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There is a need for sustainable trading system and buyers-suppliers relationship to perform well in the ‘new normal’ situation that has emerged as a result of the COVID-19, as per the Bangladesh Garment Manufacturers and Exporters Association (BGMEA). The pandemic has created opportunities like virtual marketplace and expansion of online-based sales.
It is high time Bangladesh made investments in the backward linkage industry to develop own capacity and capability, said BGMEA president Faruque Hassan at an event where leading regional economists and business executives discussed prospects of expected growth business sectors in 2022.
“Deeper partnership that brings greater agility and accountability will help us to mitigate future ruptures. The uncertainty and vulnerability created due to that overconcentration has been greatly exposed during the COVID-19. Since we have proudly graduated from LDC status, a strong and self-sufficient backward linkage industry will also help us to comply with double transformation rules of origin,” said Hassan in a press release.
“Virtual marketplace can be a big source of our growth, as well as to move from OEM (Original Equipment Manufacturer) to be design and brand manufacturers. But we cannot do it alone. It can only be done through the regional collaboration and cooperation of the brands and other stakeholders,” added Hassan.
The BGMEA president also laid emphasis on more focus on capacity building re-skilling and up-skilling of workforce to cope up with the technological changes due to the 4th Industrial Revolution.
Fibre2Fashion News Desk (RR)
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