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BGMEA monthly session discusses product diversification

25
Dec '19
Pic: Shutterstock
Pic: Shutterstock
The Bangladesh Garments Manufacturers and Exporters Association (BGMEA) recently began its monthly session with specific industry-related topics. Product diversification was the topic of the first session where experts from think tanks, financial institutions, members, planning commission expressed their opinions and recommendations on the issue.

Bangladesh’s readymade garments (RMG) industry has done well in terms of expansion and export growth in last few decades. But limited diversity is the major bottleneck in its growth sustenance.

Around 73 per cent of Bangladesh’s total RMG exports ($34.13 billion) are concentrated on only five items –T-shirt, trouser, shirt, sweater and jacket while around 83 percent of total exports go to three markets – the European Union (EU), the United States and Latin America, according to a press release from BGMEA.

Besides, the export of apparel items produced from man-made fibre (MMF) from Bangladesh has remained stuck at 20 per cent for many years although the production of such garment items has crossed 40 per cent worldwide. In 2017, global trade of MMF-based apparel was $150 billion. Bangladesh had 5 per cent share of it whereas Vietnam had 10 per cent.

The discussants recommended allowing enhancing productivity and efficiency, allowing foreign direct investment in the textile sector, devaluation of local currency against US dollar and customised incentive packages for product diversification.

Experts also suggested strengthening product development department in garment factories using modern technology and setting up an innovation centre for the industry.

Fibre2Fashion News Desk (DS)


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