A number of industry leaders and prominent citizens participated in the seminar titled “Taking Bangladesh Apparel Sector Forward” by PricewaterhouseCoopers Bangladesh (PwC).
According to speakers, technology will be the key enabler that will help increase productivity in Bangladesh’s labour intensive ready-made garments (RMG) sector. The sector would need to innovate to remain competitive as countries like Africa and Myanmar enter the RMG mix.
Access to finance and financial tools will also be instrumental to driving the sector’s growth.
According to The Export Promotions Bureau of Bangladesh (EPB), RMG exports of Bangladesh comprised of 5.05% of global exports in 2016 and stand strong as the biggest earner of foreign currency. However, there is an urgent need for increasing technology investments in their businesses as it is responsible for 80% of the country’s export revenue, providing employment to 4.5 million people.
State Minister of Foreign Affairs Shahriar Alam, the chief guest, said, “All our factories have been made compliant in the recent past. The global market is expanding and Bangladesh needs to diversify our products and markets and lead the garments sector.’
Mamun Rashid, managing partner of PwC Bangladesh said, “The sector must focus on how business process re-engineering and resource optimisation can create increased efficiencies. As newer risks evolve, the RMG sector will have to look at ways to ensure the safety and long-term sustainability of the industry.”
Moinuddin Ahmed, acting president of Bangladesh Garments Manufacturers and Exporters Association (BGMEA), Md Atiqul Islam, former president of BGMEA and director of Islam Garments Ltd and Syed A Tanveer, director of Pacific Jeans Limited also took part and shared their views and visions for the RMG sector in Bangladesh.