Purchasing a home continues to have a significant part in the national economy. It is estimated that the ready-made clothing industry generates $47 billion in export revenue; small manufacturers should be given credit for this revenue as well. Purchasing houses accept purchase orders from overseas customers for the export of clothing through partnerships with regional manufacturing firms.
The majority of the nation’s apparel manufacturing rely on home purchases. But purchasing a home must change with time, and government policy assistance is required to preserve the significant export industry. In these situations, the Bangladesh Garment Buying House Association (BGBA) might be quite helpful.
Through these buying houses, around half of the orders placed by the nation’s export clothing sector are gathered and fulfilled. About four lakh individuals, including merchandisers and quality control supervisors, are working in the housing industry.
Factories with twenty or twenty-five lines or less rely mostly on real estate purchases. Their only option for exporting their made-to-order clothing to overseas markets is to primarily purchase homes. The clothing producer receives a buyer’s perspective from the buying house, which also handles the marketing by looking for export orders.
However, duty-free import facilities (UD) for raw materials are not available to garment buying houses. The government need to promote policies that lower income taxes at the source and offer monetary assistance. The 10% advance income tax on home purchases should be lowered, and first-time homebuyers should receive a three-year tax break. Being a buying housing association, BGBA has to bargain with the government.
To continually improve individuals in management and entrepreneurship, workshops and trainings must be arranged. It is recommended that BGBA provide frequent seminars and trainings. BGBA can sign Memorandums of Understanding with textile and fashion schools, enabling merchandising students to purchase homes for their future careers.
Many small purchasing houses are unable to close the right purchase. As a result, shipments might occasionally be delayed or canceled, which hurts all exporters, including clothing dealers. It is important to keep in mind that the factory exports, no matter what. Purchasing a home is not the only factor contributing to any particular issues. Priority must be given to strengthening ties with BGMEA and other organizations in order to help achieve the $100 billion clothing export goal. Purchasing homes is the key to achieving the export goal.
