It is extremely encouraging to see RMG exports to new and emerging markets increase by 24.93% in the first quarter of the fiscal year 2023-24, signaling that while we remain some way behind before we truly diversify our overall export basket, at least within the RMG sector, we are making some progress.
Our RMG industry remains by far the most important export-oriented industry, and to that effect, diversifying and exploring new markets for its products has been a long time coming. The relevant authorities and stakeholders must be commended for engaging in what has been termed as "apparel diplomacy" and a pro-active approach to diversification, reducing reliance on the US and EU.
In the past, particularly during the Covid-19 pandemic, we have seen what over-reliance on a few markets can do for the industry, and it is good to see that we are realizing the necessity for diversifying and exploring new markets.
This is particularly important in a world that is increasingly volatile as a result of all the current global conflicts which have an impact on all economies; by having access to different, diverse markets across the planet, we can ensure that our RMG industry remains stable in these trying times.
Moving forward, it is imperative that we continue to formulate support and policies that not only encourage further growth in these markets, but use these principles to explore new markets for other export-oriented industries with potential. Bangladesh, with its economic ambitions over the next two decades, cannot flourish without diversification. This must be realized by all.