BGMEA targets $100b exports by 2030

The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has set a target to earn $100 billion through exporting apparel goods by 2030.

The association also set another target to make 80 per cent of factories eco-friendly and green-certified within the time frame.

The sector will create 6 million new jobs in its pursuit to produce apparel worth $100 billion in the year 2030.

The announcement came in a programme titled ‘BGMEA Sustainability Strategic Vision: 2030’ held in Dhaka on Tuesday.

Jatiya Sangsad Speaker Shirin Sharmin Chaudhury was present as the chief guest at the programme, where she also unveiled the new logo of the association.

BGMEA President Faruque Hassan, former president Abdus Salam Murshedy and its current board members were also present at the event.

Earlier in 2014, the BGMEA announced $50 billion in export earnings by 2021, but it had yet to reach the target.

In the outgoing 2021-22 fiscal year, Bangladesh’s overall export earnings increased to $52.08 billion, with the RMG sector, the largest contributor to the national exports, earning $42.61 billion.

The apparel sector insiders claimed that due to the Covid-19 pandemic and global political crisis, they failed to meet the target.

“We have made some strategic plans. After the end of the current year (2022), our export share in the global market will rise by 7 per cent and it will reach 10 per cent by 2025,” BGMEA President Faruque Hassan told the programme.

The BGMEA has set the target to ensure reduction of energy consumption of the industry by 30 per cent, reduction of greenhouse gas (GHG) emissions by 30 per cent and reduction of blue water footprint by 50 per cent within 2030.

The trade body also aims to ensure that 20 per cent of energy in the industry comes from renewable sources.

By 2030, BGMEA hopes to achieve 100 per cent gender equality, inclusive and dignified employment for all, and also ensure the proper well-being of workers.

The trade group also wants 80 per cent of all clothing factories in the nation that produce for export to be green.

Speaking at the event, BGMEA Vice-President Miran Ali said, “In our journey ahead, we have committed to putting the utmost importance on sustainability, aligning with the SDG vision and mission of the Government of Bangladesh.”

“Sustainability is not only about fulfilling social, ecological, and community obligations; it is also about how we remain economically viable through innovation, digitisation, diversification, and being more productive and resource-efficient,” he added.

“Bangladesh has a very solid economic foundation. As a testament to that, we built the Padma Bridge with our own finance and reached a $50 billion export milestone. As the apparel industry generated over $42 billion in revenue in the previous fiscal year, we can no longer afford to make mistakes,” Dr Shirin Sharmin said at the event.

“There is no scope to deviate from the SDGs. The BGMEA operates internationally and is adept at keeping up with changes there,” she said.

“The routine shifts in the global arena prove too difficult to keep up with for many. You will be swept away by the current if you can’t swim with the tide,” she added.

In the new logo of BGMEA, they used nine dots while focusing on nine issues- People, Infrastructure, Global Network, Inclusivity, Innovation, Brand Bangladesh, Transparency, Circularity, and Environment.

Dr. Shirin believes that focusing the BGMEA on these nine priority-based issues will help Bangladesh brand itself in the global arena.

BGMEA President Faruque Hassan said, “Over the last 40 years, we have been working tirelessly to make the sector as sustainable as possible. Now Bangladesh has a total of 168 LEED-certified factories by the US Green Building Council and over 500 factories are waiting to be certified.”

“As part of our apparel diplomacy, we are currently working to increase exports by focusing on product diversification and attracting new buyers,” headed.