Paving the way towards growth and prosperity | The Business Standard
Skip to main content
  • Epaper
  • Economy
    • Aviation
    • Banking
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Sunday
May 25, 2025

Sign In
Subscribe
  • Epaper
  • Economy
    • Aviation
    • Banking
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
SUNDAY, MAY 25, 2025
Paving the way towards growth and prosperity

Supplement

Faruque Hassan
26 January, 2023, 11:30 am
Last modified: 26 January, 2023, 11:37 am

Related News

  • Ctg Custom House earns Tk63,000cr in 10 months, sees 13.14% growth
  • Banks see highest deposit growth in nine months as trust turns a corner
  • Renata posts 13% growth in revenue
  • WB cuts FY25 growth forecast to 3.3%
  • Why every student should take a crack at olympiads

Paving the way towards growth and prosperity

Market diversification, product development, shifting to high-end fashion items, technological upgradation, and design and skill development will be our priorities in the coming years

Faruque Hassan
26 January, 2023, 11:30 am
Last modified: 26 January, 2023, 11:37 am
Sketch: TBS
Sketch: TBS

Wrapped with unsolved challenges emerging from the pandemic, just when the RMG industry of Bangladesh was moving towards the end of the tunnel, the war in Ukraine plunged it into a renewed crisis in the just concluded year 2022. 

On one hand, disruption in the global supply chain became a major cause of headache for the manufacturers, on the other hand, decayed demand in the retail market and history's highest rise in the overall cost of production posed another layer of challenges before the industry.

The war among the big shots caused a troublesome situation for all of us — some of us got hit directly and some indirectly. With an almost 9% rate, global inflation saw the record highest level in 2022. As a result, the price of commodities, including fuel oil, food, and raw materials, went up subsequently. The prediction of another global recession also made the brands and retailers extra cautious, leading to small batches of orders and nearshoring tendency.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

Nevertheless, the picture is not overall gloomy. Hitting a record, the RMG industry of Bangladesh crossed a milestone of  $40 billion in the last fiscal year and emboldened us to set a $100 billion export target by 2030. The overall export of Bangladesh has also reached a new height with around $55 billion. Apart from the major markets EU and the US, our export share in non-traditional markets has doubled from 6.87% in FY2008-09 to 14.96% in FY2021-22.

Among the major non-traditional markets, Japan, India and South Korea's growth were significant. Bangladesh has already become the top denim-sourcing country for the US and the EU. Now we are in close competition with the largest apparel exporter China. We have also regained our position as the second-largest apparel exporter in the world, which was lost to Vietnam for a brief period of time. As per the latest published WTO Trade Statistical Review 2021, Bangladesh now holds 6.37% share of the global apparel market, ranked just after China. 

Bangladesh's RMG industry also saw a stunning growth in the number of green garment factories. In 2022, 30 garment factories received international recognition for being green, which is the highest number of factories certified as green in a single year. It takes the total number of LEED certified green garment factories of Bangladesh to 183. Among these, 60 are rated platinum, 109 gold and 10 silver while four simply received certifications. Some 550 more Bangladeshi factories have registered with the USGBC to receive LEED certifications.

The year 2022 was also memorable for another reason. A long-term goal for us, "Made in Bangladesh 2022," was successfully accomplished, which was by far the first of its kind week-long mega program. Throughout the whole week, through panel discussions, seminars, workshops, factory visits, fashion and heritage exhibitions, etc. we showcased our strength and capability to cater investments from the whole world.

Our overall logistics and infrastructure sector got a new boost in 2022 as it was a milestone year of inaugurating several megaprojects like Padma Bridge, Metro Rail, Patenga Container terminal, Karnaphuli Tunnel and more. All of these actually showcase how much we have progressed in the last 50 years of our independence and we are rapidly moving towards fulfilling "Vision 2041" and "Golden Bengal" envisioned by Father of the Nation Bangabandhu Sheikh Mujibur Rahman. 

As we wholeheartedly thank the government of Bangladesh, especially Prime Minister Sheikh Hasina for her prudent leadership and guidance, we sincerely request to expedite the completion of other megaprojects like Bay terminal, the Dhaka BRT and others, as these will offer a holistic solution for the overall transport problem. The completion of the third terminal at Hazrat Shahjalal International Airport will also take our country's strength to another level.

