The country's RMG export may reach US$ 19.72 billion by 2012-13 if a 13 per cent annual growth is ensured in the industry, leading economists said.
Bangladesh exported $ 10.7 billion in 2007-08 fiscal year.
They predicted that during the period the number of factories would reach 5495, employing 3.31 million labour forces against its current number at around 4400.
They further said the RMG export may reach $25 billion by 2012-13 if an 18.5 per cent growth rate is ensured.
Country's leading economist MA Taslim presented a keynote paper on 'RMG growth: Capacity constraint' and Abu Eusuf presented another paper on 'Role of RMG sector in attaining the Vision 2021' at a discussion meet organised by Bangladesh Garment Manufacturers and Exporters Association (BGMEA) at a city hotel Tuesday.
City's leading businessmen including president of Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Annisul Huq, eminent lawyer Dr Kamal Hossian, noted economist Mozaffar Ahmed and former FBCCI president Mir Nasir Hossain were present on the occasion.
Besides, former president of Metropolitan Chamber of Commerce and Industry Latifur Rahman, former president of Dhaka Chamber of Commerce and Industry ASM Quasem and editors of leading dailies were also present, among others, at the programme.
The economists said the RMG export may reach $ 42 billion by 2020-21 if a 10 per cent growth is ensured during the period.
"It may be $ 32.6 billion if the growth rate is ensured at 6.5 per cent annually by 2020-21," MA Taslim said.
They said the industry will employ over 4.5 million labour forces during the period.
They said more than two thousand new firms and additional two million workers will be needed to achieve the desired growth of RMG sector by 2020-21.
"This cannot be done by the private sector alone as major investment in public services will be necessary," said MA Taslim.
He also said the government and the RMG entrepreneurs must address the major capacity constraints quickly if the RMG sector is to realise its full potential.
He said RMG manufacturing units need to be relocated to specially earmarked industrial parks or RMG villages with all infrastructure services including power.
He said there is a good opportunity to develop the economically backward northern and southern belts of the country with abundant supply of cheap labour.
Mr Abu Eusuf, who presented the keynote paper on behalf of economist Atiur Rahman, said according to Vision 2021, 89.25 million people would be provided with employment.
"In order to achieve that goal RMG sector and associated businesses have to absorb at least 22.59 million people," he added.
He said: "This is possible, provided the sector gets adequate government support in infrastructure, finance, human resource development, peaceful labour market etc."
He also said government should form a special body to keep the labour market cool for smooth operation of RMG factories.
He said internal CSR activities should be encouraged through adequate incentives.
Impact of global financial crisis on RMG sector should be regularly monitored and necessary corrective measures be taken quickly, he added.
