In accordance with the Sustainable Development Goals, there will additionally be an emphasis placed on the environment. According to their long-term plan, the apparel manufacturers in the country want to reach an export value of $100 billion by the year 2030. They plan to do this by diversifying their product offerings, placing a greater emphasis on technical textiles, and producing more goods made from man-made fibers.
After unveiling the organization’s new vision and logo on Tuesday, Faruque Hassan, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), told The Business Standard, “I think $100 billion worth of exports by 2030 is possible.” Faruque Hassan stated that the industry is now ready to manufacture high value products in response to a question regarding whether or not the industry is ready to produce technical textiles such as automotive applications, medical textiles, geotextiles, agrotextiles, and protective clothing.
According to what he pointed out, “a number of factories are already in the production of high value items.” We went to Germany for the very first time to take part in the Technical Textile Fair that was held there this year. Now is the time to concentrate on the different product iterations,” he continued.
The President of the BGMEA emphasized the strengthening of the country’s backward linkage as well as the recent investments made in the spinning industry.
In the fiscal year 2021–2022, the value of the nation’s exports of apparel was approximately 42 billion dollars. The president of the BGMEA admitted that the organization would not reach its export goal of $50 billion by 2021. He attributed the failure to a decline in the demand for apparel around the world, followed by the advent of the pandemic.
According to what he had to say, “we are hopeful that exports will exceed the $50 billion mark by the year 2023.The new vision put forth by the BGMEA is referred to as the “BGMEA Sustainable Strategic Vision: 2030.”
The keynote speech regarding the new logo was delivered by Miran Ali, who is the vice president of the BGMEA. Miran Ali explained that the nine dots in the new BGMEA logo stand for the following: legacy, inclusivity, transparency, infrastructure, innovation, circularity, global network, brand, and environment.
The new vision calls for apparel manufacturers and exporters to cut their greenhouse gas emissions by thirty percent by the year 2030. This is a target that is in line with the Sustainable Development Goals (SDGs). In addition to this, the manufacturers of clothing will utilize at least fifty percent of a sustainable materials mix and cut fifty percent of their blue water footprints by the year 2030. The presentation indicates that by the year 2030, the industry will have cut its energy consumption by at least 30 percent and will have switched to using at least 20 percent renewable energy.
The apparel industry will be responsible for the creation of 6 million jobs by the year 2030 if it successfully institutionalizes training programs, prioritizes employee health and safety, and fosters a positive work environment.
According to the presentation, the apparel industry will spend one billion dollars by the year 2030 supporting environmentally responsible communities.
According to Faruque Hassan, a comprehensive action plan that outlines how the industry intends to achieve its targets will be made public very soon.The Speaker of the Jatiya Sangsad, Shireen Sharmin Chowdhury, delivered the keynote address at the event and stated that modern-day Bangladesh is no longer a “bottomless basket.”
She continued by saying that “many attempts have been made to turn Bangladesh into a failed state,” but that “over the course of time the country has thwarted the plots and touched the $50 billion export milestone.”
She also stated that the BGMEA is a global organization because they function in conjunction with the global environment. She explained that this transformation, the announcement of a new vision, is a reflection of the organization’s ability to keep pace with the global environment. “The BGMEA is making progress, with a primary focus on environmentally responsible development. The nation is currently experiencing a period of political stability, which should be leveraged in order to make progress “Additionally, she said.
On this particular day, the BGMEA was represented by its current board members in addition to its former president Abdus Salam Murshedy MP.
Reference:
“Apparel Exporters Set $100b Target by 2030.” The Business Standard, 5 July 2022, https://publisher.tbsnews.net/economy/bgmea-sets-100-billion-apparel-export-target-2030-453254.
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