Regulation hindrance impeding Bangladesh's global e-market prospects

As per media reports, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Faruque Hassan maintained this even as he emphasised the need for apparel manufacturers to prioritise the virtual marketplace in today’s digital age, highlighting the growing online presence of consumers, particularly Gen Z.

The BGMEA president underscored the opportunities presented by this shift, urging exporters to adapt to the emerging trend.

He acknowledged the significance of virtual platforms, particularly during Covid-19 lockdowns, while pointing out policy inconsistencies that impede industry growth.

The absence of global payment gateways, financing challenges, complex export processing, and impractical return policies pose substantial obstacles to establishing a robust digital marketplace, Hassan noted.

A study by BGMEA aims to unlock the virtual garment market’s potential in major export destinations, projecting a $489 million increase in garment business by 2027.

Bangladesh is forecast to capture 0.2 per cent of the USA, 0.1 per cent of the EU, and 0.75 per cent of African markets, amounting to a combined $308 billion.

The BGMEA chief viewed the report as vital for industry progression and urged policymakers and entrepreneurs to use its insights.

He suggested further studies on logistics, branding, and foreign exchange policies to maintain competitiveness.

Developing a comprehensive business model is essential to navigate global competition and expand the digital presence, Hassan stressed.

The report, he believed, will guide future business expansion endeavours, facilitating Bangladesh’s growth in the digital realm.

Fibre2Fashion News Desk (DR)