Bangladesh diversifies; eyes growth in Asian markets: Reports

21 Feb '24

1 min read

Pic: Adobe Stock

Insights

Bangladesh garment industry is positioning itself for dominance globally.
Notwithstanding the initial concerns amid economic downturns and diplomatic tensions, the country is primed to seize the emerging opportunities.
BKMEA executive vice president Mohammed Hatem underscored importance of diversifying into burgeoning Asian markets including India and China.

Historically reliant on Western markets, particularly the US and Europe, Bangladesh is now seeking growth in Asian markets, challenging giants like India and China, underlined media reports while adding this strategic pivot aligns with these countries’ industrial reorientations towards technology, offering Bangladesh a platform to lead in garment manufacturing.

Speaking to media, Mohammad Hatem, executive president of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), underscored the importance of diversifying into burgeoning Asian markets like India, China, Japan, and Australia even as he underscored while traditional markets are still vital, accessing Asian markets promises substantial growth and reduces dependency on the West.

Despite steady global demand for apparel, challenges such as supply constraints and infrastructural issues persist, requiring attention to sustain growth, nevertheless.

Meanwhile, recent OTEXA statistics revealed the sector’s growth alongside vulnerability to fluctuations, which calls for strategic planning and resource management to ensure sustainable growth.

Fibre2Fashion News Desk (DR)

More Textiles News - Bangladesh...