It is heartening to note that knitwear exports maintained a steady growth year-on-year as the RMG products fetched a record US$3134.38 million in April taking the overall export volume in terms of value to a positive trajectory.
As reported by this daily on Thursday, overall exports during July-April period of the current fiscal year 2020-21 (FY21) registered a 8.74 percent growth to $32072.73 million, which was $29493.84 million during the same period of FY20.
Over the last few years we have seen some revolutionary changes in our industrial infrastructures. Consequently, international retailers have got back their confidence to invest in Bangladesh
Bangladesh needs to devise
necessary measures to develop
skilled manpower for RMG sector
Bangladesh is now capable of making quality products at low prices. Therefore, the government needs to encourage entrepreneurs by giving several fiscal and technical supports. Also there is a need for an exemption of taxes on raw materials and backward linkage industries to survive competition with others, which will help expand the country’s export earnings.
A recent study says that low productivity, shortage of mid-level management professionals and limited backward and forward linkages are among major challenges that need to be addressed for further expansion of the country’s RMG sector.
The other challenges identified by the study included dependency on import of raw materials, inadequate supply of utilities, transport services and high production costs, limited facilities in ports, lack of interest in financing small and medium producers, administrative and regulatory constraints.
Therefore, we urge relevant authorities to come up with effective measures to tackle the challenges in no time. Also new and potential markets must be explored for diversification and sustainability of the sector. Last but not least, Bangladesh needs to incorporate necessary measures to develop skilled manpower for the Ready-Made Garments (RMG) sector in order to attract more foreign investors.