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Focusing innovation in RMG to tackle challenges

The current global business climate is fast-paced and the automation 4.0 gave little choice but to move forward with gaining efficiency in competitiveness, ease of doing business, and adopting automation. On 23 November at a seminar titled ‘Country Competitiveness of Bangladesh: Challenges and Way Forward’ organized by Dhaka Chamber of Commerce and Industry (DCCI) at a hotel in Dhaka, prominent leaders of the apparel and textile industry and from other leading industries, leading figures, high-up govt. officials opined.

Focusing innovation in RMG
Figure: Bangladesh need to focus on innovation, research and development in the RMG sector for its sustainability.

BGMEA President Dr. Rubana Huq urged for inter-ministerial harmonization for the smoother decision-making process and urged for innovation, research and development in the RMG sector for its sustainability.

“The country needs to focus on the diversification of other sectors, besides the readymade garments, to compete in the international market,” Rubana Huq stressed.

Speakers highly emphasized on improving its position in the World Bank’s Ease of Doing Business Index and the Global Competitiveness Report of the World Economic Forum.

“To attract large scale FDI and diversify exports, the special economic zones (SEZs) can be the game-changer,” Selim Raihan, Executive Director of the South Asian Network on Economic Modeling (Sanem) said.

“The country needs to focus on the diversification of other sectors, besides the readymade garments, to compete in the international market.”

BGMEA President Dr. Rubana Huq

There was an outcry to modernize and update the country’s existing education system to create a skilled workforce which will take up the challenges of the Fourth Industrial Revolution among the speakers.

Experts also highlighted the challenges the country faces.

“But we have some challenges like energy price hike, unplanned urbanization, unemployment, limited skills diversity, slow reforms, climate change, limited capacity for adopting 4IR technologies and industrial infrastructure,” said Osama Taseer, President, DCCI.

He also added, “We need to work hard to improve our competitive position through focused development moves. Improved competitiveness of Bangladesh will ensure the country’s footwear, plastic goods, ceramic, furniture, jute processing, electronics and ICT sectors to emerge and flourish.”

“In recent years, we also saw a falling trend in the export-to-GDP, remittance-to-GDP, and FDI-to-GDP ratios,” Selim Raihan said on that note.

He suggested undertaking reforms in critical economic domains and called for faster and cost-effective implementation of mega projects and skill development.

Salman F Rahman, Adviser to the Prime Minister on Private Industry and Investment, said, “We need to work hard to improve the investment climate.”

Leaders also stressed the need to identify the problems of each sector and find out the appropriate measures to solve these problems.

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