50 Star US Inc.
Bangladesh has achieved notable strides in producing packaging materials and accessories for clothing, satisfying 90% of the needs of the export-focused apparel sector. Business owners have realized that this backward linkage sector has enormous potential to develop into a major global sourcing hub.
There was no accessory manufacturing enterprise in the nation when garment exports through an organization began in the 1980s. Although the garment sector has begun to grow, the country's back-end packaging and accessory industries have not, necessitating the importation of all varieties of packaging and accessories. The cost of production was up as more time was spent importing accessories and packing goods at foreign costs.
More than thirty products are produced by this industry, such as interlinings, tissue paper, padding, quilting, barcodes, embroidery, gum tapes, stoppers, hang tags, price tags, polybags, collar inserts, butterflies, collar bones, and sewing threads. In addition, there are zippers, stickers, hangers, buttons, drawcords, drawstrings, zippers, stickers, hangers, and hangers.
Leaders in the industry claim that the nation has more than two thousand factories producing packaging and accessories for clothing. There are more than 0.7 million working people. Over the past few years, exports have averaged $7 billion. Approximately $1 billion worth of goods are shipped from this to over 21 nations.
In keeping with Bangladesh's RMG sector's overall goal of $100 billion in export revenues, the industry has set lofty ambitions, hoping to reach $15 billion in export earnings by 2030. Essentially, Bangladesh's accessories and packaging industries have a solid base because to the increased demand for clothing created in the nation on the international market.
In this industry, member factories of BGAPMEA have made investments totaling around $4.50 billion. Famous clothing and textile manufacturing corporations including Mondal Group, Envoy Group, Dekko Legacy Group, and Well Group have made significant investments in the accessories and packaging sector, despite the fact that many of the facilities in this industry are small to medium sized.
Modern factories and cutting-edge machinery are being aggressively built up by Bangladeshi producers to create eco-friendly products and packaging. However, in order to maximize the accessories sector's export potential and boost direct exports to international markets, government policy support is essential.
To safeguard the home industry, the leaders of BGAPMEA have first demanded that the import of packaging and garment accessories be stopped under the bond facility. They also ask that the current 1 percent tax on this industry be reduced to 0.25 percent at the source.
Second, Bangladeshi accessory manufacturers have struggled to increase their worldwide market share, mostly as a result of a lack of price competitiveness. In contrast, China provides cash incentives of between 4 and 12 percent to its accessory exporters, generating a major competitive advantage. Sector participants stated that Bangladesh's accessory exports to the international market can rise dramatically if the government offers support in the form of financial incentives.
Thirdly, the continuous dollar problem in banks has made it impossible for many small and medium-sized firms to get letters of credit for the purchase of raw materials. The worldwide economic slump also caused accessory and packaging makers to struggle with a decrease in orders.
The government must make sure that company operations are in a favorable environment and must assist the industry with policies. Additionally, create a special low-cost fund to support product development and innovation, allowing the industry to maintain its competitiveness on a worldwide scale.
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