5 Percentage Point Hike In Bangla Garment Sector Value Addition
The value addition in the Bangladesh garment industry has increased to 70.78 percent in the first fiscal quarter ending September 30, as per data of Bangladesh Bank, the central bank of Bangladesh.
In comparison, the value addition in whole of fiscal 2023 was 65.97 percent, so the period between July and September 2023, indicates significant progress in local value addition.
Faruque Hassan, President Bangladesh Garment Manufacturers & Exporters Association (BGMEA) stated that in the past 10 years, the clothing industry undertook significant initiatives.
“Investments were made not only in workplace safety and establishing greener manufacturing facilities, but also in diversified, complex, and value-added items,” the BGMEA President added.
“Major advancements include almost self-sufficiency in accessories, textile yarn & fabrics, dyeing, washing, printing, sequence, applique, embroidery, and other allied industries,” Hassan informed.
“As investments grow in the auxiliary industries, it helps in import substitution as well as increases our competitive advantage as we can save lead time and cost,” he said.
“The increase in local value addition gives more flexibility to our buyers, which is important for long-term viability of our apparel industry,” he also added.
