Interview with Mr Faruque Hassan

Mr Faruque Hassan
Mr Faruque Hassan
Managing Director
Giant Group
Giant Group

Mr Hassan, in just 25 years, with on set of 20 successful companies, feeding 5000 employees, Giant Group well goes with its name ‘Giant’. While, extending a warm welcome in Face2Face column, let me request you to share firstly about the driving spirit to this huge success and repute.

Thanks for your complement. The sweat and toil of the entrepreneurs and the dedication and determination of our workforce have brought the Giant Group to this position. With the business foresightedness and long term planning, Giant management has been able to maintain a sustainable growth over the ever changing dynamics of international trade.

So, what do the current dynamics say? The world textile industry in 2010 has experienced the most potent growth in 25 years. How will you remark on textile and garment industry faring everywhere, currently?

The growth in world textile and garment industry has been extraordinary in recent times. Bangladesh’s garment exports also had an impressive growth of 24.92% during the calendar year 2010, and during the July 2010-June 2011 period it grew by more than 42% compared to the same period of previous year. However, this growth does not indicate the real trend of the industry as it has been significantly fueled by a cost-push inflation of raw materials. The physical growth of trade in terms of volume would be much less than the volume growth. The cotton price spiral in the world market, inflation and wage hike were some of the reasons behind it. But, from a holistic view point the year 2010 showed a real come back from the global recession for the textile and apparel industry. Bangladesh has been positioned the second largest clothing exporting in the world in 2010 by surpassing Turkey. The recent growth trend, the competitive scenario in the producers market, remarkable trade policy changes by major importing countries and the changing pattern of sourcing shift are making us confident to promote the industry further.

As you rightly said, in Bangladesh particularly, the exports chart of RMG industry shows increasing trend. Which factors will you assign behind this performance?

There are a number of factors behind the recent growth in Bangladesh’s RMG exports. First of all, the growth seen in terms of monetary value is not the real growth. If we consider volume wise, the growth will be almost half of the value growth. The recovery from the global recession was a major driving force. If we look at the export performance in 2009, it was affected by the global recession and the year posted a meager growth of 0.13%. So, the growth in 2010 compared to 2008 was 25%. However, the post-recession period has shown a change in the global apparel sourcing pattern. Particularly, with the loosing competitiveness of China, country like Bangladesh is preferred because of our 3 decades reputation, recent minimum wage increase and the increasing confidence of buyers on us. Therefore, the shift of sourcing to other countries than China has helped this growth. Part of the growth has also been contributed by BGMEA’s recent drive in exploring new markets. Besides, the relaxation of GSP rules of origin by EU, Norway, Switzerland and Japan, partial duty free access provided by China, South Korea, Malaysia, and the 8 million pieces duty free quota by India has also contributed to this growth.
Published on: 08/08/2011

DISCLAIMER: All views and opinions expressed in this column are solely of the interviewee, and they do not reflect in any way the opinion of

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