Bangladesh’s readymade garments (RMG) sector should concentrate on sustainable development goals (SDG) and profitability for a positive portrayal of the country in the world. The statement was made at a panel discussion on RMG at the Impact Investment Summit with the theme “Driving the Sustainable Agenda” in the capital on Thursday. It was initiated by Build Bangladesh and organised by Bangladesh Brand Forum. Participating in the discussion, Mohammadi Group managing director Rubana Huq said, “Within the next 10 years, Bangladesh will emerge as a competitive market and produce products that add value. Previously, our country produced cheap products, but now the industry has started shifting and we have started producing products for better value addition.” Babylon Group director Emdadul Islam urged the media to disseminate positive and successful news to create a positive impression of the country’s RMG industry among global buyers. “Bangladesh is ready to brand its product globally. We are the second largest RMG producer in the world after China. However, the difference in exports between the two countries is enormous. China’s export is nine times more than us. Bangladesh’s challenge is to reduce the gap for now and eventually emerge as the number one RMG exporter,” he said. Listing a positive development, Emdadul said, “More knowledgeable young talents are coming back after studying abroad and joining the industry to lead it forward.” On his part, Epyllion Group mamaging director Reaz Uddin Al-Mamoon urged the government to build basic infrastructure and institutions to develop entrepreneurship skills. He also expressed hope that there would be more positive entrepreneurship stories from the media. Faruque Hassan, session moderator and senior vice-president of the Bangladesh Garment Manufacturers’ and Exporters’ Association (BGMEA), said, “Local entrepreneurs account for 98 per cent of garment exports. This shows the resilience of the domestic players.” Replying to questions on foreign investment in the country’s RMG sector, H and M chief representative, Roger Hubert, said, “Bangladesh is now more competitive than ever before, and we are ready to invest in new technology for enhanced efficiency, faster delivery and cost effectiveness.” “We need factories that adjust to the entire trends of fashion. Obviously, this will squeeze the price, but there is a way to do it,” he added. Hubert suggested that Bangladesh should lay more focus on education, water management, renewable energy, and investment in people. Viyellatex Group chairman David Hasanat said, “Business comprises three things—society, people and profit.” Laying stress on the concept that speed generates profit, Hasanat said, “Those days are gone where the lead time used to be 90 or 100 days; now it has come down to 50 days. We want to call ourselves solution provider and not product manufacturer.” The day-long summit was designed with several keynote sessions and four panel discussions by global and local veterans. Along with RMG, other fundamental industries like financial institutions, agriculture and food, and health and well-being also participated in the summit. The discussions explored the current scenario and possibilities of impact investment in these sectors in Bangladesh.
