Naimul Hassan Naim, Director at Abloom Design Limited & NRR Fashion
Current challenges of Bangladesh RMG sector:
With time this sector we are in is getting harder to sustain. Even though no other industry in Bangladesh brings in more foreign currency than the RMG industry, government policies helping this sector did not progress at the same rate. With the increase in minimum wages of RMG workers, we are gradually becoming less competitive compared to other specializing countries. It’s harder to bring in orders to Bangladesh than ever before. Shortages in natural resources such as gas contribute further to this cycle. As a group, Abloom Design LTD is trying to develop and innovate in products which is never easy. We know this is something both our clients and us will benefit from in the long run. Challenges however difficult will be a part of this industry and it has always been. I trust in our resilience and persistence to come back from these times stronger.
Observation 2023 and Expectations for 2024:
Cannot say if 2023 was a great year for anyone in the RMG industry. Among the waves of inflation that went through the global economy and recent wars, business suffered. We can only hope orders will turn around in the coming year. Once economies around the world ease up there is a possibility orders in Bangladesh will increase. However, companies cannot run on optimism alone.
Firms in our industry are working more than ever on efficiency, productivity, branding, and sustainability to reduce costs and confirm orders. Let’s hope for the best In Sha Allah.