Staff Reporter :
The entrepreneurs of apparel industry target exporting garment items worth $100 billion by 2030 as the local suppliers are diversifying the products and markets.
The local exporters are depending more on manmade fibre, technical clothing items and value-added garment items to achieve the $100 billion target, said Faruque Hassan, President of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) at a press conference in a city hotel on Tuesday.
At the event, the BGMEA also unveiled its new logo with the slogan of ‘Change’, which represents innovation, circularity and green initiative.
Moreover, they are also expecting to create employment for six million people in the apparel sector during the period by ensuring 100 per cent gender equality, inclusiveness, and a decent workplace.
According to the sustainable strategic vision- 2030, the industry will be able to gain environment, social, and governance (ESG) by the mentioned time.
In line with Sustainable Development Goal (SDG), the apparel exporters will reduce emissions of GHG by 30 per cent by 2030.
They will use at least 50 per cent of sustainable materials mix and will reduce 50 per cent of blue water footprint by this time.
The sector will be able to reduce energy consumption by 30 per cent and will use at least 20 per cent of renewable energy by 2030.
Apparel manufacturers will invest $1 billion in sustainable communities and will create six million jobs by the targeted year, ensuring 100 per cent institutionalization of skill development, good health and well-being employment.
By 2030, the sector will ensure 100 per cent sustainability data reporting, 80 per cent green factories, 60 per cent increase in production efficiency, 100 per cent global export footprint, 100 per cent good governance, and setting up 100 per cent SDGs stakeholders.
About the BGMEA’s target of exporting $100 billion, Faruque Hassan said along with basic export items, they need to focus on man-made fibres, technical textiles and high-value products.
“For the first time, we participated in the Technical Textile Fair. We need to focus on intra-industry variation,” he added.
Asked whether the industry is now ready to produce technical textiles, Faruque said they are now ready to make high-value products.
He also said now the country’s backward linkage sector is self-sufficient and many are also importing. Due to the huge demand, the country’s backward linkage sector factories are expanding along with new investments.
“Spinning Mills have major investments of $2.5 million, most of which is manmade fibre,” he added.
Responding to a question about how they will achieve this vision, Faruque Hassan said that they are working on the mechanism and will soon publish it.
He also said that circularity, recycling and transparency are now mandatory, not an option.
“We want to focus more on the environment and related issues, as buyers and development partners also want these,” he added.
“It is also possible to ensure fair prices if we can produce in alignment with sustainability and circularity,” he added.
