Sharat in Bengal is not just a passing season but a time of joy, celebration, and mirth as Ma Durga arrives amid boundless pomp and circumstance. Her arrival signifies innumerable emotions and situations — the destruction of evil, rebirth, victory of light over darkness, strength, protection, peace, prosperity and harmony, among other things. It is no wonder that all of Bengal celebrates this auspicious occasion wholeheartedly.
Being adorned in white infuses one with freshness and beauty. When paired with red, the queen of colours, it is elevated to signify divinity in its absolute form. Red is the colour of strength, energy, beauty and glory; all things reminiscent of Ma Durga. A “shada shari laal paar” is not just a mere ensemble but a beacon of faith in the divine deity’s might, a way to embrace her characteristics.Photo: Sazzad Ibne Sayed
What truly sets this season apart are the beautiful hues that imbue our lives with happiness and joy. To begin with, there’s the eternal white, pristine and pure, in a league of its own. This hue, or lack thereof, symbolises all that’s good and sacred.Photo: Sazzad Ibne Sayed
A Jamdani in this combination is perhaps the best possible attire to don during Puja festivities. Wear it in “ek peach,” the traditional way; a neat low bun or “haath khopa” adorned with fragrant “beliful er mala” is the perfect way to wear your hair.
A gold choker, complete with jhumka and kaan taana will be the cherries on top. Don’t you dare forget the “kaach er churi” and a “laal teep” — the most important finishing touches! Red lips will perfectly complement this beautiful attire, along with fresh skin and winged eyeliner. Don’t forget oodles of mascara for flirty, long lashes!
A festival that is so auspicious is rendered in all colours of the rainbow and how! Durga Puja celebrations are steeped in hues as vibrant as the tunes of dhol and madol! Just like the magnificent flowers are in abundant bloom this season and adorn puja mandap, embrace marigold yellow, hibiscus red, lotus pink, and shiuli stalk orange with gusto!Photo: Sazzad Ibne Sayed
Choose a pink silk, an orange taant, a red toshor, or parrot green tontuj to celebrate in style. Fresh flowers make for the best accessory to adorn one’s hair during this festive time, along with glass bangles in bright, beautiful colours. And what’s a Bengali belle without her smoky, kohled eyes, dewy, dusky skin and soft, nude lips?
The country’s textile sector has received the highest foreign direct investment (FDI) of $1,229 million in the fiscal year 2023, according to the Bangladesh Bank data.
The data showed that the textile sector received $435 million in FDI from the Republic of Korea, followed by Hong Kong $174 million, China $112 million, and India $54 million.
In addition, the power sector got $439 million FDI in FY23. Hong Kong brought in $116 million in FDI, followed by China $74 million, Singapore $50 million, and the Netherlands $49 million.
The telecommunications sector received $435 million during this period. Norway and Malta made their investments in this sector where the two countries contributed the lion’s share.
The banking sector of the country got almost $403 million in the last fiscal year with the United Kingdom (UK) investing $239.62 million.
Besides, the energy sector received $340 million in FDI, including $111 million from the Netherlands and $202 million from the USA.
These countries have also made investment in the sectors of food, trading, leather, chemicals and pharmaceuticals, construction, fertilizer, agriculture and fishing, computer software and information technology, cement and non-banking financial institution.
Talking to The Business Post, Executive Director of Policy Research Institute (PRI) Ahsan H Mansur said, “The inflow of FDI is less than what we expect. The government should take necessary steps to increase the FDI inflow. The textile sector gets the highest FDI because it is a large exporter in the country. On the other hand, the power and energy sectors have received a good amount of investment, though it’s low.”
15 US brands urged PM Sheikh Hasina for transparent RMG minimum wage review
Top USA apparel brands have sought Bangladesh Prime Minister Sheikh Hasina’s intervention in ensuring a transparent minimum wage review involving all stakeholders.
