DHAKA, April 4, 2024 (BSS) - To navigate the challenges and seize opportunities ahead, the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) commissioned PricewaterhouseCoopers (PwC) to conduct a comprehensive study. 

 The official unveiling of the report titled 'From Shirts to Shores: Blueprint for Bangladesh RMG Industry' took place at the BGMEA Complex in Dhaka today.

 The study has recommended strategies for critical areas such as product diversification, automation, digitalization, and resource efficient technologies, circularity, and improved access to finance to foster sustainable growth of Bangladesh's textile and apparel industry.

It said Bangladesh is the second largest exporter of ready-made garments in the world, exporting to 167 countries and catering to major global fashion brands across the world.

Speaking at the report launching event, BGMEA President Faruque Hassan emphasized the significance of research-driven strategies in sustaining competitiveness amidst evolving global dynamics. 

 He said, "The report offers vital insights and actionable recommendations aimed at building a more prosperous future for Bangladesh's apparel sector." 

 "These strategies outlined in the report will serve as guidelines for us to navigate challenges and capitalize on opportunities, thus maintaining our competitiveness in the global market," he added.

 The BGMEA president urged all stakeholders to collaborate in implementing the recommendations outlined in the report.

BGMEA Vice President-elect Abdullah Hil Rakib, and Directors-elect Shovon Islam, Nusrat Bari Asha, and Md. Nurul Islam were present at the report launching event.

Representatives from PwC, including Shalini Shrivastava, Managing Director; Arindam Saha, Director; Shivam Kaushal, Associate Director; Shadman Mokim Ahmed, Senior Associate; Rizwanur Rab, Manager; and Afnan Haque, Specialist, were present at the event. 

The study is supported by International Finance Corporation (IFC). BGMEA, with the support of IFC, launched two more reports -- "Establishing a Virtual Marketplace Platform for the RMG sector" and "Beyond Cotton: A Strategic Blueprint for Fiber Diversification in Bangladesh Apparel Industry".