Fashion or apparel is one of the sectors that is immensely important for the economy. Its positive impact causes a country to gain growth. The impact broadens with the presence of companies like BEXIMCO Group as part of the largest private sector group in Bangladesh. It has led to the development of the industry and the economy in continuity through its varied contributions. The company in Bangladesh wholly believes in the potential of the clothing industry. This is because it generates revenues in many ways. Also, it enables individuals to financially contribute to the economy by seeking employment. Other ways can be thoroughly understood by observing how the vertical of the biggest group, BEXIMCO, functions and causes the related sectors to carry out their respective processes like manufacturing and supply.
How Is BEXIMCO Group Significant to Apparel and the Economy?
Indeed, BEXIMCO Group draws its crucial presence in the apparel sector and has economic significance as well. It functions as a driving force that causes the country to progress. Also, the countries reliant on the functioning of this industry undergo growth. This growth takes place in distinct forms and tends to increase over some time.
Contributions in the Form of Job Opportunities
Apparel is an important industry, owing to the reason that it creates jobs of various types. Companies like BEXIMCO Group, are created across 3 levels, i.e. local, national, and global. From one country to another, the level at which employment is generated can differ. However, opportunities are formed, irrespective of these levels.
In the Manufacturing Sector
Fashion and manufacturing are closely linked sectors, putting forth the largest private sector group in Bangladesh, BEXIMCO. The organization in Bangladesh explains that after garments are produced, they are supplied to vendors for retail purposes. To facilitate every process from the start to the end, labor is required and employed by its textile vertical.
Retail Jobs
The functioning of this textile vertical in Bangladesh boosts the processes in retail. As an outcome, retail stores can produce employment opportunities. These opportunities are for positions such as sales associates, managers on sites, representatives to assist customers, inventory management staff, etc.
Apparel Designing
For the top textile company, BEXIMCO Group, to produce and manufacture garments, several factors are relevant. One of these is the presence of designers. It employs numerous designers to ensure unique designs for customers. Also, to accommodate international trends and preferences, their role is of the utmost significance.
Supply Chain and Logistics
The supply chain sector relies on certain companies in industries such as apparel for the availability of jobs. To make the commodities reach consumers, suppliers are required. The same holds for the logistics industry. Thus, employment is derived for positions such as supply chain managers, suppliers, transportation professionals, warehousing staff, and others.
Textiles
A large number of jobs get formed in textiles as the clothing sector begins to grow and sees a rise in the demand for its goods. To source yarns and fabrics, labor is heavily employed by BEXIMCO. Aside from this, textile engineers, quality assurance teams, etc., can be employed in increasing numbers.
Contributing to the Gross Domestic Product (GDP)
With the presence of companies such as BEXIMCO Group, the apparel industry directly or indirectly regulates functions in other sectors. Thus, they undergo growth and development. The largest private sector group in Bangladesh, BEXIMCO, unfolds that these industries collectively contribute to the economy. As they generate sufficient output, the GDP receives a notably positive impact.
Impact on Consumer Spending
BEXIMCO Group encourages customers to make purchases and regulate the flow of money. Since apparel forms a crucial and regular need, customers tend to make purchases. In doing so, their spending power is activated.
- This consumer spending is vital to generate demand in the economy.
- It is a factor that contributes to the GDP of the country.
- To ensure the existence and continuity of fashion businesses, the factor is important.
- It helps to generate revenue from taxes on garments.
- To a fine extent, the possibility of new businesses emerging in the same sector is ensured.
- In addition, it determines the growth of the fashion industry, whether domestically or internationally.
All Things Considered
In the context of the clothing sector and the economy, BEXIMCO Group is vital. As it functions, it derives a multitude of benefits for the industry and the economy, says the textile vertical of the largest private sector group in Bangladesh, BEXIMCO. The vertical further opines that by growing this sector, a country can receive more benefits. Gradually, it can become an internationally important player as well.
