High time to tap into man-made fibre products

Readymade garment products (RMG) made from man-made fibres (MMF) will occupy 60 per cent of the global garment exports by 2030, so this is high time for Bangladesh to cash in on this opportunity.

According to a recent study of Price Waterhouse Cooper (PwC) – a globally recognised audit firm, the global export of garments will grow to $1,121 billion by 2030, compared to $953 billion recorded in 2022.

PwC officially released  these findings at a press conference held at the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) office on Thursday, while unveiling a report titled “From Shirts to Shores: Blueprint for Bangladesh RMG Industry.”

The firm conducted this comprehensive research on behalf of the BGMEA, to navigate the challenges and seize opportunities as Bangladesh aims to export garment products worth $100 billion by 2030.

Currently, Bangladesh is the second largest exporter of ready-made garments in the world, exporting to 167 countries and catering to major global fashion brands across the world.

For the growth of Bangladesh’s textile and apparel industry, the study has recommended strategies for critical areas such as product diversification, automation, digitalisation, resource efficient technologies, circularity, and improved access to finance to foster sustainability.

At the report launching event, BGMEA President Faruque Hassan emphasised on research-driven strategies in sustaining competitiveness amidst evolving global dynamics. 

He added, “The report offers vital insights and actionable recommendations aimed to build a more prosperous future for Bangladesh’s apparel sector.

“The outlined strategies of the report will serve as guidelines for us to navigate challenges and capitalise opportunities, which will help us to compete in the global market. We urge all stakeholders to collaborate in implementing the recommendations outlined in the report.”

BGMEA Vice-President-elect Abdullah Hil Rakib, and Directors-elect Shovon Islam, Nusrat Bari Asha, and Md Nurul Islam participated in the programme.

Representatives from PwC – including Managing Director Shalini Shrivastava, Director Arindam Saha, Associate Director Shivam Kaushal, Senior Associate Shadman Mokim Ahmed, Manager Rizwanur Rab, and Specialist Afnan Haque were present at the event.

The study is supported by the International Finance Corporation (IFC).

BGMEA, with the support of IFC, launched two more reports – “Establishing a Virtual Marketplace Platform for the RMG sector” and “Beyond Cotton: A Strategic Blueprint for Fibre Diversification in Bangladesh Apparel Industry.”