Denim experts says at a seminar of 16th edition of Bangladesh Denim Expo on Monday underscored the need for sustainability, using modern technology, and ensuring data availability to take the untapped potential of the global denim market.
The Panel Discussion title “Reimagining the Denim Industry” organized by Bangladesh Denim Expo
Managing Director of Ananta Group Sharif Zahir said the denim was the first product of the company. It has a better margin and better future.
“Bangladesh has already gained its top position exporting the products. But there is a lack of knowledge, data, and compliance,” he said.
Zahir added, “Competitive prices of the products, sustainability, recycling and new technology are also challenges for entrepreneurs.”
He pointed out that local investors are investing in the denim sector to take the opportunities.
M&J Group director Munir Ahmed said they have to face a challenge owing to increasing cost of production.
“The denim market is growing in the international market. We have advantages to take it thanks to geographical location. Now, we should improve our image and expand to new markets,” he added.
Asif Ashraf, Managing Director of Urmi Group, said Bangladesh is exporting 75% cotton made products. The country has a lot of opportunities in exports of manmade fiber (MMF) products, he added.
“We gained second position in the RMG exports and top in denim items exports in the international market thanks to our hard work. Now we need policy support from the government to expand our MMF items. Besides, we have to strengthen our backward linkage industry,” he opined.
CEO at Tex Fasteners Deepak Shah said harmful chemicals are used to produce denim products. “Entrepreneurs should focus on environmental issues and sustainability.”
Bangladesh currently exports denim products constituting 14% of total readymade garment exports worth US$47 billion.
“We have a great chance to increase our global share of denim item exports by adopting automation and ensuring data availability, recycling, and innovations.”
He informed, “We are holding a top position in denim exports and our market share is now 8%. But we want to increase the value to $10 billion by 2030 from the $8 billion now.”
