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Factory inspections to boost country's image

Economist Intelligent Unit says retailers' efforts may force necessary improvements in factories

REFAYET ULLAH MlRDHA
Ongoing factory inspection by two foreign agencies will deflect reputational damage and ensure Bangladeshi manufacturers' continued access to their biggest markets, although die initiative may increase production costs, according to a periodic research analysis by die Economist Intelligent Unit (EIlI).
Despite Bangladesh's seemingly dominant position in Asian garment manufacturing (excluding China), the collapse of Rana Plaza has not been entirely without consequence, said EIU, the research and analysis division of the Economist Group.
The main production platforms outside China are now in Bangladesh, Cambodia, Indonesia, Vietnam, India and Pakistan. Other
countries areabout to join the club, such as newly liberalising Myanmar, the analysis added.
The Accord on Fire and Building Safety in Bangladesh, a legally binding five-year initiative by retailers and brands, may force necessary improvements on factories, according to die analysis.
"Some Bangladeshi manufacturers are concerned, arguing that none of their competitors abroad are coming under equivalent pressure and negative attention."
Wages in Bangladesh are generally lower than in China, India, Cambodia or Vietnam, its main competitors with lower productiv-i ty a n d sa fety standards, EIU sa i d.
Some four million workers produced garments with an export value of around $20 billion in Bangladesh in 2013 while
Cambodian factories employed 450,000 workers to produce around $5 billion in exports.
The diverse and largely unregulated industry in Bangladesh has come under scrutiny following the collapse of Rana Plaza that left at least 1,100 workers dead.
Buyers' economic rationale for sticking with Bangladeshi factories is compelling for the country's vast production capacity with around 5,000 factories. It is nearly at par with the total combined capacity of its main competitors in Southeast Asia.
Some recent developments in Asian garment manufacturing point to continued expansion and diversification, according to the report.
Many producers and buyers are turning their attention to Southeast Asia and South Asia-attracted in part by these countries' trade
preferences in relation to developed markets, but concerns persist about inadequate safety and labour standards, said the report.
Another study by Asian Development Bank also said the continued dynamism of Bangladesh's garment industry will depend on its ability to raise productivity, boost value addition and move to up-markets.
Major challenges include upgrading safety standards to maintain strong buyer market access, improving inadequate electricity and transport-related infrastructure and logistics and developing skilled candidates for middle and senior management needed both to improve labour relations and to raise production efficiency through better quality control, labelling and shipment,