Bangladesh is looking for a bigger share of the global garment accessories and packaging market. Bangladesh is already well established as a sourcing hub for apparel products. Now, the country is investing in producing higher quality garment accessories. Since there is more capacity than is currently needed, accessories are seen as a big export earner.
Demand for accessories is growing the world over. Global brands prefer eco-friendly and high quality value added products. These direct exports are expected to open up a new avenue for local manufacturers. Accessories contribute 15 to 18 per cent of a finished garment product. The value addition of garment accessories is over 30 per cent.
Usually, accessory products are exported with finished products and termed deemed exports. Now, they are being separately exported to several countries as direct exports. Bangladesh aims at producing higher quality garment accessories with an aim to increase exports and establish the sector as a direct export earner instead of just deemed.
India, Vietnam, Indonesia, Malaysia, Pakistan, Sri Lanka, Finland, Myanmar and other apparel manufacturing countries are all potential markets for Bangladesh. However, a lack of policy support including gas and electricity connections and tax burdens hinders the inflow of investments, with port congestion being another issue.