Building on the success made so far, Bangladesh's apparel industry was preparing for the next level of growth by reinventing business strategy and aligning with the global trend, said Faruque Hassan, President of BGMEA.
"Potential is high for Bangladesh's RMG industry to accelerate growth and make the momentum sustainable though we have challenges on the way," he said, reports BSS.
"Many more milestone achievements await the industry in future. What we need most is to intensify our collaborative efforts and let's find where we can add value to sustainable fashion," he added.
The BGMEA President came up with the observations while delivering a keynote speech at the Bangladesh Business Summit organized by the Federation of Bangladesh Chambers of Commerce and Industries (FBCCI), in partnership with the Government of Bangladesh.
Golam Dastagir Gazi (Birpratik), MP, Minister of Textile and Jute, attended the session as the chief guest in the capital on Sunday.
The topic of the session was "Towards a $100 Billion Apparel & Textile Sector: Leveraging Sustainability, Competitiveness and Investment Opportunities".
Shafiul Islam Mohiuddin, MP, former President of FBCCI and also BGMEA; Mohammad Ali Khokon, President of Bangladesh Textile Mills Association (BTMA); Mohammad Hatem, Executive President of Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA); Sridevi Kalavakolanu, Senior Director, Walmart Sourcing Ethics & Compliance Bengaluru, Karnataka, India; Asif Ashraf, Director of BGMEA; and Azizur R Choudhury, Director of BTMA also spoke at the session as panelists.
"We aim to make the industry stronger and more competitive through moving to high-value products while integrating technologies and adapting sustainable practices," he said.
He laid emphasis on investment in backward linkage industry.
"We have some capacity constraints, particularly in the backward linkage textile industry. After graduation and in the post-transition period, Bangladesh will automatically fall under the standard GSP of GSP Plus in the EU and we will have to meet double transformation rules of origin in the EU. So we need to make more investment in the backward linkage industry," he further said.
As Bangladesh RMG sector aspires to become a leader in sustainable manufacturing, the industry has realigned its vision with ESG priorities, Faruque Hassan remarked.
With the aim to improve skills and connect a bridge between the industry and updated technologies being used across the globe, BGMEA has established and launched the "Centre of innovation, efficiency and OSH."