Shah Alam Nur :
Local products and services have been gradually attaining global standards, which help increase direct business with international partners.
The local entrepreneurs are now aiming at exploring a new horizon of business with global partners alongside their usual exports, insiders said.
The local products, including pharmaceuticals, information technology, apparels, ceramics, healthcare, footwear, furniture, plastic and battery, are sharply gaining global standards.
According to the insiders, the ever-growing global competition has prompted a large number of local companies to initiate plans for both expanding and diversifying their activities in order to enhance competitiveness.
“A good number of local pharmaceutical products are of global standard as the companies have been fighting with leading brands in the international market”, Managing Director of Hudson Pharmaceuticals Ltd SM Shafiuzzaman told The New Nation on Wednesday.
He said, popularity of Bangladeshi pharmaceutical products is growing significantly in global markets, including Africa and Europe, as the local manufacturers are following international standards, which ensure better quality.
According to Bangladesh Association of Pharmaceutical Industries (BAPI), local pharmaceutical companies that are currently in leading positions, include Square Pharmaceuticals, Beximco Pharma, Incepta Pharmaceuticals, Opsonin Pharma and Eskayef Bangladesh.
Most of the country’s pharmaceutical companies have been exporting their medicines to many countries such as Afghanistan, Bhutan, Cambodia, Fiji, Hong Kong of China, Iraq, Macau, Malaysia, the Maldives, Myanmar, Nepal, Papua New Guinea, Sri Lanka and the European Union (EU).
Export Promotion Bureau (EPB) data showed the pharmaceutical sector earned around US$ 12.73 million registering more than 24 per cent increase during July-December of the current fiscal year (FY 2015-16).
The EPB data also showed the pharmaceutical sector earned around $ 69.24 million, marking more than 15 per cent increase in FY 2014-15.
Bangladesh is now the world’s second largest RMG (readymade garment) exporter after China. It shipped goods worth around $ 30 billion to the world markets in FY ’15.
The local fabric manufacturers now use the latest technology to reach global standards. So Bangladeshi textile products can compete with those produced by world’s leading textile mills.
As a large number of global buyers want to source Bangladeshi fabrics, the local entrepreneurs are manufacturing high value fabrics, both knit and woven, to fulfil their demands.
Former Vice-President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Shahidul Azim said, in recent times many local RMG, manufacturers have been turning to high-value products which are now of global standard.
He said, more than 250 RMG manufacturers are now doing direct business with leading international giants, including Wal-Mart, JC Penny, Zara, Tesco, IKEA, Marks and Spencer, H & M, Uniqlo and Li & Fung.
He said, most of global partners are making their products with Bangladeshi fabrics as the local textile mills are manufacturing the best quality knit and woven fabrics.
He said that production at his company of Classic Fashion Concept Ltd could compete with any global company including those of China, India and Turkey.
Local electrical and plastic goods have been attracting global customers for their high quality and the demand is increasing significantly in international markets.
Domestic brands, including RFL, Bengal Plastic Industries Ltd, Talukder Plastic Company Limited, Tanin Bestware Plastic, Bengal Pacific (Pvt) Ltd, FH International Ltd and Unique Plastic Ind Ltd are playing a vital role in boosting exports of such products and these companies are also going to expand their units.
Marketing Director of Pran-RFL Group Kamruzzaman Kamal said, their company is involved with manufacturing a variety of agro and plastic products, which are getting good response from the international market.
He said, currently his company produces garment accessories, household items, water pumps, sports and baby toys and all these products are being exported to the world market as they maintain international standards.
As the production cost is now increasing in China and India, Bangladeshi brands can capitalise on this.
