Ready-made garment (RMG) industry insiders expressed the hope that the country’s RMG export earnings would exceed USD 41 billion within this fiscal and its world share would stand at 10 percent by the end of 2025.
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) president Faruque Hassan came up with such assertion while speaking at a press briefing at a city hotel on Saturday.
BGMEA organised the press briefing on the 37th IAF World Fashion Convention scheduled to be held in Dhaka from November 12 to November 18 this year.
He said, “Despite all the adversities, we expect our exports will exceed USD 41 billion by the end of this fiscal. In addition, we expect that our share in the world market would exceed 7.5 percent in 2022 and by the end of 2025, this share might exceed 10 percent.”
As a result of the Russia-Ukraine war, food prices, including fuel oil, are rising, while fear of recession is growing in some parts of the world, including Europe. Along with this, inflation is rising sharply all over the world, which may affect the demand and purchasing capacity of garments in the international market.
However, the BGMEA president said that those causes are not a matter of concern for their entrepreneurs. In this situation, strategy should be to look at how we can increase our competitiveness, how to create new opportunities, rather than looking at the current growth in garment exports.
The BGMEA president further said, “As we have achieved a certain level of growth and momentum, it is now time for us to leapfrog to the next level of growth. Our progress and prospects have made us one of the most sustainable sourcing partners to the West and we have to work harder for safeguarding it. The 37th IAF World Fashion Convention will play an important role in initiating a greater collaboration with key actors in the supply chain including buyers and suppliers and global stakeholders to ensure more sustainable manufacturing and sourcing.”
Secretary General of IAF Matthijs Crietee said, "Perhaps more than ever before garment manufacturers play a pivotal role in the industry transformation we all need. So, on the international stage presented by the 37th IAF World Fashion Convention, the Bangladeshi apparel industry will show itself as a source of solutions to the industry’s current major challenges.”
BGMEA First Vice President Syed Nazrul Islam, vice presidents Shahidullah Azim, Khandoker Rafiqul Islam, Md Nasir Uddin, Miran Ali and Rakibul Alam Chowdhury, among others, were present at the press conference, moderated by BGMEA Director Mohiuddin Rubel.