The apparel apex body BGMEA teams up with PwC (PricewaterhouseCoopers) to conduct a study on the ready-made garment (RMG) sector recovery roadmap.
In this connection, Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and PwC signed a deal at the trade body's Gulshan office on Tuesday, according to a statement.
The study aims to develop a strategic roadmap and an action plan for the industry covering thematic areas, including development of an export target for 2032 with an interim target for 2025.
The garment sector has shown remarkable growth over the last two decades only to become the second-largest exporter in the world.
However, the turn of the last decade has presented some major roadblocks and scope for improvement for the industry, reads the statement.
The impending graduation from LDC status, the immediate and lingering impact of Covid, changing industry dynamics (move towards sustainability, diversification of sourcing bases) is prompting the industry to take significant steps to address these challenges and move towards its growth vision.
In such a context, the study will also develop strategy for other key areas like product and market diversification, technology upgradation, transition towards sustainable/green production, strengthening the upstream value chain segments, skilling and improving access to finance, it cites.
The study, funded by IFC's Partnership for Cleaner Textile (PaCT II) programme, will also cover extensive secondary and primary research to assess constraints, key drivers and elements of competitiveness for the sector in Bangladesh and deliver actionable recommendations.
At the event, BGMEA president Faruque Hassan says home RMG industry is now at a crossroads-huge opportunities are on one side while challenges on the other.
"We need to chalk up research and data-driven strategies to retain our competitiveness and sustain our growth by seizing the opportunities and overcoming challenges that lie ahead," he adds.
According to Mr Hassan, the study will help set research-based targets and pragmatic strategies for the apparel industry of Bangladesh.
PwC Bangladesh managing director Mamun Rashid says, "This is an important and timely initiative taken by BGMEA to explore new avenues and prospects for garments industry… as consumer behaviors shift. PwC is happy to support this initiative."
BGMEA leaders Asif Ashraf, Abdullah Hil Rakib, Vidiya Amrit Khan and Shams Mahmud, PwC officials Kaustabh Basu, Rumesa Hussain and Sarah Karim, among others, were present at the signing ceremony.