BSS, Dhaka :
The readymade garment (RMG) industry will follow a path of sustainable growth, aided by prudent policy and technical supports and a pledge to remove infrastructure bottlenecks to fetch $50 billion by 2021 from apparel export.
This was the consensus conclusion drawn from presentations and panel discussions at the Dhaka Apparel Summit 2014, which was held in the capital city from December 7-8.
The first ever event of such kind brought together the garment manufacturers and exporters, leading global brands, investors, experts and policymakers in a platform to shape an effective roadmap to help increase earnings from RMG export to $50 billion in next seven years when the country will be celebrating golden jubilee of independence.
Prime Minister Sheikh Hasina on Sunday inaugurated the mega event at the Bangabandhu International Conference Centre (BICC) with the fervent call upon all concerned to remain alert against local and international conspirators who are out to destroy highly potential readymade garment sector of the country.
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) in collaboration with Brand Forum Bangladesh orgainsed the Summit.
The major events of the Summit included nine discussion sessions covering some areas and issues crucial for driving the country’s garment industry towards increasing export earnings to $50 billion by 2021.
The first session titled “Bangladesh RMG 2021 – Reaching $50 Billion on the 50th Anniversary of Bangladesh – A Collaborative and Coordinated Approach” illustrated the prime theme and objective of the Summit.
Experts and stakeholders in their discussions put hope high on achieving the export target by 2021. They also identified the key challenges to accomplish the journey with ultimate success. Participants of the subsequent sessions kept their focus on the main theme while they were discussing the challenges and recommending the measures to explore the vast prospect.
The sessions cover the issues on infrastructure, environmental sustainability, workplace safety and sustainable production, financing, workplace tranquility, social impact of RMG and role of media in branding Bangladesh.
The major challenges those have been drawn from the discussions and recommendations from these sessions include lack of proper road infrastructure, shortage in gas and power supply, higher cost of funding, scarcity of land and persisting pressure from buyers to keep prices down.
The recommendations included setting up a new agenda for the RMG industry, which would identify the real constraints and opportunities faced in tackling the challenges in the coming years.
While discussing on better infrastructure, some experts estimated that the country would require mobilising up to $25 billion dollars in the next seven years to raise apparel export to $50 billion.
They also suggested addressing global sourcing dynamics and potentials for Bangladesh, the compliance issues and coordination between different government agencies.
Devising a strategic action plan to overcome the existing challenges and realize the potentials while focusing on market diversification strategy and dynamics in global tariff structure was also among the major recommendations.
For improving further the workplace condition and increasing workers’ wages, some experts suggested accelerating coordinated efforts by the government, garment manufacturers and exporters, development partners and the global buyers.
A session ended with the strong recommendation that workers should be more responsible to achieve the targeted export.
According to Export Promotion Bureau (EPB), the export earnings from RMG sector crossed $30 billion-mark for the first time at the end of the past 2013-14 financial year.
The readymade garment (RMG) industry will follow a path of sustainable growth, aided by prudent policy and technical supports and a pledge to remove infrastructure bottlenecks to fetch $50 billion by 2021 from apparel export.
This was the consensus conclusion drawn from presentations and panel discussions at the Dhaka Apparel Summit 2014, which was held in the capital city from December 7-8.
The first ever event of such kind brought together the garment manufacturers and exporters, leading global brands, investors, experts and policymakers in a platform to shape an effective roadmap to help increase earnings from RMG export to $50 billion in next seven years when the country will be celebrating golden jubilee of independence.
Prime Minister Sheikh Hasina on Sunday inaugurated the mega event at the Bangabandhu International Conference Centre (BICC) with the fervent call upon all concerned to remain alert against local and international conspirators who are out to destroy highly potential readymade garment sector of the country.
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) in collaboration with Brand Forum Bangladesh orgainsed the Summit.
The major events of the Summit included nine discussion sessions covering some areas and issues crucial for driving the country’s garment industry towards increasing export earnings to $50 billion by 2021.
The first session titled “Bangladesh RMG 2021 – Reaching $50 Billion on the 50th Anniversary of Bangladesh – A Collaborative and Coordinated Approach” illustrated the prime theme and objective of the Summit.
Experts and stakeholders in their discussions put hope high on achieving the export target by 2021. They also identified the key challenges to accomplish the journey with ultimate success. Participants of the subsequent sessions kept their focus on the main theme while they were discussing the challenges and recommending the measures to explore the vast prospect.
The sessions cover the issues on infrastructure, environmental sustainability, workplace safety and sustainable production, financing, workplace tranquility, social impact of RMG and role of media in branding Bangladesh.
The major challenges those have been drawn from the discussions and recommendations from these sessions include lack of proper road infrastructure, shortage in gas and power supply, higher cost of funding, scarcity of land and persisting pressure from buyers to keep prices down.
The recommendations included setting up a new agenda for the RMG industry, which would identify the real constraints and opportunities faced in tackling the challenges in the coming years.
While discussing on better infrastructure, some experts estimated that the country would require mobilising up to $25 billion dollars in the next seven years to raise apparel export to $50 billion.
They also suggested addressing global sourcing dynamics and potentials for Bangladesh, the compliance issues and coordination between different government agencies.
Devising a strategic action plan to overcome the existing challenges and realize the potentials while focusing on market diversification strategy and dynamics in global tariff structure was also among the major recommendations.
For improving further the workplace condition and increasing workers’ wages, some experts suggested accelerating coordinated efforts by the government, garment manufacturers and exporters, development partners and the global buyers.
A session ended with the strong recommendation that workers should be more responsible to achieve the targeted export.
According to Export Promotion Bureau (EPB), the export earnings from RMG sector crossed $30 billion-mark for the first time at the end of the past 2013-14 financial year.
