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BGMEA targets $100b RMG export by 2030

Eyes 6.0m jobs in the sector

FE Report | July 06, 2022 00:00:00

The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has set a target of earning US$100 billion through ready-made garment (RMG) export by 2030, based on diversified and value-added items.

Bangladesh fetched $42.62 billion from RMG export in the just-concluded fiscal year, 2021-22, which is over 81 per cent of the country's total export earning of $52.08 billion.

By the period (2030), the RMG sector is also expected to create employment for a total of 6.0 million people, ensuring 100 per cent gender equality along with inclusive and decent workplace.

The trade-body also targets 30 per cent reduction in energy consumption and GHG (greenhouse gas) emission each, while achieving 100 per cent institutionalisation of skill development, sustainable data reporting, and good health and well-being of employees.

Besides, the BGMEA hopes to raise productivity and efficiency level up to 60 per cent, while 80 per cent factories would ensure green practices.

These were among the 20 sustainability strategic vision 2030 - environmental, social and governance - of the BGMEA, unveiled through a programme at a city hotel on Wednesday.

Jatiyo Sangsad (parliament) Speaker Dr Shirin Sharmin Chaudhury was present on the occasion as the chief guest.

BGMEA president Faruque Hassan, former president Abdus Salam Murshedy, and its current board members were also present at the event.

She also launched the trade-body's new nine-dot logo with the slogan of 'change', representing innovation, circularity and green initiative, among others.

BGMEA vice president Miran Ali made a presentation on its renewed vision and new logo.

The Speaker, in her speech, said the all-time high $52 billion export earning is a pride (of the country) and it shows strength of the economy.

There is no scope to go beyond the Sustainable Development Goals (SDGs) - no one will be left behind - and the whole world is working based on this motto, she noted.

Bangladesh is the most vulnerable country in terms of climate change, although it has no contribution to the negative effects of climate change.

Terming the nine dots (of the new logo) that the BGMEA highlighted as 'important', she opined that it would help branding both the trade-body and the country.

Ms Chaudhury also focused on measures to protect the environment by preserving water-bodies, adopting developed technology, and others.

She suggested exporters to efficiently negotiate, considering the global aspects and changes, to help increase the country's export earnings.

"It is time to take preparations in this regard and find out required supports."

The political stability that has been persisting in the country for the last 12-13 years also played an important role in its economic development, she added.

The BGMEA president, in his speech, noted the different measures they have taken to face the emerging challenges.

Bangladesh would mainly rely on value-added garment items, man-made fibre (MMF), and technical clothes, like uniforms of hospital and other service sectors, to achieve the $100-billion export target, he explained.

Bangladesh has huge potentials to grab the billion-dollar MMF markets, where the country's presence is very low due to large dependency on cotton-based items.

The local primary textile sector is also expanding its capacity to meet the demand for MMF, technical and other textile items, he added.

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