New and potential markets must be explored for diversification and sustainability of RMG sector, said participants at a workshop on Tuesday.
They also stressed for variety of readymade garment (RMG) products saying 74 per cent of the total RMG export comprise of only five items.
The recommendations came at a workshop titled ‘expansion and facilitation of the RMG sector of Bangladesh’ organised by commerce ministry held in the city.
Commerce Minister Tofail Ahmed was present as chief guest at the concluding session of the workshop.
RMG sector is heavily dependent on the market of European Union, USA and Canada accounting for some 63 per cent, 18 per cent and 3.0 per cent respectively of the total RMG export, the workshop informed.
They suggested South Asian region, Oceania, CIS and Latin American countries needs to be considered as potential diversified destinations.
The participants also opined that Bangladesh needs to concentrate of high-end products like suit/blazer, lingerie, jackets, swimwear, sportswear, uniform, raincoat and fishing wear.
Focus on demand based export is important for diversification and the strategies should be tailor-made for each country, they recommended.
The government can fund these sorts of analyses and also provide incentives for thetargeted diversification, they suggested.
The participants also stressed for coordinated approach by and among the commercial missions of the country in different countries in expanding business in non-traditional markets.