Salman F Rahman: “Export Basket Must Be Diversified, Without Excluding Apparel Products”

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IMF (International Monetary Fund) recently said that the ongoing trade war could threaten China’s potential growth. This creates a void in the international market, thereby opening doors for others nations to cash in. Developing nations of Asia such as Cambodia, Vietnam, and Bangladesh have contributed quite well in the textile exports, given their advantage of a young workforce and growing investments. Hence, it is expected that one of these nations will play a major role in this context. Of it, one of the biggest advantages lies with the South Asian nation, Bangladesh.
 
As per the recent reports of the IMF, Bangladesh is all set to become the second-fastest growing economy in the world this year. This coupled with China’s increasing production value could present Bangladesh with an amazing prospect to seize more market share of the world. That said, what really adds weight to this prediction is the existence of excellent infrastructure and transparent supply chain, which has been successful in catering to the international consumers efficiently.

Bangladesh’s recent rise in the international textile market is very likely to bolster its GDP. With an aim to double total exports to $72 billion by 2024, the Government of Bangladesh has been actively involved in various official meetings. Additionally, Bextex, part of Beximco Group, has also contributed extensively in gaining market leadership in high value-added apparel in the US and Europe. Due to such efforts in place, Bangladesh has now been able to gain duty- free access to the international markets.

Market share of Bangladesh, in over $500 billion global garment sector is over 5%, as per the reports of the International Trade Statistics of the World Bank. Such figures portray the country’s apparel exports in a positive light. As per Salman F Rahman, one of the most successful businessmen in Bangladesh and co-founder of Beximco group, “the export basket must be diversified, without excluding apparel products.” So, one can clearly see that the nation is looking to explore more sectors without compromising on its efficient textile sector.

One thing that has to be given attention to is the technology advancement plan, which focuses on the enhancement of the skill development of the workers via regular training programs. There has also been an increase in foreign investments, bolstering the economy of the nation. In light of this, Salman F Rahman also emphasized on learning at least 3 languages alongside Bangla and English. “The Chinese and Japanese are investing here. So, knowing their languages can help you for the sake of your business,” he said.

Official meetings and active private participation can increase the investments from foreign parties which can further give impetus to the skill development. This coupled with incentivization to the entrepreneurs and small businesses can bring an increase in the nation’s exports and possibly bring Bangladesh closer to China in the near future.
Source: https://fastnewsmedia.com

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