There is no questioning the fact that the RMG industry has been transformative for our nation. For over four decades, it has been the backbone of our export earnings, and even now, over 80% of our export earnings happen as a result of our RMG exports.

This is why the escalating crisis the industry is currently going through is cause for such concern. Spinning mills are shutting down and exporters are squeezed by rising costs, all the while industry experts claim that policy missteps threaten to erode the progress we have made.

It is imperative that we do everything possible to ensure that this sector does not falter - it is difficult to fathom the ramifications of such a possibility, but employment, foreign exchange reserves, and the wider economy would all be severely destabilized.

However, support alone will not suffice and the RMG sector must confront its own shortcomings that have been around for decades as well. Our reliance on low-value products means Bangladesh will always be vulnerable to shifting buyer preferences. We have long needed greater investment to offer higher-value products.

This crisis has also brought to light a familiar vulnerability: Our overdependence on the RMG industry. Year after year, experts, policymakers, and the media have spoken of the importance of diversifying exports, but it is truly distressing how little progress has been on this front. 

There are industries such as leather, pharmaceuticals, ICT services, agro-processing, and jute that all hold tremendous promise but remain underdeveloped. We need the relevant authorities to start treating export diversification with the seriousness it has warranted for too long now, and begin to develop other industries to support the RMG sector.

Make no mistake about it, the RMG sector will continue to be the dominant export industry for this nation and deserves urgent support. However, it is combining immediate stabilization with long-term diversification which will help our country be more resilient and prosperous for the future.