During a recent seminar titled Road to $100 Billion Exports by 2030, experts and insiders from Bangladesh’s apparel industry emphasised the critical role of innovation in achieving the ambitious export target.
The seminar, hosted jointly by the Textile Today Innovation Hub and CEMS-Global, took place at the Bangabandhu Bangladesh-China Friendship Exhibition Centre in Purbachal, Dhaka.
Panel discussants highlighted the importance of purpose-driven and systematic changes across various aspects of the industry, including product development, processes, workforce, and organisational culture.
These changes can lead to cost reduction and increased profitability for businesses in the sector.
Mahbubul Alam Milton, Executive Director of Masco Group, stressed that innovation is already in progress and is crucial to achieving the export target. He emphasised the need for knowledge and collaboration within teams and distinguished between invention and innovation.
According to him, innovation makes businesses more competitive, and it can take the form of open innovation through external collaboration or closed innovation within the company even as noted the challenge of accessing data related to the US $ 100 billion export goal and called for industry associations to share data for more informed decision-making.
Hasib Uddin, Chairman of APS Group, highlighted the importance of preparation in reaching export goals. He mentioned critical factors such as expanding factory capacity, addressing the energy crisis, and strengthening backward linkage capability in the man-made fibre (MMF) sector.
He also emphasised the significance of investing in human capital development and exploring untapped markets to boost exports.
In conclusion, the seminar underscored the vital role of innovation and strategic changes in propelling Bangladesh’s apparel industry towards its US $ 100 billion export target by 2030, emphasising collaboration, data sharing, and holistic development as essential components of this journey.
