By consistently providing profitable production and design quality, We have proven that we are one of the top contenders in the international market of the garment industry.
Anwar-ul-Alam Chowdhury is the Chairman of Evince Group. He is the former president of BGMEA.
The world market for the garment industry is $450 billion and it is experiencing a 6% growth on an annual basis. Though China is the largest producer in this sector, Bangladesh has to compete with Myanmar, Cambodia and Kenya as an emerging potential for this business. If we start improving our human resources, we can reach optimal profitability with the help of the government.
We have proven that we are one of the top contenders in the international market of the garment industry by consistently providing profitable production and design quality. The succeeding step is to improve our image within the international platform. We must demonstrate that we are a progressive nation capable of bringing prosperity to our people.
The government is now generating 1,400 Megawatts of electricity but the demand for energy is continuously increasing. On top of that, we do not have a concrete energy policy or reliable alternative source of energy.
Contrary to popular belief, labor is not the cheapest component of our industry, it is gas. Unfortunately gas is becoming a dire resource and alternatives such as electricity are not feasible in terms of cost. In this respect, coal becomes the cheapest source to generate power and coal-based power plants have already become a matter of concerns due to environmental impacts.
Though we have a large supply of manpower, it is lacking in educated professionals, who possess the technical and professional skills to oversee the operations of a garment factory. The requirement in the number of garment workers has increased from 300 to 1500 or 2000 workers per garment factory. With this change, there is a greater requirement for CEOs, CFOs, HRMs, etc.
The government, educational sectors and institutions must work together to alleviate these lackings in the future.
The fact of the matter remains that we were the first generation of entrepreneurs in this market and there is much we must learn and assimilate in order to compete with the growing demands of international market. The third generation that is currently taking regulatory positions in the industry must recognize the limitations of the previous generation in order to progress further. The market is drastically changing with the incorporation of newer technologies and globalization and these entrepreneurs must keep that in mind as they attempt to increase the growth and potential of the industry.