RMG industry preparing for next phase of growth

Bangladesh Garment Manufacturers and Exporters Association (BGMEA) vice-president, Shahidullah Azim has said that the RMG (Readymade garment) industry has immense potentials for growth which in turn will play a crucial role in propelling the economic development of Bangladesh, reports UNB.

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.

Shahidullah Azim made the remarks while addressing the participants of the 16th senior basic intelligence course 2022 as the keynote speaker, which was organised by National Security Intelligence Training Institute (NSITI) in the capital today, said a press release.

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

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

Azim 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 the 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 course participants regarding the RMG industry, global business landscape, and prospects and challenges in the sector.