FE ONLINE REPORT |
September 25, 2022 7:33:35 p.m.
Local ready-to-wear (RMG) exporters are focused on upgrading business capabilities and embracing innovation to meet future challenges.
“The industry is increasingly focusing on product diversification, innovation, technological upgrading and skill development with the aim of improving its capabilities and competitiveness in the global market in the days to come. “said Shahidullah Azim, Vice President of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA). .
Azim made the remarks while addressing participants of the 16th High Level Intelligence Basic Course 2022, organized by the National Security Intelligence Training Institute (NSITI) in the city on Sunday, a press release said.
“The RMG industry has immense potential for growth which in turn will play a crucial role in propelling the economic development of Bangladesh,” he said, adding that as a pillar of Bangladesh’s economic success , the clothing sector continued its efforts to seize all opportunities. to contribute to the development of the country.
In his keynote address, he gave an overview of Bangladesh’s RMG industry, including its challenges, opportunities and readiness to realize its potential.
Explaining the future priorities of the RMG industry, he said that upgrading business capabilities and embracing innovation are central to meeting the future challenges of the RMG industry, especially after graduation. LDCs.
The industry is focusing on product diversification, especially synthetic fiber products, as part of its strategy of shifting from volume to value and from quantity to quality, he said.
“Globally, the share of cotton textiles and garments consumption is only 25%, while 75% of Bangladesh’s RMG product is concentrated in cotton. This means that we have huge opportunities in this segment,” he remarked.
BGMEA’s strategic vision is to sustainably accelerate the growth of the RMG industry, he noted.