Foreign Ministry for Product Diversity and Market Expansion for RMG Products

DHAKA, Nov. 29 (NsNewsWire) –‘All our factories have been made compliant in the recent past. The global market is expanding and Bangladesh needs to diversify our products and markets and lead the garments sector.’

State Minister for Foreign Affairs, Shahriar Alam, MP observed this while addressing as the Chief Guest at a seminar titled “Taking Bangladesh Apparel Sector Forward” today organized by PricewaterhouseCoopers Bangladesh Pvt. Ltd in a local hotel.

Shahriar Alam also told that achievements in the RMG sector of Bangladesh is example to many countries of the world and they have been trying to reach this position. He also noted that Bangladesh RMG sector  has scopes to improve further by applying new techniques of management, human resource development and using the latest technologies  and these are essential for achieving the target of US$ 50 billion export earning from this sector by 2021.

Technology will be the key enabler that will help increase productivity in Bangladesh’s labour intensive ready-made garments (RMG) sector. The sector would need to innovate to remain competitive as countries like Africa and Myanmar enter the RMG mix. Access to finance and financial tools will also be key to drive the sector’s growth. This was echoed by industry leaders participating in the seminar. Moinuddin Ahmed, Acting President of BGMEA, Md. Atiqul Islam, Immediate Past President, BGMEA & Director, Islam Garments Ltd and Syed A. Tanveer, Director, Pacific Jeans Limited also participated in the seminar and shared their views and visions for the RMG sector of Bangladesh for a global success.

The entrepreneur, present in the seminar also noted that there is an urgent need for increasing technology investments in their businesses as it is responsible for 80 percent of the country’s export revenue, providing employment to 4.5 million people.

Mamun Rashid, Managing Partner, PwC Bangladesh said the sector must focus on how business process reengineering and resource optimisation can create strategic efficiencies. As newer risks evolve, the RMG sector will have to look at ways to ensure the safety and long-term sustainability of this precious industry.