RMG industry preparing 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 endeavors to seize every opportunity that lies ahead and contribute 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 Dhaka on 25 September, said a press release.  

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, the BGMEA vice president added.

Shahidullah Azim gave an overview of Bangladesh's RMG industry in his keynote speech. He talked about its challenges, opportunities, and how ready it is to reach its full potential.

He also told the audience about the RMG industry's future goals, such as improving business skills and being open to new ideas in order to face future challenges, especially after LDC graduates.

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 only 25%, whereas 75% of Bangladesh's RMG products are 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, the global business landscape, and prospects and challenges in the sector.