The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has called for government support and cooperation to ensure the resilience and continued growth of the readymade garment (RMG) industry in the face of a challenging global economic environment.
This call was made when a delegation from BGMEA, led by President Faruque Hassan, held a meeting with Sheikh Mohammad Salim Ullah, Secretary of the Financial Institutions Division within the Ministry of Finance at the secretariat on October 4.
Other members of the BGMEA delegation were Senior Vice President SM Mannan (Kochi), Vice President Rakibul Alam Chowdhury, and Chair of BGMEA Standing Committee on Challenged Industry Md. Anisur Rahman.
The discussion at the meeting primarily revolved around pressing issues related to the garment industry, the current state of global trade, the implications for Bangladesh’s RMG export performance, and potential strategies to address these challenges effectively.
BGMEA President Faruque Hassan emphasized the industry’s current difficulties, citing a noticeable decline in garment exports. This decline has been attributed to reduced consumer spending on clothing, caused by high inflation in major export markets such as Europe and the USA.
Given the significance and prominence of the garment industry within Bangladesh’s economy, Faruque Hassan stressed the importance of prioritizing the safeguarding of the RMG sector during these testing times.
Faruque Hassan further underlined that support and cooperation from financial institutions, including Bangladesh Bank and other banks, are crucial.
He highlighted the necessity of quick and efficient financial services to enhance the industry’s competitiveness.
He asserted, if the RMG industry can maintain its competitiveness and sustain growth, it will substantially boost Bangladesh’s export earnings, thereby contributing to the country’s foreign exchange reserves.