There are other improvements as well. For example, previously, we could use only one land customs port to import cotton and yarn, but now we can import those through other significant land ports. Our Chattogram port is also accommodating large container vessels with 10-metre-draught and 200-metre-long, which was allowed for 9.5-metre-draught and 190-metre-long ships, previously. All of these improvements are making Bangladesh ready and posing us as an attractive destination for investment and growth.

We have achieved a lot in the just concluding year 2022 even after combating multiple challenges at a time. Going forward, we want to keep a positive tone where we will continue to approach our strategy of a dual combination of sustainability and growth. Market diversification, product development, shifting to high-end fashion items, technological upgradation, design and skill development will be our priority in the coming years. 

Also, we will put special focus on SME businesses so that they can also thrive amidst the difficulties. We believe that opportunities and challenges go hand in hand and we will try to make the best out of any situation, as always.

Resilience to the challenges and the ambition to achieve the final goal is what has taken our industry to the level where it stands today. Manufacturers, with the help of hard work and effort of the workers and special assistance from the government, have overcome millions of challenges in the past. The year 2022 was no different. We believe that in this new year, we will be able to reach the furthest level of excellence and growth; but only through collaboration and joint efforts among all stakeholders.


The author is the president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA)

Economy / Top News

growth / prosperity / TBS 3rd Anniversary

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Protesting NBR officials speak at a press conference on 25 May. Photo: TBS
    NBR protesters announce indefinite halt to nearly all import-export activity from tomorrow
  • Political leaders hold a meeting with Chief Adviser Muhammad Yunus at the state guest house Jamuna on 25 May 2025. Photo: CA Press Wing
    Political leaders' meeting with CA Yunus underway
  • File photo of BNP Acting Chairman Tarique Rahman. Photo: Collected
    No plan of govt will be effective, sustainable if people and political parties kept in the dark: Tarique

MOST VIEWED

  • Infographic: TBS
    New transport strategy for Dhaka seeks to promote walking, cycling
  • Representational image: Collected
    Minimum tax may rise to Tk5,000 for individuals, Tk1,000 for new filers
  • File photo of Sajib Barai. Photo: TBS
    Barishal medical student ends life after citing 'excessive academic pressure'
  • FIre service officials taking the bodies after a truck hitting a motorcycle in Banani left two people killed on the spot on 25 May 2025. Photo: TBS
    2 killed after truck hits motorcycle in Banani
  • Ports crippled as NBR officials escalate protests, threaten full trade halt
    Ports crippled as NBR officials escalate protests, threaten full trade halt
  • BNP senior leaders and CA at Jamuna on 24 May evening. Photo: CA Press Wing
    Talks with CA: BNP calls for swift completion of reforms for elections in Dec, removal of 'controversial' advisers

Related News

  • Ctg Custom House earns Tk63,000cr in 10 months, sees 13.14% growth
  • Banks see highest deposit growth in nine months as trust turns a corner
  • Renata posts 13% growth in revenue
  • WB cuts FY25 growth forecast to 3.3%
  • Why every student should take a crack at olympiads

Features

Photo: Collected

Desk goals: Affordable ways to elevate your study setup

2h | Brands
Built on a diamond-type frame, the Hornet 2.0 is agile but grounded. PHOTO: Asif Chowdhury

Honda Hornet 2.0: Same spirit, upgraded sting

3h | Wheels
The well has a circular opening, approximately ten feet wide. It is inside the house once known as Shakti Oushadhaloy. Photo: Saleh Shafique

The last well in Narinda: A water source older and purer than Wasa

1d | Panorama
The way you drape your shari often depends on your blouse; with different blouses, the style can be adapted accordingly.

Different ways to drape your shari

2d | Mode

More Videos from TBS

Ports crippled as NBR officials escalate protests, threaten full trade halt

Ports crippled as NBR officials escalate protests, threaten full trade halt

5m | TBS Insight
Tensions in Sebastia: Archaeological project or occupation?

Tensions in Sebastia: Archaeological project or occupation?

1h | Others
What Will Security Look Like During the Eid Holidays?

What Will Security Look Like During the Eid Holidays?

2h | TBS Today
Companies whose products will see prices increase due to Trump's tariffs

Companies whose products will see prices increase due to Trump's tariffs

3h | Others
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net