Bangladesh’s global market share in RMG rose to 6.4 per cent in 2016, an increase of 0.50 per cent over the previous year according to the World Trade Statistical Review 2017 released by the World Trade Organization (WTO). While it is a positive sign that our global RMG market share has increased, entrepreneurs’ profit from RMG export has not increased proportionately. The country’s RMG sector has been given a target of $50 billion to be achieved by 2021. Rising trend in the market share indicates a huge opportunity for Bangladesh in the RMG sector. But the country needs over 13 per cent growth in order to achieve the $50 billion export target and the major challenges are to improve marketing tactics and bargaining skills for price setting as global apparel market buyers place orders with competitive pricing along with the shortest possible lead time. Secondly, uninterrupted power and utility services should be ensured to enhance industrialization in the country. If gas price is hiked, it will hurt backward linkage industries which play a major role in helping the RMG sector in the country. Industry insiders are also thinking in terms of lack of skilled workers to produce high value-added products. I think that our country has a great opportunity to occupy the void left by China as it shifts from RMG production. The government should appoint lobbyists and make strong diplomatic exercises to achieve the goal.
