IFC initiates Afro-Asian roadshow

The International Finance Corporation (IFC) has spearheaded an initiative to promote south-south cooperation, peer-learning and joint ventures in textile, apparel and footwear sectors through an Africa-Asia roadshow.

With developing countries contributing the largest share in this rapidly growing segment, the roadshow aimed to facilitate meaningful cross-regional engagement, encourage low-carbon development, share know-how and technology, and uplift communities.

The contribution is projected to reach $4.4 trillion by 2030 from $2.2 trillion in 2018, according to an IFC Bangladesh press release issued on Monday.

Under the initiative, a delegation of 25 CEOs and founders from major African and central Asian textile, apparel and footwear companies, accompanied by representatives from prominent global brands, visited Bangladesh from June 18 to 19.

More than 28 local garment manufacturers hosted them during their visit.

Bangladesh is a leading garment production hub in the world which, before COVID-19, directly employed more than 4.0-million people, contributed about 8.0 per cent to the country's GDP.

Apparel also accounted for more than 80 per cent of the country's total export earnings during the period in question.

The global manufacturing landscape is undergoing a significant realignment in the aftermath of the pandemic. As this shift takes shape, developing countries are poised to benefit the most.

Recognising this potential, the IFC aims to assist countries and industries in becoming more diversified and competitive to leverage the emerging opportunities.

The roadshow provided a unique platform for African and central Asian entrepreneurs to foster partnerships.

By connecting CEOs and founders from different regions, the event encouraged the exchange of ideas and best practices, driving innovation and growth within the industry.

"South Asia is one of the best examples of where more and better jobs have created profound change in people's lives. Collaboration with Bangladesh is an opportunity for African businesses to capture more of these jobs, leveraging one of the fastest growing workforces in the world, coupled with world-class infrastructure," said Kyle Kelhofer, IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone and Togo.

"There is also an opportunity for transferring skills, connecting expertise and improving market access - for which IFC has been supporting the manufacturing sector in Africa."

Meanwhile, Martin Holtmann, IFC country manager for Bangladesh, Bhutan and Nepal, said, "Over the years, the IFC has invested more than $7.0 billion in all sectors of the economy in Bangladesh."

"The world-class manufacturing sector is the backbone of this amazing country. Bangladesh has a strong internal market as well as an incredible ready-made garment (RMG) export market, which is already approaching $50 billion a year," he added.

arafataradhaka@gmail.com