Bangladesh’s RMG industry has “tremendous potential for growth”, said Shahidullah Azim, vice president of the Bangladesh Garment Manufacturers Exporters Association (BGMEA), playing a crucial role in propelling the country’s economic development.
Speaking at an event in Dhaka last week, organized by the National Security Intelligence Training Institute (NSITI), Azim said that as a pillar of Bangladesh’s economic success, the garment sector has continued its efforts to seize all the opportunities that arise and contribute to the development of the country.
“The industry is increasingly focusing on product diversification, innovation, technology upgrading and skill development with the aim of improving its capabilities and competitiveness in the global market in the coming days” , he added.
The BGMEA recently called for investment in the country’s ready-to-wear sector as it prepares to graduate from its Least Developed Country (LDC) status. The country is expected to graduate from LDC status in 2024, but will continue to enjoy duty-free access to the European Union, Canada and Japan until 2027.
The country’s growth in recent years has resulted in lower poverty levels, stable inflation, moderate public debt and greater resilience to external shocks.
In his keynote speech last week, Azim provided an overview of Bangladesh’s RMG industry, including its challenges, opportunities, and readiness to realize its potential. He also briefed the audience on the future priorities of the RMG industry, including upgrading business capabilities and embracing innovation to meet the future challenges of the RMG industry, especially after the graduation of LDCs. .
The industry is focusing on product diversification, especially synthetic fiber products, as part of its strategy of shifting from volume to value and from quantity to quality, he said.
“Globally, the share of cotton textiles and garments consumption is only 25%, while 75% of Bangladesh’s RMG product is concentrated in cotton. This means that we have huge opportunities in this segment,” he remarked.
He also briefed the participants on BGMEA’s strategic vision which aims to accelerate the growth of the RMG industry in a sustainable manner.
Last month, BGMEA announced a new sourcing event aimed at showcasing sustainability progress made by Bangladeshi garment manufacturers and comprises 17 physical events including conferences, exhibitions, fashion shows, sustainable design and innovation awards and factory tours.