Jisan Al Jubair:

Bangladesh’s Ready-Made Garment (RMG) industry is a global powerhouse, ranking second in the world in garment exports. Despite this success, the industry needs to prioritize diversification and innovation to maintain its momentum and achieve its ambitious goal of $100 billion in exports by 2023.
While Bangladesh has achieved remarkable success in exporting basic garments, reliance on this single segment creates vulnerability to market fluctuations and limits potential growth.
Diversification into new product categories, such as high-value apparel, technical textiles, and home textiles, can unlock new markets and increase profitability.
Breaking the RMG export monopoly is crucial, especially with duty-free access to most developed markets except the US, said Tapan Kanti, Commerce Ministry Senior Secretary.
Tapan Kanti emphasized the urgent need for Bangladesh to diversify its exports beyond the ready-made garment (RMG) sector. He highlighted the country’s advantageous position with duty-free access to most developed markets
Embracing technological advancements is essential for the RMG industry to remain competitive. Investing in automation, robotics, and artificial intelligence can improve efficiency, reduce costs, and enhance product quality. Additionally, adopting sustainable practices throughout the supply chain can attract eco-conscious consumers and strengthen brand reputation.
“Our relentless focus on innovation has propelled Bangladesh to become the second-largest apparel manufacturer globally, capturing an 8% market share and holding steadfastly onto this position since 2010,” declared Faruque Hassan, president of the Bangladesh Garment Manufacturers and Exporters Association.

Several challenges hinder the RMG industry’s diversification and innovation efforts, including limited access to financing and technology, a skills gap, and infrastructure limitations.
To overcome these challenges and achieve its ambitious goals, the RMG industry needs a multi-pronged approach that includes government support, industry collaboration, investment in education and training, and a focus on sustainability.
By embracing diversification, innovation, and sustainability, Bangladesh’s RMG industry has the potential to achieve even greater heights. This will contribute significantly to the country’s economic growth, create new jobs, empower local communities, and establish Bangladesh as a leader in the global fashion scene.