A recent study suggests that Bangladesh could potentially secure an additional US $ 489 million in garment business by 2027, tapping into virtual markets in the US, European Union (EU), and Africa.
The study, titled Establishing A Virtual Marketplace for Bangladeshi Apparel, conducted by the International Finance Corporation (IFC) in collaboration with consulting firm LightCastle for the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), outlines the need for implementing an international e-commerce platform framework.
The study anticipates that the virtual garment market in the US, EU, and Africa will reach a combined value of US $ 308 billion by 2026.
During the press conference held at the BGMEA office in Dhaka, the findings were jointly unveiled by the IFC, BGMEA, and LightCastle.
According to the study, Bangladesh has the potential to capture 0.20 per cent of the virtual garment market in the US, 0.10 per cent in the EU, and 0.75 per cent in Africa by 2027.
Dipa Sultana, Senior Business Consultant and Project Manager at LightCastle, presented the study findings, predicting that approximately one-third of total apparel sales in the EU and US will shift to online channels by 2027.
