Bangladesh is soon to graduate from a least developed country (LDC) and is about to become a middle-income economy. While this is reason to celebrate for many, it shall bring with it numerous challenges.
It goes without saying that, despite repeated calls for diversifying our export basket, it is our readymade garments industry that remains and shall continue to remain the most significant export industry of Bangladesh for the foreseeable future. As such, if we are indeed to remain competitive on the global market, it behooves us to start paying attention and make the necessary changes.
To that end, we agree wholeheartedly with the suggestions made by numerous industry experts at the 37th IAF Fashion Convention 2022.
Among the suggestions were for apparel manufacturers to invest in industrial transition which includes innovation, digitization, training the workforce, and introduction of efficient energy, along with creating a smart, realistic, enforceable, SME-friendly and a coherent regulatory framework.
With the European Union going forward with the Green Deal, it has never been more important for manufacturers to create a demand for sustainable products, understand consumer behaviour, and enhance communication.
Having said that, while Bangladesh must make efforts to change what and how it manufactures, we must expect and indeed hold prospective buyers accountable for offering fair prices to our products and services.
Bangladesh has historically been considered a destination for sourcing cheap RMG products, but it is also the responsibility of buyers in developed nations to acknowledge the changes in Bangladeshi manufacturing by offering prices that are conducive to these changes.
Bangladesh's RMG industry has transformed dramatically over the past decade or so. As the country looks to reach new heights, our industries must continue to evolve and change to keep pace with the rest of the world.
