12:00 AM, September 14, 2020 / LAST MODIFIED: 01:53 AM, September 14, 2020
The current disruption in the global supply chain for garments caused by the ongoing coronavirus pandemic has created an opportunity for Bangladesh to reinforce its position as a leading exporter of apparel products, according to experts.
Bangladeshi manufacturers can embrace these chances and innovate new ways of production in order to expand their business and adapt to market shifts, they said.
They spoke at a virtual discussion on September 9 organised by HSBC, Bangladesh Garments Manufacturers and Exporters Association (BGMEA) and Serai, a new technology subsidiary of HSBC.
Various garment makers and exporters, HSBC customers, regulators, international buyers and officials took part in the event to discuss Bangladesh’s apparel industry, global apparel demand landscape and technological penetration under the current context.
HSBC, Serai and the BGMEA brought together industry leaders from across the apparel ecosystem (manufacturing, advisory consulting, finance and technology) to discuss how demand is changing, why Bangladesh is such a unique destination and how the industry can thrive in this new environment.
The programme began with short speeches and a discussion between HSBC CEO Md Mahbub ur Rahman, BGMEA President Rubana Huq and Serai CEO Vivek Ramachandran.
There were also presentations made by Kanaiya Parekh, expert partner in retail, performance improvement, customer strategy & marketing and results delivery practices at Bain and Company, and Ramachandran, CEO of Serai.
“HSBC was founded with one key objective — to facilitate trade and despite tech-driven improvements in most areas of business, international trade remains as complex today as it was more than 150 years ago,” HSBC’s Rahman said.
“Responsible and sustainable supply chains are becoming increasingly important as consumers’ choices are coupled with both innovations and disclosure.
“The Serai platform aims to be an effective conduit for industry players to form an open source platform with a shared approach.
“This will ultimately enable the apparel industry to reduce duplication and costs, re-build trusting relationships and make faster and better trade decisions,” he added.
The industry can only retain or better its position by restructuring its capabilities, responding to the needs of lean manufacturing, reducing lead time and increasing online engagement, according to BGMEA president Huq.
“Effective business to business interactions are one of the most effective ways to go ahead,” she added.
Serai CEO Ramachandran said it is clear that the future of international trade lies in increased digitisation and the efficiency gains that all participants can draw from.
“That’s why we’re building Serai — a data powered platform to help businesses build trusted relationships and grow their business,” he said.
Serai is a platform that brings buyers and suppliers together to build trusted relationships, with an initial focus on the garment industry.
The platform allows industry participants to share relevant data with their partners in a highly secure manner and access a range of digitals solutions.