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Dhaka Tribune

Exploring new avenues for RMG

Bangladesh has the potential to capture 0.2% of the USA, 0.1% of the EU, and 0.75% of the African markets

Update : 27 Jan 2024, 10:56 AM
It is encouraging to hear the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) is aiming to introduce a virtual marketplace platform for the RMG sector. If Bangladesh is to remain on the right path and continue to grow at the pace required for it to achieve all of its goals, then it is imperative for us to explore new territories. 

While we are certainly over-reliant on our RMG sector for export earnings, the fact remains that it will continue to be our most important export-oriented industry. As such, it is imperative that we leave no stone unturned to ensure that the sector continues to grow from strength to strength. 

And as per the findings of the feasibility study conducted, Bangladesh stands to gain an additional $489 million in garment business from virtual markets in the US, European Union (EU), and African markets by 2027. 

What is also room for encouragement is that the study also indicated that by 2027, Bangladesh has the potential to capture 0.2% of the USA, 0.1% of the EU, and 0.75% of the African markets, amounting to a combined worth of approximately $308 billion.

Suffice to say, these are exciting times for the RMG sector, but it would only be so if we are pro-active about capitalizing on these potential opportunities that are on the horizon. 

If Bangladesh is to indeed become a smart nation by 2041, prosperous and equitable, then our RMG sector must continue to be a vital contributor. As such, it is only through exploration of new avenues, and for the industry to evolve in a sustainable and humane manner, will we reach our goals.
 
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