Bangladesh has set a target of reaching $50 billion in readymade garment exports by 2021. This is not unrealistic, given the potential and growth momentum of the sector over the years. But at the same time the setbacks triggered by the incidents of fire, factory collapse and labor unrest in recent years have cast an ominous shadow.
The situation prevailing now, reflects numerous difficulties and challenges that might have a multiplier negative effect on both production and exports. The readymade garment sector is the key contributor to the country's economy. Like other manufacturing sectors, it faces shortage of energy, skilled manpower and poor infrastructure, those that are equally challenging relate to wage and workplace safety constraints compounded by demands of labor unions and rights group activists.
Movement of cargo from factory sites to ports is extremely time-consuming. Producing goods for export has become expensive. Inspection of factories by Accord and Alliance, the EU and US-based retailer groups respectively, will require most factories to spend a lot to meet safety standards.
The sector needs a roadmap to negotiate ahead. Given that the basic infrastructure needs cannot be met overnight, efforts must be wholehearted to improve the situation as quickly as possible.