The Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) and the OECD Development Centre have held a meeting to find ways to overcome present and future barriers for the sector as the country moves forward to graduate from its LDC status.
Highlighting the existing problems, potentials and key issues of the dominant and potential sectors of Bangladesh, BKMEA leaders also said that man-made fibre use will help reduce the cost of production while diversification of RMG products in line with the global demand will work as leverage for fair prices while negotiating with buyers.
The BKMEA also emphasised that Bangladesh will lose its export facility in RMG sector to the European Union and United Kingdom by 2029 after graduating from LDC, in a press release issued on Wednesday.
BKMEA Executive President Mohammad Hatem, Vice President Fazle Shamim Ehsan, Vice President (Finance) Morshed Sarwar Sohel, Vice President Akhtar Hossain Apurbo and Director Mustafa Monwar, among others, were present at the meeting.
BKMEA leaders also asked the OECD Development Centre to formulate a Production Transformation Policy Review (PTPR) Strategy Paper to help the sector sustain its competitiveness in the global market.
In this context, the meeting discussed in-depth details of measures required to increase production and capacity to survive in the competition, use of modern technology, and exploration of new markets.
OECD Development Centre delegation, included Head of the Department of Economic Transformation and Development Annalisa Primi, Trade and Economic Development Adviser Daniel Robert, Economist Manuel Toselli, and Inter-Regional Adviser Merezini also were present.