On 13 October, 15 major USA brands sent a letter to the prime minister urging a successful conclusion to ongoing negotiations under the minimum wage review mechanism that incorporates the views of all stakeholders and reflects the economic realities of Bangladesh.
Following the principle of SDGs, the apparel industry can further develop. Photo: Mumit M
The 15 brands are Adidas, Gap Inc, Under Armour, Patagonia, Burton, Hugo Boss, Abercrombie & Fitch, Amer Sports, AEO Inc, Levi Strauss & Co, lululemon, SanMar, KMD Brands, PVH Corp and Puma.
The American Apparel & Footwear Association (AAFA) also published this letter on its website.
“We recognize the value that Bangladesh holds as the third largest supplier of garments as well as a fast- growing supplier of footwear and travel goods to the world. Bangladesh’s commendable sustainability efforts in the garment, footwear, and travel goods sectors have garnered well-deserved recognition. We value this critical partnership.”
The letter asks the government to consider three points during minimum wage consultations-
“The consultations should be inclusive and include all relevant stakeholders, including a constructive dialogue with labor groups and trade unions.
“The consultations should seek to raise the minimum wage to a level that corresponds with a wage level and benefits that are sufficient to cover workers’ basic needs and some discretionary income and takes into account inflationary pressures.”
The letter reads, “We note that the average monthly net wages for garment workers in Bangladesh has not been adjusted since 2019, while inflation has increased significantly over that time. We continue to recommend that the government of Bangladesh adopt an annual minimum wage review mechanism to keep up with changing macroeconomic factors.”
“The government can play an important role in facilitating new union registration, condemning violence, threats, or intimidation against union members, and overall fostering an environment that respects workers’ collective bargaining rights and empowers them as essential stakeholders in the nation’s progress. We strongly urge the government to ensure that there is no retaliation against participants both during and after the minimum wage review to foster and promote an atmosphere of open dialogue and inclusivity through the minimum wage negotiations, and beyond.”
“We acknowledge that apparel brands and retailers sourcing in Bangladesh have a role to play in enabling the above recommendations. We are committed to implementing responsible purchasing practices to fulfill that role,” adds the letter.
The letter mentioned that they are optimistic that the final increased minimum wage reached will make significant strides towards ensuring worker welfare by properly reflecting the severe economic challenges that garment workers have faced through the pandemic, the subsequent supply chain crisis, and the current rate of inflation.
