Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and the Wazir Advisors signed an agreement to conduct “Fibre Diversification Study of Non-Cotton Textile and Apparel for Bangladesh in the Global Apparel Market”.
BGMEA President Faruque Hassan and Business Director of Wazir Advisors Varun Vaid inked the deal on behalf their respective organisations on Sunday. The signing ceremony was held virtually.
It will also identify key challenges for Bangladesh to capture a significant pie of the non-cotton apparel market.
The study will analyse non-cotton product categories in terms of complexities, resources and trade volumes while economic, demand and sustainability rationale of non-cotton apparels will be looked upon.
Competitiveness in terms of products, technologies, skill, cost and availability of other resources will be assessed in the study which will also identify challenges that limit Bangladesh’s potential to supply non-cotton products. It will develop a roadmap for manufacturers, investors, policymakers, development partners and other influencers, detailing approach and ways to establish a strong presence in non-cotton textile and apparel market. BGMEA President Faruque Hassan said, “Cotton has so far driven the country’s growth in the apparel sector. But the growth of cotton-based products seems to have reached its peak, and there is little scope for growth through the natural fibre.”
He argued, “The global fashion trend has drastically shifted from cotton to man-made fibres. It is now time for us to tap into this segment, where, I believe this study will play a crucial role.”
Business Director of Wazir Advisors Varun Vaid said, “Global textile demand is rapidly moving towards manmade fibres. With better functionality, price competitiveness and popularity of categories like sportswear and athleisure; manmade fibres are on a high growth path.” He added, “The global trade is also at a cusp of restructuring with China vacating trade share. Bangladesh can leverage its manufacturing competitiveness and buyer relationship to capitalise these opportunities.”
BGMEA is right in taking cognisance of such trends and set the direction for Bangladesh to diversify beyond cotton categories, he said.
With support of BGMEA, Wazir Advisors will develop a framework for the industry to identify and tap opportunities in non-cotton categories. The study will act as guide for the policy makers. It will encompass learnings from global leaders, evolution of industry elsewhere, key enablers – investments, ecosystem, policies, partnerships, etc.
The study will be funded by IFC’s Partnership for Cleaner Textile (PaCT II) programme, supported by the government of Denmark through the Danish International Development Agency (DANIDA) and the Netherlands embassy in Bangladesh.