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The industry of textiles and apparel can
generate jobs and encourage further industrialization in countries that are
recovering from COVID-19.
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To get the most out of this opportunity nations
will have to adopt new strategies and partnerships.
The COVID-19 epidemic is an unprecedented public
health emergency which has caused an external impact upon the economy of
the globe. Despite this however, the clothing and textile industry can be a
major driver of growth and job creation in some countries.
The potential for textiles and apparel
Countries that are rebuilding after COVID-19 shouldn't
ignore the apparel and textile
industry since it is considered to be an early stage in the path to
industrialization. If the industry grows it creates a basis upon which to
construct capital for advanced industries. Indeed, the apparel and textiles
sector is vital to the development and growth strategies of a lot of developing
nations.
The global apparel and textiles industry had a retail market
worth at $1.9 trillion in 2019. It is predicted to be awash by Boston
Consulting Group to reach $3.3 trillion by 2030 and increasing at a compound
annual rate of 3.5 percent. Future projections prior to COVID-19 estimated that
growth in population as well as rising disposable income, and the rapid growth
of urbanization in emerging countries will likely boost demand in the coming
years.
Exports of apparel and textiles make up a significant
portion of total exports of a variety of countries. They account for 85% of
exports in Bangladesh and 59 percent in Pakistan and 13% in Turkey and 11
percent in Egypt. While some countries are well-positioned within the raw
materials or manufacturing stage of the textile and clothing world value chain
(GVC) but they play only a small part in the lack of retail (comprised of
branding, marketing as well as sales). They have a lot of potential waiting to
be released to benefit more from the global market.
In addition, the textile industry provides a unique chance
during the pandemic due to the variety of opportunities for employment it could
provide. The sector is a labor-intensive one that employs millions of people,
and the proportion of jobs within the industry across the entire manufacturing
workforce is substantial for Islamic Development Bank (IsDB) member countries.
The 57 members of the IsDB would particularly benefit since
these countries collectively have the power to purchase nearly one-quarter all
of humanity. With growth rates in GDP of as high as 8percent per year and their
economies having a huge potential to increase their share of the world economy.
Strategic investments
Anyone who invests in the apparel and textile market may
reap tangible economic rewards from their specific investment. Recycling and
sustainable fibers offer an opportunity in this regard, since they're poised to
replace the use of resource-intensive raw materials in a rapid manner. In
addition, the latest, sophisticated textiles are able to be utilized in various
sectors, including construction, automobiles, as well as medical devices.
Emerging technology, already transformative is set to
continue shaping the apparel and textile industry. Data applications Artificial
Intelligence (AI) and machine learning as well as 3D printing are a few of the
technologies that are improving the design process of products and decreasing
time-to-market, which leads to laser cutting machinery, robotic sewing machines
and nanotechnology. Additionally, COVID-19 has shown the necessity of blockchain
technology to improve transparency and traceability in all stages of the
chain of supply, creating new opportunities for the market.
COVID-19 may also trigger an increase in nearshoring, which
means that factories are more close to their final sales market. In addition,
the top companies will look to establish strategic partnerships with suppliers
of the top tier to meet demands and shorten the time it takes to deliver. The
future structure of the market will be determined primarily by the country's
geographical location as well as the capability of its apparel and textiles
industry to offer low-cost production, competitive abilities as well as
high-quality products and short time-to-market.
Looking ahead
The world's nations must move rapidly and strategically in
order to revive and rebuild their economies. Inaction could lead to wider the
existing gap in technology, wealth as well as productivity gap across
boundaries.
These shifts will require several tactical shifts that
include strengthening and expanding processing capabilities, closing the gap in
infrastructure, establishing sustainable apparel and textile production capabilities,
and improving the image for the state as the place of choice for the fashion
and clothing industry.
These changes can also lead to new partnerships between a
variety of actors. For apparel and textiles Collaboration with industry
associations (within and across borders) as well as collaboration with
universities will help to improve knowledge exchange and spur the development
of new technologies. Partnerships with companies and weaving mills or knitting
houses can help to facilitate more vertical integration of companies.
Collaborations with these companies can lead to greater value for the countries
they work with and can yield a substantial ROI.
To achieve this to achieve this, the IsDB has established
clear objectives to stimulate public and private investment in its 57 members
to support their social and economic development as well as boost the
competitiveness of industries that are connected in the world market. For instance,
it is the IsDB is establishing an infrastructure for its member nations to
bring together a wide range of stakeholders in order to bring about important
improvements, such as: increasing investment and trade relationships;
co-financing agreements between the private and public sectors multilateral
development banks as well as other international organizations; and increased
participation of the private sector in development initiatives.
The challenges posed by the outbreak - and regaining
speedily it will not be an easy task. It will require new collaborations and approaches
that can boost the value of economies. However, companies and countries who can
adapt to the new developments and partnerships will reap the biggest advantages
in the long and medium term as well as remain the strongest to the next major
crisis.
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