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দেশের তৈরি পোশাক কারখানাগুলো রাশিয়ার খুচরা বিক্রেতা ও ব্র্যান্ডের চাহিদা অনুযায়ী পণ্য সরবরাহ করতে থাকায় বিকল্প পথে রপ্তানি বন্ধ হয়নি।
আশঙ্কা করা হয়েছিল যে ২০২২ সালের ২৪ ফেব্রুয়ারি থেকে প্রতিবেশী ইউক্রেনের সঙ্গে যুদ্ধের কারণে রাশিয়ায় তৈরি পোশাকের চালান স্থবির হয়ে পড়বে।
যুদ্ধ শুরু হওয়ার পর পণ্য, বিশেষ করে তৈরি পোশাকের চালান প্রায় বন্ধ হয়ে গিয়েছিল। সে সময় রাশিয়াগামী অনেক জাহাজকে চট্টগ্রাম বন্দরে ‘গ্রিন সিগন্যাল’র জন্য অপেক্ষা করতে হয়।
তবে শেষ পর্যন্ত বিকল্প পথে তথা পোল্যান্ড ও জার্মানির হামবুর্গের মাধ্যমে চালানগুলো চালু রাখা সম্ভব হয়।
দেশের তৈরি পোশাক কারখানাগুলো রাশিয়ার খুচরা বিক্রেতা ও ব্র্যান্ডের চাহিদা অনুযায়ী পণ্য সরবরাহ করতে থাকায় বিকল্প পথে রপ্তানি বন্ধ হয়নি।
সাগর পথে সরাসরি বাণিজ্য ছাড়াও, ইউরোপীয় দেশগুলো রাশিয়ার প্রধান ব্যাংকগুলোর ওপর আর্থিক লেনদেনের ডিজিটাল প্রক্রিয়া ‘সুইফট’ ব্যবহারে নিষেধাজ্ঞা দেওয়ায় পোশাক রপ্তানিকারকরা অর্থ পাওয়ার ক্ষেত্রে চ্যালেঞ্জের মুখে পড়েন।
পশ্চিমের প্রায় সব পোশাক খুচরা বিক্রেতা ও ব্র্যান্ড যুদ্ধের প্রতিবাদে রাশিয়া থেকে তাদের ব্যবসা সরিয়ে নিয়েছে।
তবে এখন প্রায় সব সমস্যার সমাধান হয়ে গেছে। বাংলাদেশ থেকে রাশিয়ায় তৈরি পোশাকের চালান অব্যাহত আছে।
দেশের রপ্তানিকারকরা চীনা মুদ্রা ইউয়ানে অর্থ গ্রহণ করছেন। কিছু ক্ষেত্রে রুশ আমদানিকারকরা তুরস্ক, জার্মানি ও অন্যান্য প্রতিবেশীসহ তৃতীয় দেশ থেকে ডলারে পরিশোধ করছেন।
এছাড়াও, অন্যতম উদীয়মান বাজার রাশিয়ায় পণ্য পাঠাতে স্থানীয় রপ্তানিকারকদের উৎসাহিত করা হচ্ছে। কারণ, বাংলাদেশ ব্যাংক ইউয়ানে পেমেন্ট গ্রহণের নির্দেশ দিয়েছে। এটি চীন থেকে আমদানির জন্য অর্থ পরিশোধ সহজতর করবে।
পশ্চিমের তৈরি পোশাক খুচরা বিক্রেতা ও ব্র্যান্ডগুলো রাশিয়ার থেকে চলে যাওয়ায় এবং যুদ্ধের কারণে রুশ অর্থনীতি খুব বেশি ক্ষতিগ্রস্ত না হওয়ায় সে দেশের ব্যবসায়ীরা তাদের ব্যবসা পুনরুজ্জীবিত করেছেন।
ফলে, রাশিয়ায় ব্যবসা-বাণিজ্য প্রায় যুদ্ধের আগের সময়ের মতোই স্বাভাবিক দেখা যাচ্ছে।
রপ্তানি উন্নয়ন ব্যুরোর (ইপিবি) তথ্য অনুসারে, চলতি অর্থবছরের জুলাই-সেপ্টেম্বর সময়ে রাশিয়ায় তৈরি পোশাক রপ্তানি ৪৫ দশমিক ৬৫ শতাংশ বেড়ে দাঁড়িয়েছে চার কোটি ২৩ লাখ ডলারে।
এতে আরও জানা যায়, এসব পণ্যের মধ্যে ওভেন গার্মেন্টসের চালান ৪৮ শতাংশ বেড়ে এক কোটি ৩৮ লাখ ৬০ হাজার ডলার ও নিটওয়্যার ৪৪ দশমিক ৫৩ শতাংশ বেড়ে দুই কোটি ৮৪ লাখ ৪০ হাজার ডলারে দাঁড়িয়েছে।
বাংলাদেশ নিটওয়্যার ম্যানুফ্যাকচারার্স অ্যান্ড এক্সপোর্টার্স অ্যাসোসিয়েশনের (বিকেএমইএ) নির্বাহী সভাপতি মোহাম্মদ হাতেম দ্য ডেইলি স্টারকে বলেন, ‘ইউয়ানে অর্থ গ্রহণের বিষয়ে কেন্দ্রীয় ব্যাংকের নির্দেশনা যুদ্ধের সময়ও রাশিয়ায় রপ্তানি পুনরুজ্জীবিত করতে সহায়তা করে।’
তিনি আরও বলেন, ‘রাশিয়ার বাজারে স্থানীয়ভাবে তৈরি পোশাকের চাহিদা বাড়ছে। কারণ যুদ্ধের কারণে সে দেশের অর্থনীতি খুব বেশি ক্ষতিগ্রস্ত হয়নি।’
বাংলাদেশ গার্মেন্টস ম্যানুফ্যাকচারার্স অ্যান্ড এক্সপোর্টার্স অ্যাসোসিয়েশনের (বিজিএমইএ) সহ-সভাপতি শহীদুল্লাহ আজিম ডেইলি স্টারকে বলেন, ‘বিকল্প পথে অনেকেই রাশিয়ায় পণ্য পরিবহন করায় সে দেশে রপ্তানি বাড়ছে।’
তার মতে, সাধারণত যুদ্ধে লিপ্ত কোনো দেশে রপ্তানি বাড়ে না।
The U.S. Cotton Trust Protocol announced its membership with Kiabi, a French fashion retailer,founded in 1978 in Northern France with 579 shops in 25 countries.
