Apparel industry to fetch $25b by 2013
Wednesday, 8 October 2008
FE Report
The country's export earnings from the Readymade Garments (RMG) sector may well reach the $ 25 billion mark by the year 2013 if it remains competitive in the global market, Commerce Adviser Hossain Zillur Rahman said Tuesday.
During the same timeframe, the industry should grow in terms of capacity to employ 2 million more people in this sector, the Commerce Advisor envisaged.
His remark came on the eve of the signing of an agreement between London College of Fashion (LCF) and BGMEA Institute of Fashion and Technology (BIFT) held at the BIFT auditorium.
RMG export which contributes around 76 percent of the country's annual export income, stood at $ 10.7 billion at the end of the of the fiscal year 2007-2008 posting a growth of 16 percent from the previous year.
The industry, the lifeline of Bangladesh economy at the same time, directly employs more than 2.2 million people, while indirectly benefiting around 10 million.
However, emphasizing the need for developing skill and expertise of the local manpower to achieve the target, the Commerce Advisor who is also in charge of the Ministry of Education informed that turning the BIFT into an independent university is in the government's pipeline.
"For meeting the constantly changing demand of the RMG in the competitive global market, fashion technology courses deserves completely separate curriculum and needs to be upgraded regularly," he observed.
"Considering the great potential and importance of better quality higher education and expertise of this particular field to the national economy, the government aims to address the issue of turning BIFT into an independent university in due time," Zillur added.
Lauding Bangladesh's sustainability and future potential in the globalised market for RMG, BGMEA President Anwar Ul Alam Chowdhury (Parvez) said the greatest strength of the country's largest exporting sector lies in its skilled but less demanding manpower.
However, showing concern about the increasing strength of Taka against Dollar in the recent times amid an economic recession in the United States, the BGMEA President cautioned that this could have a detrimental effect on the country's garments export in the long term.
Commerce Secretary Feroz Ahmed and BIFT President Benajir Ahmed, chief technical adviser of Bangladesh Quality Support Programme David Holbourne, international coordinator of UNIDO John T Smith, among others also spoke on the occasion.
Later, the guests attended the agreement signing between the LCF and BIFT. Dean of the LCF Wendy Malem and BIFT President Benajir Ahmed signed the agreement on behalf of their respective institution.
Under the memorandum of understanding the LCF will help develop courses, curricula, faculties, exchange of students and credit transfer of the BIFT for developing global standard human resources in fashion and design to man the local garment factories.
Presently, BIFT is offering four-year bachelor degree courses on knitwear manufacturing technology, apparel manufacturing and technology, fashion design and technology, and sweater manufacturing and technology.
The institute is also offering MBA course in apparel merchandising besides one-year diploma and six-month professional certificate courses on various related subjects.
The country's export earnings from the Readymade Garments (RMG) sector may well reach the $ 25 billion mark by the year 2013 if it remains competitive in the global market, Commerce Adviser Hossain Zillur Rahman said Tuesday.
During the same timeframe, the industry should grow in terms of capacity to employ 2 million more people in this sector, the Commerce Advisor envisaged.
His remark came on the eve of the signing of an agreement between London College of Fashion (LCF) and BGMEA Institute of Fashion and Technology (BIFT) held at the BIFT auditorium.
RMG export which contributes around 76 percent of the country's annual export income, stood at $ 10.7 billion at the end of the of the fiscal year 2007-2008 posting a growth of 16 percent from the previous year.
The industry, the lifeline of Bangladesh economy at the same time, directly employs more than 2.2 million people, while indirectly benefiting around 10 million.
However, emphasizing the need for developing skill and expertise of the local manpower to achieve the target, the Commerce Advisor who is also in charge of the Ministry of Education informed that turning the BIFT into an independent university is in the government's pipeline.
"For meeting the constantly changing demand of the RMG in the competitive global market, fashion technology courses deserves completely separate curriculum and needs to be upgraded regularly," he observed.
"Considering the great potential and importance of better quality higher education and expertise of this particular field to the national economy, the government aims to address the issue of turning BIFT into an independent university in due time," Zillur added.
Lauding Bangladesh's sustainability and future potential in the globalised market for RMG, BGMEA President Anwar Ul Alam Chowdhury (Parvez) said the greatest strength of the country's largest exporting sector lies in its skilled but less demanding manpower.
However, showing concern about the increasing strength of Taka against Dollar in the recent times amid an economic recession in the United States, the BGMEA President cautioned that this could have a detrimental effect on the country's garments export in the long term.
Commerce Secretary Feroz Ahmed and BIFT President Benajir Ahmed, chief technical adviser of Bangladesh Quality Support Programme David Holbourne, international coordinator of UNIDO John T Smith, among others also spoke on the occasion.
Later, the guests attended the agreement signing between the LCF and BIFT. Dean of the LCF Wendy Malem and BIFT President Benajir Ahmed signed the agreement on behalf of their respective institution.
Under the memorandum of understanding the LCF will help develop courses, curricula, faculties, exchange of students and credit transfer of the BIFT for developing global standard human resources in fashion and design to man the local garment factories.
Presently, BIFT is offering four-year bachelor degree courses on knitwear manufacturing technology, apparel manufacturing and technology, fashion design and technology, and sweater manufacturing and technology.
The institute is also offering MBA course in apparel merchandising besides one-year diploma and six-month professional certificate courses on various related subjects.