Bangladesh’s apparel industry needs an urgent business transformation plan to remain relevant’

July 28, 2018

The apparel industry in Bangladesh needs to adopt efficient management practices to improve productivity and increase its global competitiveness, said experts at a PricewaterhouseCoopers (PwC) Summit on “Driving Transformation in Bangladesh’s Apparel Industry” on Wednesday in Chittagong.At the event, experts said the sector today contributes to 12% of the country’s GDP and 83% of its exports. With growing demand from international markets, the growth opportunity for the industry is significant. Manufacturers are embracing newer machinery and production technologies to stay relevant. These changes, along with the capacity building of workers, have led to a shift towards the manufacturing of specialized garments in Bangladesh.PwC pointed out, however, that a lot more work still needs to be done. “A lot remains to be done to outperform global majors in the retail manufacturing space. The export growth rates are fluctuating and have shown a declining trend over the past few years. Productivity in Bangladesh remains low compared to other garment manufacturing nations like China and Vietnam, said experts at the summit. There is an urgent need to revamp infrastructure too to aid the potential growth of the sector.”Mamun Rashid, managing partner, PwC Bangladesh said: “Bangladesh’s garment industry is a key contributor to the country’s growth story. The declining export growth rate has been an area of concern for the industry and policy makers. The ecosystem needs to undergo transformation today. Issues around processes, technology, and people need to be addressed together to accelerate growth in the sector. We must adopt global best practices, look out for market shifts, and align ourselves to global trends.”

Source: RMG BD