Wednesday, 10 August, 2022

RMG makers set $100bn export target by 2030

RMG makers set $100bn export target by 2030
Bangladesh National Parliament Speaker Dr Shirin Sharmin Chaudhury is seen with the leaders of BGMEA at a programme marking unveiling a new logo in the capital on Tuesday.

Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has set an annual export target of $100 billion by 2030. The target would be achieved through diversifying apparel products and markets.

By this time, the sector also eyes to create jobs for 6 million people, said the BGMEA leaders at an event on Tuesday. 

“The local exporters will depend more on manmade fibre, technical clothing items and value-added garment items to achieve the $100 billion target,” BGMEA president Faruque Hassan said.

At the event, the garment makers' platform also unveiled its new logo with the slogan of “Change”, which represents innovation, circularity and green initiative.

Speaker in Bangladesh National Parliament Dr. Shirin Sharmin Chaudhury attended the event as chief guest.

Bangladesh's export earnings for the first time crossed $52 billion in FY2021-22, in which the apparel shipments were alone accounted for more than 81.82 percent or $42.61 billion. The sector registered 35.47 percent growthyear-on-year.

Of the total amount, the earnings from knitwear shipment grew 36.88 per cent to $23.21 billion and woven garment shipment rose by 33.82 per cent to $19.39 billion.

Earlier in 2015, the BGMEA set a target to export $50 billion worth of garment items by 2021.

However, the garment makers could not reach the target because of the global externalities in 2016 and 2017, followed by the severe fallouts of the Covid-19 pandemic in 2020 and 2021.

BGMEA’s new logo has nine dots that represent its legacy of people, inclusivity, transparency, infrastructure, innovation, circularity, global network, brand and environment.

“It is a dynamic logo, which has nine dots that express nine priorities. Each dot has separate meaning,” BGMEA president said.

“With the big change in technology, the RMG industry has also reached a point where traditional industrial norms are not functional,” he added.

There is no alternative to adapting to changing design, cutting lead time, adopting latest technology reduce production cost and making factories more sustainable.

“It is out pride that our RMG industry is the second largest in the world and has earned over $42 billion from exports. It is also heartening to see that Bangladesh has crossed $50 billion mark in exports,” Dr Shirin Sharmin Chaudhury said.

“This also testifies that our economy is on a strong footing now. It is no longer a ‘basket case’,” she said, attributing it to political stability that has been maintained for last 13 years.

Hailing the BGMEA’s new initiative, the Speaker hoped that the local apparel exporters will understand the trend of the changing world as it is not possible to go against the demand of globalisation.

Dr Shirin Sharmin Chaudhury also called upon the apparel makers to focus more on climate change issues and sustainable development for better future of the next generation.

Speaking on the occasion, former BGMEA president and a lawmaker Abdus Salam Murshedy urged BGMEA, BKMEA and FBCCI leaders to set up industries in Khulna and adjacent areas to utilise the advantages of Padma Bridge and Mongla port.

He said the south and southwestern region wouldturn into a financial hub of the country in next 15 years.