Industry leaders plan to invest in new machinery, recycled fibers, and robotic technology to boost production and exports.
The move is expected to create jobs for 50,000 people and help Bangladesh maintain its position as a leading global garment exporter.
Undaunted by the challenges faced by both local and international markets, manufacturers of garments, textiles, and accessories in Bangladesh are on the verge of making a significant investment in cutting-edge technologies.
Eight prominent companies are ready to invest approximately Tk12,000 crore (US$1.2 billion) in these new endeavors. This move is projected to create job opportunities for around 50,000 people within their respective apparel, textile, and accessories units.
Among the industry giants leading these initiatives are well-known names such as Hameem Group, DBL Group, Pacific Jeans, Team Group, Windy Group, Nipa Group, Shasha Denim, and Indet Group. These conglomerates are establishing new facilities to increase their production capacity and strengthen their positions in the global ready-made garment (RMG) export market.
Entrepreneurs, acknowledge the challenging economic circumstances. However, they emphasize that their investment decisions are strategic steps toward securing the industry's future and expanding their business foundations.
They express optimism that the apparel sector could experience a positive turnaround in the coming year, especially as Western markets show signs of improvement. Nevertheless, they admit that challenges such as fluctuating exchange rates and disruptions in utility supplies continue to be obstacles for the industry.
Industry leaders optimistic about future of RMG sector
In line with these entrepreneurs' sentiments, global buyers also voice hope that the market could regain a positive trajectory by the next year.
Experts opine that, the potential risks associated with investing in the current climate, particularly the possibility of waiting for an extended period before seeing returns.