Kiabi is committed to sustainable sourcing and driving positive social and environmental change in fashion retail.
Kiabi’s “2030 Vision” aims to integrate positive fashion and sustainability with 72% of its products already designed using sustainable fibers and a goal to see this figure reach 100% by 2025 thus reducing energy and water usage while limiting pollution and habitat degradation in the supply chain.
Figure: U.S. Cotton partners with Kiabi to integrate positive and sustainable fashion. Curtesy: Collected.
In Kiabi’s products, cotton is used 70% of the raw material. By utilizing the program’s proprietary Protocol Consumption Management Solution (PCMS) to track U.S. Cotton and/or Protocol Cotton, they will be provided full supply chain transparency.
Kiabi will also have the ability to use Protocol Consumption Units (PCCUs) for internal calculations of Scope 3 emissions or making proportionate environmental claims on products.
The Trust Protocol is the only sustainable cotton system that provides quantifiable, verifiable goals and measurements and drives continuous improvement in six key sustainability metrics – land use, soil carbon, water management, soil loss, greenhouse gas emissions, and energy efficiency. It is also the first to offer article-level supply chain transparency to members.
Regarding this, Virginie Cayzeele, raw materials leader at Kiabi said, “As we strive to meet our ambitious goals and look more closely at our suppliers and their processes.”
“We need to be able to measure continuous improvement across our sustainability metrics confidently and accurately as part of our analysis of our scope 1, 2, and 3 carbon emissions and biodiversity risks. The Trust Protocol’s blockchain-enabled value chain transparency solution will ensure rigorous and verifiable evidence in our work for the protection and preservation of our planet,” she added.
Dr. Gary Adams, President of the U.S. Cotton Trust Protocol said with joy, “We’re pleased to welcome Kiabi to the U.S. Cotton Trust Protocol and support their commitment to sustainable cotton sourcing. We look forward to providing them with measurable, verifiable data and outcomes as they pursue their environmental and social goals.”
It has also been published in the International Trade Centre Standards Map, recognized as a standard for sustainable cotton by the Partnership for Sustainable Textiles, approved as a standard for sustainable cotton by German Federal Government, and confirmed as an ISEAL Community Member.
The U.S. Cotton Trust Protocol is a voluntary, farm level science-based sustainability program that is setting a new standard for delivering value to all stakeholders across the entire supply chain from farms to finished products.
It is the only system that provides quantifiable, verifiable goals and measurement and drives continuous improvement in six key sustainability metrics – land use, soil carbon, water management, soil loss, greenhouse gas emissions, and energy efficiency. It is also the world’s first sustainable cotton fiber program to offer article-level supply chain transparency to all members.
KIABI generates sales of 2.2 billion euros (2022), +10% vs 2021. Because KIABI has always been at the service of families, KIABI fashion offers responsible, desirable and accessible collections, designed in France by a team of 56 in-house stylists.
