Speakers at a virtual discussion have pressed for redefining the business model, upgrading business capabilities and embracing innovation to address future challenges of the RMG industry, especially after LDC graduation.
At the same time, they also have underscored the need for making use of emerging opportunities.
"For us, the priority is to transform our business model - from labour-intensive manufacturing to innovation leading to modern manufacturing and business processes," Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Faruque Hassan said at a webinar on Monday.
The industry needs more attention and investments in innovation from businesses and state entities to upscale its capability and adaptation, he told the webinar, organised by Brac Social Innovation Lab, H&M Foundation, and The Asia Foundation.
At the event, the organisers announced six winners of the international competition titled 'STITCH for RMG: Global Innovation Challenge' that was launched last year.
The competition was aimed to promote improved livelihood opportunities for the women working at the export-oriented readymade garment factories in Bangladesh, promote gender equality at the factory floors and increase factory performance.
The winning teams are: Agroshift, iSmart, Jyoti, Quizrr, Sustify and ToguMogu.
Speaking at the event, Mr Hassan said, "Global buyers are looking for more sustainable manufacturing sources, which are resource-efficient. Without the use of technologies, optimum use of water, energy and other resources cannot be ensured."
The centre, which aims to develop the industry to adapt to the 4th industrial revolution, is expected to be launched in April 2022.
Speaking on the occasion, H&M Foundation Global Manager Diana Amini said, "I think we all have different roles to play, and for us, representing the philanthropic sector, our role is to be able to support early-stage ideas, methods, innovations, and also to be able to take risks that other actors cannot."
Brac Executive Director Asif Saleh said, "Unlike how it is perceived elsewhere, we looked at innovation that is not necessarily driven by products, it can be about processes, it can be about simple solutions, and particularly, simplicity is the key toward scaling."
Addressing the virtual event, Kazi Faisal Bin Seraj, country representative of The Asia Foundation, said, "The thing that stood out for me in the pitches is that all the applicants used empathy to create their solution, that it is not just technology, rather how it is more appropriate in a context, in a gender sensitive manner."
Munni_fe@yahoo.com