The outbreak of coronavirus in the country caused a lot of problems for all sorts of businesses. The RMG sector is also included in the list of affected.
With long term closure of RMG factories there is a severe deficit for what the owners can accomplish. This has also reduced export from the country which is one of the most major contributors in GDP.
A report published in this daily pointed out that those affiliated with the sector are giving importance on diversifying products, export of goods at a high rate, to overcome the losses that have been incurred in the past two and half months.
Also, they demanded facilitation for importing machinery and equipment to protect the sector and boost the export.
The factories currently have orders equal to 55 per
cent of their capacity hence it will almost take until
mid-2021 to get upto 60 percent of regular export
which can be quite promising
While the industry insiders say that the factories currently have orders equal to 55 per cent of their capacity, it will almost take until mid-2021 to get upto 60 percent of regular export which can be quite promising.
If the losses that have been incurred can be slowly brought back it would be good for the sector. In addition, the issue of the collapse in export earnings is coming to the fore, it is up to the authorities concerned to ensure effective measures.
Regarding possible new export countries, it is important to look to countries which are closer to home. For instance, markets around USA or Europe are further away from that of South Asian countries.
A possible target in this regard can be China since they have liberalized trade with Bangladesh. Also, there is quite a few benefits being provided regarding goods of Bangladesh going to China. It would be the optimum time to capitalize on this.
We want the crisis created to be analyzed carefully and all necessary initiatives to be taken in this regard. It is desirable that all authorities concerned should continue their efforts in determining the situation and implementing proper policies to bring export back in the sector.