The preferred brand for families, KIABI counts almost 10,000 Kiabers of 83 nationalities.
Since the 1990s, Cambodia’s exports from the apparel, footwear and travel goods sector have grown significantly. The growth of this labor-extensive sector has been encouraged by low labor cost, intensive industry, the signing of international trade agreements and the presence of favorable investment condition.
According to a recent report by the Ministry of Labor and Vocational Training, seventy-nine garment companies are part of 1,188 new enterprises that opened in Cambodia in the first eight months of this year, creating nearly 60,000 jobs.
World’s top exporter
In 2017, Cambodia became the world’s 9th largest apparel producer, accounting for 1.5% of the world’s export value. In 2022, the garment, footwear and travel goods products accounted for 56.1 percent of the Cambodia’s total export of $22.48 billion.
According to a report from the General Department of Customs and Excise, Cambodia exported garment, footwear and travel goods products worth $12.67 billion in 2022, up 14.9 percent from $11.03 billion in 2021.
The garment, footwear and travel products industry is the largest foreign exchange earners for Cambodia. The sector has about 1,188 factories and branches, employing about 750,000 workers, most of whom are women.
The United States is Cambodia’s largest export market and one of Cambodia’s largest overall trading partners. About 40 percent of Cambodia’s total exports went to the United States in 2022—primarily garments, textiles, footwear and travel goods. Cambodia’s apparel export to the US was near $5 billion in 2022 which was 28.46% higher than the previous year.
Cambodia and the United States signed the US-Cambodia Trade and Investment Framework Agreement (TIFA) in 2006, which facilitates and promotes greater trade and investment between the two countries and provides a forum for resolving bilateral trade and investment issues.
Apparel export by Cambodia to the EU countries grew by 52.71 per cent to $3.84 billion in 2022 compared with that of $2.51 billion in 2021.
Cambodia is 8th largest apparel supplier for UK with 4.18% market share of the UK’s total apparel imports of $8.356 billion.
Preferential trade agreements
Cambodia has successfully established trade agreements or preferential schemes with importing countries such as the EU, US, China, Japan and ASEAN. Cambodia is a member of ASEAN and is part of intra-ASEAN’s Free Trade Agreement (FTA) as well as ASEAN’s FTA with China, Japan, Korea, India, Australia & New Zealand respectively. In addition, Cambodia is also a signatory of the Regional Comprehensive Economic Partnership (RCEP), the world’s largest trade deal connecting approximately 30% of the world’s population and output. It enables the export of goods to partner countries at very low rates or with quota-free and duty-free access.
Growing logistical infrastructure
Cambodia is the linchpin of the Southern Economic Corridor (SEC) development project linking Myanmar, Thailand and Vietnam. Phnom Penh is the center of the route connecting Bangkok and Ho Chi Minh City.
Cambodia has a total of 17 airports, with 3 international airports connecting to key markets around the world. The Sihanoukville Special Economic Zone (SSEZ) on the coast of Cambodia is connected to major international trade centers by road, rail, sea and air. Additionally, a $1.9 billion investment is underway for the Phnom Penh-Sihanoukville Expressway, which connects the capital to the coast.
Competitive workforce
Of 16 million people in Cambodia, over 60% are under 35 years old. With a labor force participation rate of 80%, Cambodia has a readily available young & active workforce. Cambodia’s literacy rate is quickly rising, reaching almost 90% in 2019. Since 2008, there have been 1.6x growth of employment in secondary and tertiary industries. A full range of talent awaits you and your business.
However, Cambodia’s minimum wage for the apparel sector is $200 in 2023 which is much higher than Bangladesh (around $71), Pakistan ($104), Sri Lanka ($105), India ($145) and Myanmar ($157) but lower than China ($217), Indonesia ($243) and Turkey ($245).
