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Bangladesh’s global RMG export share to reach 10% by 2025

Staff Correspondent
14 May 2022 14:15:45 | Update: 14 May 2022 20:13:20
Bangladesh’s global RMG export share to reach 10% by 2025
File photo of women working in a garment factory in Dhaka — Rajib Dhar

Bangladesh's apparel export share to the global market is expected to reach 10 per cent in 2025, Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Faruque Hassan has said.

"At the end of the CY 2022, the percentage is likely to reach 7.5 per cent," BGMEA President Faruque Hassan said at a press conference in Dhaka on Saturday.

He also expects apparel export to surge to $41 billion at the end of the current fiscal year.

“We are focusing on improving worker efficiency, installing high-end machinery, manufacturing value-added products, and ensuring a fair price for apparel products,” said Faruque, while discussing increasing global export share.

At the press conference, the BGMEA president remarked that they have two expectations for the upcoming budget for FY23.

First, he is seeking fixed policy guidelines for five years in the upcoming budget. Second, considering global market demand, he urged special incentives for manmade fibre-based clothes export.

He also urged simplifying the process to get licences and export-import.

In the press conference, BGMEA announced "Made in Bangladesh Week" from November 12 to 18 which they will jointly organise with the International Apparel Forum (IAF) and the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA).

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“The ‘Made in Bangladesh Week’ will provide a unique opportunity to showcase the impressive strides of Bangladesh’s RMG industry along with its continuous strive to pursue excellence in business capabilities to strengthen its standing as a safe, sustainable and competitive industry in the world,” BGMEA president said.

The IAF convention will last three days, beginning with a board meeting of the whole IAF Board of Directors on the first day. This convention will also feature a day-long seminar with local and international speakers.

Brands, retailers, suppliers, industry experts, and academics will speak on current and future business trends, challenges, and possible solutions, with an aim to make industry-wide efforts to create a better fashion industry for all.

The annual World Fashion Convention will bring together the IAF membership, including apparel industry associations representing 40 countries, leading brands and other stakeholders.

The convention will provide an opportunity for delegates and participants to network, learn and gain insights into the future direction of the industry.

Alongside sketching the encouraging stories, the potential of Bangladesh’s RMG industry, its strengths, capabilities and future priorities to remain a preferred and competitive choice for global buyers will be highlighted among global stakeholders and audience.

The weeklong event will include the following:  37th IAF World Fashion Convention, 3rd Dhaka Apparel Summit, Bangladesh Apparel Exposition, Denim Expo, Award ceremonies like - Sustainable Fashion Award & Fashion Photography Award, Fashion & Cultural Festival, and Global Launching of BGMEA Innovation Centre.

Secretary-General of IAF Matthijs Crietee said, "Perhaps more than ever before garment manufacturers play a pivotal role in the industry transformation we all need. So on the international stage presented by the 37th IAF World Fashion Convention, the Bangladeshi apparel industry will show itself as a source of solutions to the industry’s current major challenges.”