The high value-added and non-cotton textiles sector is a high potential area of investment in Bangladesh as the RMG industry is increasingly focusing on a shift to apparel made from synthetic fibers to meet rising demand in the global market, said Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Faruque Hassan.
He made the comments while delivering the keynote speech at a session on "Ready-made garments and textiles – weaving the way" during a session at International Investment Summit 2021 Bangladesh, held at Radisson Blu Dhaka Water Garden on Monday (29 November), said a press release.
The Bangladesh Investment Development Authority (BIDA) organised the two-day summit that began on Sunday. Dhaka North City Corporation (DNCC) Mayor Md. Atiqul Islam chaired the session which was moderated by Sparrow Group Managing Director Shovon Islam.
In his keynote speech BGMEA President Faruque Hassan said, "While we focus on fibre diversification, we also need to make considerable investment in developing skills for making sophisticated products."
The growing eco-consciousness and care for sustainability consumers are driving customers globally towards non-cotton, especially manmade fibres and Bangladesh has ample scope in this area, he added.
He also laid emphasis on up-scaling capability in innovation, pattern making, design input services, developing own collections, trend analysis, product research and development.
"So we need to invest in technologies like virtual design and prototyping for quick adaptation in the area of design. Investment in the area of re-skilling and up-skilling our workers is important to take the advantage of the 4th IR."
The BGMEA President said Bangladesh would continue its indomitable march forward where the industrial sector would play the lead role, the press release added.
"I would also like to welcome our investor friends to take this opportunity to collaborate and engage with us which will be mutually beneficial."
Bangladesh Chamber of Industries (BCI) President Anwar-ul-Alam Chowdhury (Pervez),
Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) Executive President Mohammad Hatem, Bangladesh Textile Mills Association (BTMA) President Mohammad Ali Khokon and Marks & Spencer Bangladesh Sourcing Office Head of Country Shwapna Bhowmick attended the session as panelists.