Bangladeshi manufacturers of clothing and textiles plan to invest around $3.5 billion in new technologies over the course of the coming year to achieve the $100 billion in exports objective for the industry by 2030. The new technologies, which include cutting-edge equipment to make synthetic fiber and robotics, will widen the sector’s export market and speed up factory operations in general. About 230 garment and textile businesses are expected to benefit from the new investments by providing employment for about 2.2 lakh people.
In 2022, sources said that 137 of the new facilities had registered with the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), 60 with the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), and 27 with the Bangladesh Textile Mills Association (BTMA). According to senior leaders of these organizations, 197 new members of the BGMEA and the BKMEA spent about Tk6,000 crore ($600 million) on the construction of knit, woven, and denim factories.
In addition, an additional $3 billion was invested in the construction of 15 new textile facilities and the expansion of 12 existing ones. These facilities are mostly used to produce man-made fiber. Major brands including Team Group, Urmi Group, Pacific Jeans in Chattogram, and RDM Group are building new facilities to increase their production capacity and gain a larger share of the international RMG export market.
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