Dhaka, July 1 -- Bangladesh's readymade garment (RMG) sector could be on the cusp of a transformative leap, with the potential to earn up to US$94 billion in annual export earnings by 2029, if the country expands into non-traditional markets and embraces manmade fibre (MMF) production.

This ambitious amount is expected to be achieved at an average annual growth rate of 15 per cent, which would require coordinated reforms across trade, industry, and finance, according to a new diagnostic report jointly released by the World Bank, IFC, and MIGA.

Beyond export earnings, the report outlines how strategic reforms and sectoral investments could create over 664,000 new formal jobs in the domestic paint and textile dye industry, and formalise h...