RMG exports likely to reach $100b in 10-yrs
Industry Desk: Global brands think Bangladesh has potentials to earn $100 billion annually within next 10 years from the exports of readymade garment products.
The predictions came as the country’s RMG industry launched gradual transformation of factories through green revaluation and innovations.
Ziaur Rahman, regional head of H&M Group in Bangladesh, Pakistan and Ethiopia said Bangladesh is one of the major sourcing destinations of RMG for H&M Group.
He said the group outsourced around 11-12 percent of its total demand from the country.
“In any manufacturing hub for RMG in globe, Bangladesh situation is very good considering current geopolitical situation. We are collecting RMG products from 300 factories in Bangladesh,” said the top global brand leader.
He was speaking at the sidelines of the two-day long “Sustainable Apparel Forum 2022” expo at International Convention City Bashundhara on Tuesday.
“We are reaching a maturity level in RMG. Bangladesh has become a very focused market, and considering its resilience and sustainability, it’s a good choice for the best brands like us,” he said while talking about the growth of RMG sector in Bangladesh.
He said Bangladesh has a very unique market capability.
“The Covid-19 pandemic changed everything. So, innovation will help Bangladesh reach a new height in the sector,” Ziaur Rahman said.
“It would not be very surprising if the country reaches $100 billion market size in next 10 years,” he said.
According to him, Bangladesh should take futuristic plan for five to 10 years in this regard as Bangladesh will be the biggest market for global brands in five to 10 years.
Shafiur Rahman, regional operations manager of G-Star RAW, said they source around $70 million worth denim from Bangladesh, which is around 10 percent of its total global procurement.
The Netherlands-based denim company thinks the innovation with research and development can help the expansion of the Bangladeshi industry.
The G-Star RAW has an innovation and R&D team and that’s why they have achieved much popularity for their products, Shafiqur Rahman said.
He added the G-Star RAW has a plan to procure up to $90 million worth denim from Bangladesh.
Export Promotion Bureau (EPB) data showed that apparel shipment rose to $35.36 billion during the first 10 months, which was 36 percent higher than RMG shipment during the same period last year and 22 percent higher than the periodical target.
Knitwear export rose 37.49 percent to over $19.24 billion and woven 34.23 percent to nearly $16.12 billion in the first 10 months till April of the current fiscal year, EPB data showed.
Bangladesh expected to reach $50 billion RMG export target in the current fiscal year.
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