IsDB has identified a set of core industries in which its Member Countries offer numerous competitive advantages. They are among the world’s top producers in the Textiles and Apparel industry, playing a vital role in the supply of raw materials or in the different stages of the global value chain (GVC). The industry supports their exports, provides jobs, and is a significant contributor to their overall socio-economic development.
Although the coronavirus pandemic may pose short to medium term risks and vulnerabilities to IsDB member countries, the opportunities in the longer term may require a comprehensive understanding of the global Textile and Apparel value chains in the near term. A success in overcoming these short-term impediments and recovering quickly may allow IsDB member countries to increase their market share in the global economy, boosting added value in their economies, and creating employment opportunities to support their socio-economic development.
The Textiles and Apparel sector is critical to the growth and development strategies of many developing countries and is considered a typical starter industry in the first steps to industrialization. When the industry expands, it provides a base on which to build capital for more technologically demanding industries. Any disruption to this sector could therefore have disastrous economic effects in many IsDB Member Countries. At the same time, it is vital for them to adapt to and catch up with technological developments to be internationally competitive.
The sector insights contained in this Futures Report and its critical view of the challenges, opportunities and potential that lie ahead provide a valuable baseline and starting point for future collaboration.
Link: Download Full Document