Skill development and apparel diplomacy along with environmental sustainability are the keys to maintain competitiveness in the post-LDC era for the RMG industry of Bangladesh, said BGMEA President Faruque Hassan.
“Bangladesh’s graduation from the LDC category is an incredible achievement and a matter of pride for us, but it will present a new reality to the country having both challenges and opportunities,” he said while addressing the participants of the National Defence Course – 2023 at the National Defence College in Dhaka on Tuesday.
“Bangladesh avails duty-free market access to major markets including the EU, Canada, Japan, Australia, and to a few Asian countries like China, India, South Korea, etc.”
However, with LDC graduation, Bangladesh would no longer be eligible for special treatment, he added.
“Bangladesh will need to improve diplomatic efficiency to face economic challenges in the post-graduation period. We need to think about bilateral and multilateral trading arrangements including FTA, PTA, RCEP etc with our potential trade partner countries,” he commented.
“Developing the capacity of manufacturing high-value products, especially non-cotton items, enhancing capabilities in product-process-technology innovation, reskilling, and up-skilling of people are the key priorities of the industry to overcome the upcoming challenges.”
