Bangladesh’s ready-made garment (RMG) industry, a key driver of the country’s economy, faces increasing challenges that threaten its global competitiveness. To maintain its strong position in the international market, industry experts emphasize the need for strategic interventions in key areas.
Key strategic measures include:
- Boosting domestic raw material production: Reducing dependency on imports and lowering overall costs by developing a robust local supply chain.
- Infrastructure development: Ensuring an uninterrupted energy supply to minimize disruptions in production.
- Regulatory simplification: Streamlining bureaucratic procedures to facilitate smoother operations and enhance efficiency.
- Diversification of export markets: Expanding trade networks to reduce reliance on a few key buyers and create new growth opportunities.
Without proactive measures such as:
- Enhancing energy efficiency,
- Embracing automation,
- Improving supply chains,
- Securing policy support,
Bangladesh’s RMG industry risks losing its competitive edge. Industry leaders stress the importance of timely strategic actions to sustain growth and ensure long-term viability in an increasingly competitive global market.
Author: Mohiuddin Rubel, Former Director, BGMEA
