Though absence of GSP facility caused some anxiety among the entrepreneurs, they have greatly overcome it. At the initial stage, the sector was mainly dependent on imports for accessories. In addition to fabrics, all other accessories like interlining, labels, buttons and sewing thread, all the packaging materials like neck boards, backboards, plastic collar stays, tissue papers, hangtags, pins and clips, hangers and polybags, zippers and draw strings and export cartons used to be imported. During the last decade, scores of accessories industries have emerged in the country and those are meeting about 80 percent of the total requirement of the industry. It is heartening that the country has more or less achieved self-reliance in supply of accessories.
There are reasons for optimism as Bangladesh Garments Accessories and Packaging Manufacturers and Exporters Association (BGAPMEA) aims to earn at least 12 billion US dollars by 2018, buoyed by robust growth in global garment shipment. Credit goes to the entrepreneurs that through their diligent efforts and business acumen they have created a wide domain of backward linkage materials in the country. Now they are no more dependent on importing materials from abroad. It has saved substantial amounts of foreign currencies on the one hand and created a vast market in the country on the other. It has also contributed to employment generation in a big way. Now it is basically only fabrics that are imported from abroad. The growth of accessories industries has also cut down lead-time for delivery.
The burgeoning backward linkage industries are expected to flourish in the years to come. The accessory makers have sought proper policy support and financial incentives from the government for further growth of the sector. There is logic behind this demand. The government may take their demand into consideration as the interest of the state is concerned.
