Due to increasing challenges in global business, it’s high time for collective efforts and regional co-operation at every level. It is no longer a secret that Western economies are either stagnating or slowing down, whereas Asian countries are now picking up pace with growing disposable incomes and aspirations for better lifestyle. As a region, the Asia-Pacific is attracting a lot of attention for investment and collaborations because of the potential growth opportunities that it provides.
Some interesting developments have taken place lately which augment the importance of regional collaborations, the most significant being the first-ever bonded cargo from Bangladesh that flew out of Kolkata airport recently. It is the first cross-border, land-air trans-shipment of apparels from Bangladesh that flew out of Kolkata to reach the terminal destination in Europe since Expo Freight Limited (EFL) introduced a tailor-made logistics solution to handle such cargo trans-shipments between the two neighboring countries.
In the apparel value chain, industry experts strongly believe that India and Bangladesh have immense potential to grow together with collective efforts and approach, rather than competing with each other, and vying for the same orders. The product and infrastructural strength of both countries are very different and by combining these advantages, the offering is just too alluring for any retailer in the world to ignore, including Indian retailers/brands. It is better to support each other rather than being dependent on the Western world for business.
The rising awareness of working together is highlighted by the fact that the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and Confederation of Indian Textile Industry (CITI) recently signed an MoU to support each other in various fields and work
collectively. “For years, Apparel Online has constantly drilled in the reality that India and Bangladesh are not competitors in the garment sector, but rather complement each other for a cohesive strength that is invincible,” says Deepak Mohindra, Editor-in-Chief, Apparel Online. Now, there is a conscious and strategic effort to collaborate.
The apparel industry in Bangladesh, led by the BGMEA, is also of the strong opinion that both countries should explore growth opportunities together. “Strengthening of trade relations and developments that perpetuate collaboration are welcome steps and I believe that such initiatives will further help to strengthen trade relations between both the countries. In fact both the countries should help each other and create a win-win situation for the entire region. Like we need India’s support on logistics’ front, while Indian textile companies especially those in cotton-based products must enhance their reach in Bangladesh by investing here. Bangladesh can support the Indian domestic apparel market with its quality and cost-effective merchandise,” says Md. Siddiqur Rahman, President, BGMEA.
It is pertinent to mention here that Bangladesh is placed at the third position as far as India’s textile exports (excluding RMG) is concerned and is placed second as far as import of garments is concerned. The importance that regional collaboration can bring about in enhancing business is obvious.
The Apparel Sourcing Week, 2019 is an initiative to further strengthen the apparel trade between India and Bangladesh. The show is the first of its kind effort to bring Bangladeshi garment manufacturers and Indian retailers on to one platform which will be a win-win situation for both sides. The support of BGMEA in putting this show on its path has excited all including the retailers/brands who are looking forward to see not only the product capabilities, but also to interact with the thought leaders on the way forward.
Source: Apparel Resources