2023 appeared to be more challenging as the global conflicts rather broadened, economic challenges got new dimensions affecting retail market, trade and manufacturing, according to a BGMEA analysis.
The analysis said global economy and trade was confronted with supply chain disruption, inflation and so many adversities; the advanced economies followed a contractionary monetary policy to control inflation, which made businesses more difficult.
"As we are going to start a new year, the encouraging sign for us is that the retail sales in the year end saw record turnover indicating a possible rebound in retail sales", said BGMEA President Faruque Hasan.
Leaving all the challenges in the rear-view, the indomitable spirit of the entrepreneurs and the spirit of partnership will be crucial for sustainable growth.
The present Board of BGMEA extends our deepest gratitude and thanks to all our fellow colleagues, buyers, associates and patrons for the unparalleled support which has enabled us to fetch these accomplishments. Faruque expressed thanks to the brands, retailers and their representatives for their confidence and commitment toward Bangladesh. I believe the spirit of partnership will be continued in future.
The RMG industry in Bangladesh, once being questioned for its workplace safety standards, has emerged as a role model for its workplace safety standard and cleaner manufacturing.
In fact, the global fashion industry accounts for 10% carbon emission globally, urging significant global attention to become more responsive toward climate. Bangladesh being one of the least per capita carbon emitting countries has made a remarkable move as far as its industrialization and economic vision are concerned.
"Today we have 206 LEED certified factories of which are 76 Platinum rated and 116 achieving Gold status. Now 21 out of globally top 23 LEED certified factories are proudly bearing the flag of our nation", Faruque mentioned.
Along with sustainability, factories are now investing in new technologies, skills and product development, value addition, efficiency, enhancement etc.
