Despite the global economic slowdown, Bangladeshi entrepreneurs exhibited resilience in 2023 by making significant investments to establish 134 new Readymade Garment (RMG) factories, aiming to harness the expanding potential of the thriving sector.
Media reports maintained this citing industry insiders.
While many of these investors are newcomers, several established players have also entered the fray to expand their operations, with a substantial number of these factories expected to commence production within the year.
Apparel manufacturers highlighted the immense potential for Bangladeshi garments in the global market, as numerous large global buyers are redirecting their sourcing preferences from China to alternative regions, favouring Bangladesh.
In some instances, geopolitical considerations are driving buyers to shift their manufacturing base to Bangladesh.
According to data from the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), notable industry players such as Badsha Group of Industries, Pacific Jeans Group, Ha-Meem Group, Sadma Group, and BEXIMCO made investments in 2023 to diversify their exportable apparel items.
