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RMG industry prepares for next phase of growth

Staff Correspondent
26 Sep 2022 00:00:00 | Update: 26 Sep 2022 00:45:21
RMG industry prepares for next phase of growth

The RMG industry has immense potential for growth which in turn will play a crucial role in propelling the economic development of Bangladesh, said Shahidullah Azim, Vice President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA).

As a mainstay of Bangladesh’s economic success story, the apparel sector has continued its endeavours to seize every opportunity that lies ahead and contributes to the development of the country, he said.

The industry is increasingly focusing on product diversification, innovation, technology upgradation and skill development in a bid to enhance its capabilities and competitiveness in the global market in the coming days, he added.

Shahidullah Azim made the remarks while addressing the participants of the 16th senior basic intelligence course 2022 organised by the National Security Intelligence Training Institute (NSITI) in Dhaka on Sunday.

In the keynote speech, he gave an overview of Bangladesh’s RMG industry, including its challenges, opportunities, and preparedness to realise its potential.

He also briefed the audience about the RMG industry’s future priorities, including upgrading business capabilities and embracing innovation to address future challenges of the RMG industry, especially after LDC graduation.

“The industry is focusing on diversifying products, especially man-made fibre-based products as part of its strategy of shifting from volume to value and quantity to quality,” he said.

“Globally the share of cotton textile and clothing consumption is 25 per cent only, whereas 75 per cent of Bangladesh's RMG product is concentrated on cotton. This means we have tremendous opportunities in this segment,” he remarked.

He also briefed the participants about the strategic vision of BGMEA that aims to accelerate the growth of the RMG industry in a sustainable manner.

The BGMEA vice president also answered different queries of the participants regarding the RMG industry, global business landscape, and prospects and challenges in the sector.