It is incredibly heartening to see international clothing retailer H&M finally making a commitment to paying more to its Bangladeshi suppliers. For the longest time, we as a publication have been of the opinion that the key to success for our RMG sector and all the hard-working men and women who comprise it lies in having foreign companies pay the industry its due.
The RMG sector holds the reputation as the veritable engine of the Bangladeshi economy, and while the industry has subsisted on its low wages for a long time, given the current global economic troubles, it is high time that RMG companies started asking more from its foreign partners.
Most of the issues which plague the RMG sector can be attributed to the continued lack of cooperation on the part of foreign buyers. It is this reluctance to pay up that has manifested in multiple strikes and other forms of protests over the years. We hope H&M’s recent commitment to higher prices sets a precedent for the industry and facilitates other foreign retailers to realize the value held by the “made in Bangladesh” tag.
However, an industry by itself can only go so far -- while Bangladesh is the world’s second largest exporter of RMG goods, after China, it is unreasonable to expect one industry to prop up the bulk of our economy. As an exporting nation, Bangladesh needs to invest in other areas of interest as far as our industries are concerned.
The long-term goal should be the diversification of our export basket. Not only will this result in more industries being given the spotlight, but it will lead to further employment opportunities for Bangladeshis.