Faruque Hassan, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), has emphasised the imperative for timely policy support considering the changing business landscape, global challenges, and needs of the readymade garment industry to keep the sector competitive in the long run and achieve its untapped potential.
“It is of utmost importance to provide necessary support to the RMG industry, the prime export industry of Bangladesh, so that it continues to flourish and contribute to the socioeconomic development of the country,” he said, according to a press release on Tuesday
His observations came during a meeting with Cabinet Secretary Md Mahbub Hossain on Tuesday.
During the meeting, a wide range of topics related to Bangladesh’s RMG industry were discussed, including its current status, existing challenges, and future priorities to adapt to evolving global market trends, said the release.
The implications of Bangladesh’s graduation from the status of Least Developed Country (LDC) and its potential impact on export-oriented trade, as well as its preparedness to face new challenges, were given significant attention during their discussion.
The ongoing Russia-Ukraine war and its impacts on the RMG sector were also a key focus of the discussion.
President Faruque Hassan emphasised the stiff competition in the global market, where lead time plays a vital role in maintaining competitiveness.
Faruque underscored the necessity of updating and simplifying business procedures, including customs and bond services, and urged government support in this regard.
He informed the cabinet secretary about the Sustainability Strategic Vision, which aims to guide the RMG industry towards more sustainable practices and achieve $100 billion from garment exports by 2030, the release also said.
The BGMEA president also emphasised that government support would play a pivotal role in facilitating the industry’s journey towards achieving this export target, ultimately contributing significantly to Bangladesh’s economic development.
He expressed optimism that the government would continue its support, keeping the needs of the RMG industry into consideration for its sustainable development.
