Chairman of the Bangladesh Garment Manufacturers and Exporters Association, Faruque Hassan, hoped on Saturday that Bangladesh’s share of the global apparel market would exceed 10 percent by 2025, up from 6.3 percent currently. manufacturers increasing their investments in gradation and synthetic fiber.
“As we have achieved a certain level of growth and momentum, now is the time for us to move on to the next level of growth. Our progress and insights have made us one of the most sustainable supply partners in the West and we have to work harder to save it,” Faruque Hassan told a news conference.
To achieve the next level of growth, the government should provide stable policy support and cash incentive against the export of garment products made with synthetic fibers, BGMEA Chairman said at the press conference at the Westin hotel in town to make the announcement. of the 37th IAF World Fashion Convention to be held in Dhaka for the first time in November this year.
He said on overcoming the shock of the global pandemic, Bangladesh’s RMG sector had rebounded and the sector’s export earnings in the financial year would top $41 billion.
Previously, BGMEA announced a target of $50 billion in export revenue by 2021 and it was not met due to the global economic crisis and the Covid pandemic, but export revenue of the country from RMG would be $50 billion in 2023, Faruque said.
The BGMEA President says the 37th IAF World Fashion Convention will play an important role in kickstarting greater collaboration with key players in the supply chain, including buyers and suppliers and global stakeholders, to ensure more sustainable manufacturing and sourcing.
The International Apparel Federation will host the convention in conjunction with the BGMEA and the Bangladesh Knitwear Manufacturers and Exporters Association.
In addition to the IAF World Fashion Convention, the “Bangladesh Manufacturing Week” will also be held from November 12 to 18.
“Made in Bangladesh Week” will provide a unique opportunity to showcase the impressive progress of Bangladesh’s RMG industry as well as its continuous efforts to pursue excellence in business capabilities to strengthen its position as a safe industry, sustainable and competitive in the world”, Faruque jumped.
During the 3-day IAF convention, local and international speakers including brands, retailers, suppliers, industry leaders and academics will shed light on current and future business trends, challenges and possible solutions, with the aim of making industry-wide efforts to create a better fashion industry for all, the BGMEA chairman said.
The annual World Fashion Convention will bring together IAF members, including apparel industry associations representing 40 countries, major brands and other stakeholders.
The convention will be an opportunity for delegates and attendees to network, learn and gain insight into the future direction of the industry, the BGMEA announced.
A number of events including 3rd Dhaka Garment Summit, Bangladesh Garment Expo, Denim Expo, award ceremonies such as – Sustainable Fashion Award and Fashion Photography Award, Fashion and Culture Festival and Global Launch of BGMEA Innovation Center will be held as part of “Made in Bangladesh Week”.
“Perhaps more than ever before, apparel manufacturers are playing a pivotal role in the industry transformation that we all need. Thus, on the international stage presented by the 37th IAF World Fashion Convention, the Bangladeshi garment industry will present itself as a source of solutions to the current major challenges of the industry,” said the Secretary General. of the IAF, Matthijs Crietee.
He expected more than 100 global buyers to attend the fashion convention.
BKMEA Vice President Fazlee Shamim Ehsan, BGMEA First Vice President Syed Nazrul Islam, Vice Presidents Shahidullah Azim, Khandoker Rafiqul Islam, Md Nasir Uddin and Miran Ali, Directors Inamul Haq Khan, Vidiya Amrit Khan and Mohiuddin Rubel, among others, attended the press conference.