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British retail giant Primark's CEO Paul Marchant has praised the development Bangladesh's garment sector has achieved in production of apparels in green factories. Bangladesh's apparel industry is a very important sourcing destination for Primark, he said.
Bangladesh is poised to become the source of most of the European Union's (EU) apparel as China, the largest apparel supplier worldwide, is witnessing a decrease in its share of trade with the bloc. The penetration of Bangladeshi garment items has been growing with rising demand for basic and value-added garments.
International buyers are consistently paying lower than the global average price to apparel suppliers in Bangladesh but higher to some of the country's competitors, according to the International Trade Centre (ITC).
Local garment manufacturers are pumping money to expand their capacity to produce technical garment items such as activewear and workwear since their demand is rising in the western markets.
Around 73 per cent of Bangladesh's garment exports is still limited to nine countries for a lack of market diversification in spite of different public and private initiatives.