Road map to overhaul the textile and apparel industry
Cambodia launched a new road map to revamp its textile and clothing industry, a key economic pillar that accounts for more than a third of the country’s gross domestic product. The Industrial Transformation Map for the Textile and Apparel Industry 2023-2027 aims to further transform and transfer the country’s skill-based technology resources to build a globally competitive and sustainable industry.
The Road Map will attract more investment to help implement the Cambodia Garment, Footwear and Travel Goods (GFT) Sector Development Strategy 2022-2027, which aims to make the sector environmentally sustainable, resilient and high value for Cambodia’s economic diversification and competitiveness.
These road maps are to upgrade Cambodia’s garment production models, diversify raw material sources, expand exports to other markets, and develop skills and increase productivity.
The transition from simple cut, make, trim designs to more complex products in line with consumer trends will require investment in modern technology, technology transfer and skill training. Over time, Cambodia’s textile and clothing industry is expected to grow further and gradually move towards becoming one of the sourcing hubs for apparel, footwear and travel goods.
Regarding the LC opening complication, the BGMEA president said he told the IMF mission that the Bangladesh Bank always gives priority to the apparel industry so that the apparel exporters can open LC smoothly
The IMF has inquired about the disparity between apparel export value and their repatriation proceeds in Bangladesh.
Photo: Courtesy
The visiting IMF delegation during a meeting with Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Faruque Hassan today also asked about whether apparel exporters were facing any complications in opening letters of credit (LCs) amid the ongoing dollar crisis.
Talking with The Business Standard Faruque Hassan said he informed the IMF mission that the differences between export value and repatriation proceeds is not too much and the repatriation is not fully under the control of the exporters. In some cases, buyers pay at discounted prices after shipment, he said.
“Besides, some buyers delay or partially pay, with adjustments made later. We’ve clarified that exporters aren’t intentionally delaying repatriation. Delays can be due to brands deferring payments or going bankrupt.
“We also informed them (IMF delegation) when any of international suppliers ask our central bank about their outstanding payments through the diplomatic channel, the Bangladesh Bank takes initiative to pay them.”
Regarding the LC opening complication, the BGMEA president said he told the IMF mission that the Bangladesh Bank always gives priority to the apparel industry so that the apparel exporters can open LC smoothly.
He said, “There are no problems in back-to-back LC opening, if some things happen that might be an individual case”.
A group of readymade garment workers and trade union leaders sought Prime Minister Sheikh Hasina’s intervention to announce Tk 23,000 monthly minimum wage.
They made the demand during a procession brought out towards the Prime Minister’s Office in the capital on Sunday and submitted a memorandum to the prime minister. National Garment Workers Federation organised the programme.
During the programme, speakers said that as per the 2018 RMG workers’ wage structure, minimum wage was fixed at $100 or Tk 8,000. If the USD is converted into taka, the amount now stands at Tk 11,000. But the factory owners are still paying Tk 8,000.
In the last five years, they also said, the prices of many commodities increased three to four times, making it difficult for the workers to survive. If the government considers price hikes in the last five years into consideration, and sets the wage as per the ongoing USD rate, our demand for Tk 23,000 as minimum wage is logical, they added.
They also said factory owners are making 7-10 per cent profits from their gross revenue. Besides, they also received 1-10 per cent cash incentives based on items and destination. But workers get nothing except monthly wage.
“To consider ongoing high inflation, USD rate, owners’ profit margin and cash incentives, the monthly minimum wage for RMG workers should be set at Tk 23,000, and we are seeking Prime Minister’s intervention to meet our demand,” President of the federation Amirul Haque Amin said.
Bangladesh should pay attention to the issue of increasing delivery time to tap the potential of its leather goods and footwear manufacturing sector in the global market, experts said at a seminar on Saturday.
They also called for faster customs clearance, easier port services, a strong backward linkage industry and skill development of human resources.
The seminar on “Market Access: New Frontiers for Export” was held on the concluding day of three-day 4th Bangladesh Leather Footwear & Leather Goods International Sourcing Show (BLLISS-2023).
