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Sunday, 3 May 2020

Bangladesh RMG Business: Before & After Coronavirus Pandemic

Bangladesh is one of the renowned RMG producers in the global market. Bangladeshi textile and garments are famous mainly for outstanding quality with reasonable prices. That's why almost all the world-class brands like Levi's, Gap, Benetton, Walmart, K-mart, Zara, Next, H&M, S'Oliver, Jack & Jones, IKEA, Decathlon and so on are being produced in Bangladesh. Actually, Bangladesh is in the 2nd position as the RMG export country just after China. 


But very recent Coronavirus outbreak across the world seems to stop the earth motion. Everything seems to be standstill. Everyone is busy with saving from its brutal grasping. Pedantic Coronavirus outbreak certainly affects the world economy which will make us suffered in the near future. Every country is depending on their reserve right now to support the citizens and this will also create a sure troublesome situation. Business is being hampered severely. Avoiding human gathering is seriously suggested to prevent the spreading of Coronavirus. But Textile & RMG industry is the most notable where a huge number of people are working. That means Coronavirus is a devastating threat to the textile & RMG sector.

Working safely is like breathing – if you don’t, you die. 

Bangladesh is the textile & RMG business-driven country. This sector plays a vital role in the national economy and earns almost 82% foreign currency. Besides, there is a lot of backward and forward linkage industry that depend on textile & RMG Business directly or indirectly. This is the employment of almost 5 million people. So if anything bad happens to this sector means a horrible situation in the country. 
Now almost all retail shops are being shut down temporarily and customers are either hold the garment orders or cancel it for an uncertain period of time. This is absolutely shocking news for a country like Bangladesh where this sector is the driving sector. But there are no other alternatives to be followed as well. This is a real crucial situation now. Production has been stopped not only in Bangladesh rather in every vendor countries. Customers are now observing the world situation and hoping for the end of this dark period. 
Sooner after getting back the safe & healthy situation, they will resume the business with a fresh speed- we think double speed. There will be a huge rush in the lead time with substantial quantities to make up the contemporary gaps being caused. Now, a big question which country will get these huge garment orders? Or will the position of Bangladesh be the same as before? Definitely, it will depend on the situation. Almost all countries shut down their manufacturing due to coronavirus outbreak. Those countries will get a large amount of orders that will cure first of coronavirus and can be able to ensure a safer situation. Customers obviously will not wait for their previous vendors if they are still struggling with the outbreak. That's why Bangladesh textile & RMG sector must have a strategic plan on how to sustain in such a situation as well as how to resume after the short break. Everything depends on a nice plan. Bangladesh has huge future opportunities of getting unprecedented business expansion with more value-added items because it has already established itself as a quality producer in the world. But to grasp this huge opportunity, Bangladesh must think today. They must ensure the workers' safety who are the key factors to this business and who will sail the ship of course. They must support this manpower in these critical moments. Of course, it is a tough time, and the industry owners will suffer for a certain time. But they should take this as the investment; otherwise, if they focus on short term benefits, they are sure to vanish soon. They must be prepared to forecast the future and prudently wait for the opportunities. To ensure the safety, they should shut the industry just a couple of weeks which is the most essential preventive measure of the Corona outbreak too. By this way, they can ensure the safe Working environment first in comparison to other competitor countries and can restart freshly with double orders. 
It is our turn what we want: short term benefits or long term benefits. Short term benefits will surely vanish while long term thinking will make us more strong in the global market. 
Be smart and drive the world. 

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