Bangladesh’s RMG industry preparing for next phase of growth

The RMG trade of Bangladesh has “immense potential for development”, Shahidullah Azim, vp of the Bangladesh Garment Producers Exporters Affiliation (BGMEA) has stated, taking part in a vital function in propelling the financial growth of the nation.

Talking at an occasion in Dhaka final week, organised by the Nationwide Safety Intelligence Coaching Institute (NSITI), Azim stated, as a mainstay of Bangladesh’s financial success story, the attire sector has continued its endeavours to grab each alternative that lies forward and contributes to the event of the nation.

“The trade is more and more specializing in product diversification, innovation, know-how upgradation and talent growth in a bid to boost its capabilities and competitiveness within the world market within the coming days,” he added.

The BGMEA just lately urged funding within the nation’s readymade garment sector because it gears up for commencement from its standing as a least developed nation (LDC). The nation is predicted to graduate from LDC standing in 2024, nonetheless, it’ll proceed to learn from duty-free entry to the European Union, Canada, and Japan till 2027.

The nation’s development lately has resulted in a decline in poverty ranges, secure inflation, average public debt, and larger resilience to exterior shocks.

In his keynote speech final week, Azim gave an outline of Bangladesh’s RMG trade, together with its challenges, alternatives, and preparedness to grasp its potential. He additionally briefed the viewers concerning the RMG trade’s future priorities, together with upgrading enterprise capabilities and embracing innovation to handle future challenges of the RMG trade, particularly after LDC commencement.

The trade is specializing in diversifying merchandise, particularly man-made fibre-based merchandise as a part of its technique of shifting from quantity to worth and amount to high quality, he stated.

“Globally the share of cotton textile and clothes consumption is 25% solely, whereas 75% of Bangladesh’s RMG product is focused on cotton. This implies we now have super alternatives on this phase,” he remarked.

He additionally briefed the individuals concerning the strategic imaginative and prescient of the BGMEA that goals to speed up the expansion of the RMG trade in a sustainable method.

Final month, the BGMEA introduced a brand new sourcing occasion geared toward showcasing sustainability strides being made by Bangladesh garment makers and includes 17 bodily occasions together with conferences, expositions, trend runway exhibits, sustainable design and innovation awards, and manufacturing facility excursions.