One of the most important factors in a country’s economic success is industrialization. It has played a major role in transforming the emerging countries’ monetary arrangements. Bangladesh’s textile industry dates all the way back to almost 500 years. It is one of the world’s oldest and most successful industries, with a long and distinguished history. Additionally, the volume of yarn and fabric produced has increased significantly in recent years.
The globalization of the textile and garment sectors has had a significant influence on global textile and apparel commerce. As a result, the developed countries are heavily reliant on the developing countries for textile and garment production today. Bangladesh currently ranks second in the world as the largest clothing producer, with a $20 billion industry in which exports account for 80 per cent of total revenue.
There are three main elements that have contributed to the expansion of Bangladesh sourcing. Bangladesh has a high number of labour employees that are available for hire. Furthermore, natural gas and the cost of electricity are both inexpensive. Bangladesh has a large population, which means there is enough labour, which gives the country an edge when it comes to creating labour-intensive items.
The diligent worker force in Bangladesh is the primary cause for the development of the textile industry in the country. To begin with, the country gained a competitive edge in readymade clothes commerce with both American and European countries, which was a welcome development.
These possibilities were facilitated by government initiatives that contributed to the expansion of the textile industry in Bangladesh. Globalization encouraged foreign direct investment through the liberalisation of government policies. Bangladesh’s garment industry is well-known around the world and occupies a significant position in the global market today.
Furthermore, the quota-free textile regulation, which has been in effect since 2005, has made a significant contribution to the development of Bangladesh’s textile sector.
When it comes to cotton, the new textile rules that have been implemented virtually eliminate tariffs for the spinning industry. For this reason, substantial tax rates are levied on imported yarns and materials, in order to stimulate the use of locally produced textiles and yarn manufacturing. All of these factors worked in concert to promote the growth of Bangladesh sourcing. Nonetheless, the country has experienced a significant increase in the spinning sector during the last ten years.
In the last 10 years, the spinning capacity has grown fourfold, which is an impressive achievement. Bangladesh’s textile sector currently employs about 4 million people. The textile sector contributes 45% of total industrial employment in the US. Polyester textiles, fabrics manufactured from man-made fibres, PV fabrics, viscose thread fabrics, and other types of fabrics account for the vast majority of its exports. Textile exports are mostly comprised of knitted or woven tee shirts and tops as well as trousers, skirts, shorts, sweaters, and athletic items, among other things. The handloom business employs a huge number of people and also creates textiles that are in high demand in the local market. Despite the fact that Bangladesh sourcing is one of the most rapidly developing and significant sectors, it faces a number of challenges.
In the textile and garment sectors, it is widely acknowledged that Bangladesh has a bright future. In reality, the foreign currency gained through textile and readymade garment exports accounts for a significant portion of the country’s total national revenue. It is estimated that the textile and garment industry accounts for 81.43 per cent of Bangladesh’s overall exports. In this circumstance, it is straightforward to predict what will occur if there is any depletion or issue in this area.
It is mostly owing to the availability of plentiful natural gas as well as inexpensive labour and energy that the textile industry in Bangladesh has been able to survive and thrive over the years. However, in recent years, all of the plentiful resources that have historically served as the backbone of the textile industry have become unfriendly to the business. Raw cotton and synthetic fibres are the two most important raw materials used in the spinning industry.
There is no longer enough energy accessible, despite the fact that there was formerly enough. Water, which was once abundant, has become limited as a result of its rapid use and contamination. In addition, the large number of people who were available for labor-intensive businesses were not hired or taken into consideration in a reasonable manner. The basic competencies of the textile industry are thus becoming a major source of concern for the sector.
The government of Bangladesh cannot afford to waste these important resources, or the country risks losing its ability to compete in the international textile and apparel industry. The most important item on the agenda for the 2nd International Conference on Textiles and Apparel is the effective and correct utilisation of available resources. The primary focus is on developing appropriate answers to sensitive issues and putting them into action in order to accelerate the development of the textile sector in Bangladesh.
Bangladesh sourcing workplace safety regulations have been called into question when a manufacturing building near the capital, Dhaka, collapsed recently, raising concerns on a worldwide scale. According to estimates, more than 300 factories in Ashulia have been forced to close as a result of the deadly accident. Almost 80% of the manufacturing workers have sought an increase in their wages as well as the implementation of more stringent safety measures.
When it comes to this tragic event, Bangladesh has urged that the European Union refrain from taking severe measures on them in this critical moment. In conclusion, it can be stated that if Bangladesh is able to sustain its present development in the textile and readymade garment industries, it would be able to achieve its 2022 export target of $40 billion US dollars. To reach this position, it will require considerable expansion in this area as well as fair access to the markets of the United States and the European Union.