Recently, the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has set the target of earning $100 billion from the export of RMG products by 2030.
However, the export of this sector in the last financial year was slightly more than $43 billion but the entrepreneurs of this sector said that they want to achieve this goal by expanding the market along with maintaining the growth of the past few years.
Shahidullah Azim, vice president of BGMEA, recently told BBC Bangla how to achieve the target of $100 billion in eight years that they are working to create a roadmap.
He also said that the growth of the last few years has made them bold in setting their goals despite adverse conditions.
He also said that a number of orders from China have been shifted to Bangladesh for the past few years and they are now looking to get more.
Regarding this, they have been working for the last few years to assess which types of factories in China are closing.
A final roadmap is underway of developing by three separate research institutes, he added.
The demand for manmade fiber is now increasing in the global market which is a market worth $200 billion.
Bangladesh is now focusing invest more in manmade fiber to grab the market. Moreover, Bangladesh is also working to develop efficiency, skill, green, sustainability, and circularity.
Manufacturers said that the export can be increased through producing high-value products, diversification, and finding new export destinations.
However, BGMEA vice president said that the reasonable prices of fuel, uninterrupted supply of electricity, solution of all port-related issues, ease of doing business, and required policy support will help Bangladesh to achieve $100 billion in export earnings by 2030.