At least 32,900 workers lost their jobs in the last six months after 69 readymade garments factories closed down.
This was a result of various challenges including declining competitiveness in the international market.
During this period, the country's top export earning sector also registered negative growth.
Rubana Huq, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), made the statements on Wednesday at the inauguration ceremony of 'GAPEXPO 2020' at the Bashundhara International Convention Centre.
GAPEXPO is an international garment accessories and packaging expo where machinery and raw material are showcased.
"We altogether have to think about how we could make the RMG sector more sustainable. We have to put emphasis on the re-use and recycling of accessories," she said.
Joint efforts are urgent to overcome the ongoing crises the top export earning sector is facing, she added.
Abdul Kader Khan, president of the Bangladesh Garments Accessories and Packaging Manufacturers and Exporters Association (BGAPMEA), presided over the programme.
He urged the Export Promotion Bureau (EPB) to maintain separate export records for accessories and the packaging products.
"As the EPB does not maintain separate data for the sector, we have to calculate our export records through estimations," he claimed.
Rafej Alam Chowdhury, an adviser to the BGAPMEA, said, "It's a big opportunity to get all technologies and accessories under a shade."
"To survive in this business, we have increase our productivity and reducing cost by using technology," he added.
Speaking as chief guest, Commerce Minister Tipu Munshi said he also started his journey in the RMG sector with accessories business.
"I set up my own factory in 1985. At that time we had to import all the accessories. But now we are manufacturing those items, which is a pride for us," he said.
He termed the RMG sector's export performance during the last six months "disappointing".
"We are no more competitive in the international market. We expect that this crisis will over but we have to go through this period," he said.
"The RMG sector have contributed to the country's economy for years. Now this is the time for the country to do something more for the sector," he added.
A total of 450 participants from 24 countries took part in this year's four-day expo.