With the country's political situation showing a respite from violence, apparel makers are now making extra efforts, including enhancing their interactions with global buyers and sending business missions abroad to help recoup their business losses caused due to the recent turmoil, industry insiders said.
The readymade garment (RMG) sector leaders in a recent meeting apprised the top retailers about the country's latest political development and assured them of ensuring smooth supply of products in the coming days, they added.
However, the global buyers have also expressed their willingness to increase their sourcing from Bangladesh, sector leaders said.
"Now we are increasing our communication with our global buyers explaining the present situation through emails, phones and meetings," Reaz-bin-Mahmood, vice president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) told the FE Thursday.
The apparel apex body-BGMEA-held the meeting with the buyers' forum, where more than 40 representatives of top global apparel buyers, brands and retailers were present, he said adding the manufacturers are also interacting individually with their business counterparts globally in this regard.
During the meeting, we assured them that in the coming days, there would be no such stalemate as there is a sign of stability, he said. Some of the buyers have already increased their work orders while many of them are planning to source more.
"We have also invited them (buyers) to visit Dhaka," Faruque Hassan, managing director of the Giant Group said.
Also a former vice president of the BGMEA, he said the association is planning to send business delegations to different countries mainly to explore marketing opportunities and also to project the country's $24 billion garment industry and its strength with workplace safety and other related compliance.
"A delegation will visit Brazil next month while another team will go to the US," he added.
AH Aslam Sunny, vice president of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) said a large number of buyers have said that they are coming to Bangladesh while some of them have already started visiting Dhaka.
Buyers are also getting positive messages through their liaison offices, inspection agents and their respective embassies about our present situation, he noted.
"Buyers are not concerned about the industry but are worried about the fluid political situation," he said. They know the strength of the industry as exporters are meeting their shipment deadline despite odds including additional costs, he added.
However, the business leaders demanded the government's policy support including incentives especially for the European Union markets, reduction of port cost and price of oil, lowering of bank interest rate to overcome the losses caused due to the recent political stalemate.
Buyers are trying to take advantage of the country's political instability and offer reduced prices for apparel products, Mr Faruque said. Manufacturers too have accepted the orders mainly to run their businesses as they have to pay workers' wages and bear other expenditures, he added.
"The government should also offer some policy supports to the sector mainly to retain its competitive edge," he demanded. The leaders placed 20-point demands in March to recoup the losses caused by the political turmoil.
"We would be able to achieve the targeted $50 billion by 2021 provided a stable political situation remains as buyers are getting back their confidence about the country's garment industry," Mr Reaz said.
Replying to a question, he said we need to keep an eye on the data of coming months, especially May and June, to have a clear picture of the export earnings as many manufacturers informed that they got less work orders due to the political turmoil.
According to the industry people, the country's largest foreign currency-earning sector has already suffered a 20-25 per cent production loss during the last three months' non-stop blockade and political impasse.
Meanwhile, 35 garment factories have suffered losses worth Tk 1.81 billion including order cancellation, discount, air shipment charges, delayed shipment and additional transportation cost from January 14 to February 19 due to the blockade, according to the BGMEA.
Locally-made apparel export (woven and knit) witnessed a 3.18 per cent growth during the July-March period of the current fiscal year. Knit products failed to achieve the target by 5.58 per cent and woven by 3.89 per cent during the period, under review.
munni_fe@yahoo.com
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