Local readymade garment (RMG) exporters are focusing on upgrading business capabilities and embracing innovation to address future challenges.
“The industry is increasingly focusing on product diversification, innovation, technology upgradation and skill development in a bid to enhance its capabilities and competitiveness in the global market in the coming days,” Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Vice President Shahidullah Azim said.
Mr Azim made the remarks while addressing the participants of the 16th senior basic intelligence course 2022, organised by the National Security Intelligence Training Institute (NSITI) in the city on Sunday, said a press release.
“The RMG industry has immense potential for growth which in turn will play a crucial role to propel the economic development of Bangladesh,” he said adding, as a mainstay of Bangladesh’s economic success story, the apparel sector has continued its endeavours to seize every opportunity to contribute to the development of the country.
In his keynote speech, he gave an overview of Bangladesh’s RMG industry, including its challenges, opportunities, and preparedness to realise its potential.
Explaining the RMG industry’s future priorities, he said upgrading business capabilities and embracing innovation are the focus to address future challenges of the RMG industry, especially after LDC graduation.
The industry is focusing on diversifying products, especially man-made fibre-based products as part of its strategy of shifting from volume to value and quantity to quality, he said.
“Globally the share of cotton textile and clothing consumption is 25 per cent only, whereas 75 per cent of Bangladesh's RMG product is concentrated on cotton. This means we have tremendous opportunities in this segment,” he remarked.
The strategic vision of BGMEA is to accelerate the growth of the RMG industry sustainably, he noted.