The issues that exist within it must be addressed and the sector as a whole must evolve.
There is little doubt that, as Bangladesh has transformed its economy, the RMG sector has been one of the pillars, and continues to be the most significant export earner for the nation.
To that end, it is good news that Bangladesh will remain the preferred sourcing destination for apparel items.
The country has, over the past decade or so, greatly improved its production facilities and compliance issues.
As such, it is encouraging to see that international clothing retailers and brands see the value that Bangladesh provides.
And are deciding to continue to use Bangladesh as the home ground for all their RMG production needs.
And yet, there is still plenty that needs to be done. Being Bangladesh’s top export earner.
The fact that we continue to see gaps that still put us in difficult positions from time to time need to be addressed.
For one, the negotiation skills of the sector have to be improved. While we continue to be the preferred sourcing destination, buyers still have too much of the upper hand.
Be that choosing to pause deals that are already in production which costs our RMG sector significant sums of money.
The aggressive bargaining that buyers undertake and failing to pay the right price for the products.
These issues continue to hold back the sector from taking the next leap.
The wages that are being paid in the sector are very low; taking measures to cut costs at the production end of the operations needs to be prioritized.
As well as upskilling to offer more high-quality products that shall fetch higher amounts.
Yet, buyers are also responsible for the continued low wages, as their failure to offer fair prices sets the precedence.
Bangladesh will become a middle-income country soon, with aspirations of becoming a high-income one in the next two decades.
This has to be reflected in the incomes of people from all sectors of the country.
The country has been vigilant when it comes to safety compliance as well, but fatal incidents in separate factories are still continuing, which we need to work on as well.
Ultimately, if the RMG sector is to continue to be a cornerstone for our economy as Bangladesh prepares to steer towards unprecedented territory as a middle-income and high-income nation.
The issues that exist within it must be addressed and the sector as a whole must evolve to keep up with the times.