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Expectations from the Bangladesh apparel industry this year

There has been an exponential increase in LEED certified green factories in Bangladesh. The Alliance and the Accord have shown immensely positive results and the $50BN mark is closer to target. Bangladesh now exports $200MN apparel in terms of value. Year 2018 is expected to be a key year for this industry. The Alliance and the Accord will be leaving after their tenure is over and industry watchers will be keenly watching to see how factories in Bangladesh have managed to overhaul their operations.

Steps are already being taken to continue the progress the consortiums have made, with BGMEA planning to come up with their own plans. Key indicators for 2018 are: Enhanced Backward Linkage: Many government policies have permitted the textile industry to progress in the past few years. As a result of this, textile owners have started modernising their factories through newer machinery, better management practices and the implementation of new technology.

Better Infrastructure: The government has recently commissioned two studies to analyse the feasibility of a floating terminal and a mid-sized seaport, both near the Chittagong seaport to remove hurdles at the Chittagong seaport and enhance logistics. The government has already spent $6 billion this year alone and in recent years has undertaken the construction of a new seaport the Payra seaport, and the Padma bridge which is set to be completed by this year. So for 2018 looks bright for apparel buyers.

Go green initiative: The top three environmentally friendly garments factories in the world are located in Bangladesh. In a move to be more ethical and change the way, the world looks at Bangladesh, the RMG industry and Bangladesh apparel factory owners have initiated a move to be more eco-friendly. Currently 67 factories have obtained LEED certification and over 222 factories have been registered for the LEED certification process. The government has helped to promote this trend by providing loans at 9 per cent for apparel manufacturing factories that work towards being green.