Friday , 25 June 2021
Breaking News

PM to inaugurate first-ever Apparel Summit Sunday

businessnews24bd.comBGMEA
The first-ever three-day ‘Dhaka Apparel Summit’ begins here on Sunday to showcase Bangladesh’s progress in the vital readymade garment sector and work out a plan to reach a US$ 50-billion export landmark by 2021.

Prime Minister Sheikh Hasina will inaugurate the event to be held at Bangabandhu International Conference Centre in the morning.

Bangladesh Garment Manufacturers and Exporters Association (BGMEA) will host the event replacing its annual show – BATEXPO – which is expected to help Bangladesh send out an impressive message to its partners in the global apparel market.

Bangladesh wants to get 8 percent of the global apparel market to achieve the targeted US$ 50 billion RMG exports by 2021, BGMEA leaders said.

Currently, apparel demand in the global market is about US$ 450 billion which will hit US$ 650 billion by 2021. Bangladesh needs 8 percent of the total demand by 2021 as the country currently shares 5 percent of the total global apparel demand.

The Summit generated lots of interest among the participants from
abroad.

Sarah Labowitz, Co-director, NYU Stern Center for Business and Human Rights, is one of the global participants in the Summit.

“The summit’s focus on sustainability sends out a good message to the international community. The challenges will be in implementing real solutions to make Bangladesh’s garment sector sustainable for the long term,” she told UNB.

The garment sector has been a significant source of growth and employment for Bangladesh for the last 30 years.

Continuing on this path and further developing the sector will require all stakeholders to take a hard look at persistent risks in the system, Sarah said.

“The Apparel Summit will be an opportunity to examine two key questions: what is the full scope of garment factories producing for the export market, and how to actually fix these factories,” she added.

Sarah who had been in Bangladesh before for research in the RMG field also said many people have called for tough crackdowns on subcontracting as a way to reduce risk.

“But subcontracting is an essential feature of the garment sector in Bangladesh. The real question is how to do subcontracting well, in accordance with minimum standards for safety and with oversight,” she mentioned.

The Summit will discuss problems and prospects in the way to achieve the higher export target.

The Summit will also help the participants know about untold storiesof the country’s RMG sector’s transformation to turn Bangladesh into a strong brand in the global apparel market.

There will be nine seminars related to RMG industry in the Summit inwhich experts from home and abroad will take part.

Bangladesh will also sketch out a sustainable roadmap on building responsible supply chains in the textiles and garment sector addressing the global concerns, the organisers said.

The Summit will discuss the present business and investment trend, global sourcing dynamics and potentials for Bangladesh, priority issues to support the growth potentials, compliance issues, prudent commercial diplomacy and political stability, supportive policies and coordination between different government agencies, product and market diversification.

Print Friendly
Loading...

Comments are closed.

`