The Leathergoods and Footwear Manufacturers & Exporters Association of Bangladesh (LFMEAB) in collaboration with the Commerce Ministry organized the event at the International Convention City Bashundhara (ICCB) in the capital.
Additional Secretary to Ministry of Commerce Abdur Rahim Khan, President of Manufacturing and Operations of Advanced Manufacturing Group (AMG) Michael Roy, and Managing Director of Blue Ocean Footwear Limited Lien Chun Yao (Jim) were the three panelists of the seminar moderated by LFMEAB Director Amrita Makin Islam.
LFMEAB President and Apex Footwear Ltd Managing Director Syed Nasim Manzur and the Metropolitan Chamber of Commerce and Industry, Dhaka (MCCI) Md Saiful Islam were also present.
Speaking on the occasion, Nasim Manzur said Bangladesh should not be viewed as a cheaper destination for footwear manufacturing as it was maintaining international standards and different expenses were going up.
“We need to meet the basic needs of our workforce,” he said. The government was also paying attention to the living standard of the human resources.
Responding to comments of other participants, he said that with Bangladesh being a land-scarce country, the local companies should get preference.
He also urged the foreign businesses to introduce modern technologies also in Bangladesh as they did in other manufacturing countries like China.
During the panel discussion, Abdur Rahim Khan said the government had been implementing different programs to enhance competitiveness of the sector and looking for signing bilateral trade agreements to widen the access to export destinations.
He also laid emphasis on bringing in more foreign direct investment, product diversification and technologies.
The business climate issue was not an issue for Bangladesh only, while reform was a continuous process, said the bureaucrat.
Michael Roy said Bangladesh has advantages like geopolitical stability, motivated workforce, product quality and tremendous sense of collaboration among stakeholders.
To ensure global market access, Bangladeshi manufacturers needed to deliver fast, he said.
“You see calendar, we see watches,” he said, underscoring the need for reducing lead time. He also said opportunities were sitting on the lap of Bangladeshi manufacturers, who should take actions accordingly to utilize it.
Lien Chun Yao saw Bangladesh itself as a huge market for footwear as demand for different types of footwear by one individual was growing.
He underscored the need for supply chain localization, training the local workforce and technology transfer.
A delegation from the International Monetary Fund (IMF), led by IMF Mission Chief for Bangladesh, Rahul Anand, paid a courtesy visit to Faruque Hassan, President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) at the BGMEA Complex in the capital’s Uttara on Sunday.
Accompanying Anand were several key members of the IMF delegation, including Jayendu De, IMF Resident Representative to Bangladesh and Bhutan; Chris Papageorgiou, Division Chief; Piyaporn Sodsriwiboon, Deputy Division Chief; Estelle Xue Liu, Senior Economist; SeokHyun Yoon, Senior Economist; Suphachol Suphachalasai, Senior Economist; and Richard Varghese, Economist.
BGMEA Directors Asif Ashraf, Neela Hosna Ara, Chair of BGMEA Standing Committee on Labour and ILO Affairs ANM Saifuddin and Chair of BGMEA Standing Committee on Foreign Mission Cell Shams Mahmud were also present during the meeting, said a press release.
The discussions during the meeting revolved around various topics related to the readymade garment industry of Bangladesh. These included the current status of the industry, the global trade situation, and its implications on the country’s export performance.
The meeting also discussed the challenges and prospects that lie ahead for the RMG sector, read the release.
The issues concerning Bangladesh’s graduation from the LDC status and its potential impact on the economy and trade also got due importance in their discussions where they emphasized the necessity for preparedness to address the challenges that may arise in the post-LDC era.
BGMEA President Faruque Hassan provided the IMF delegation with insights into the Sustainability Strategic Vision 2030, which aims at fostering the growth of the RMG industry in a more sustainable way, keeping positive impacts on the economy, the environment, and the lives of the people of Bangladesh.
He highlighted the Bangladesh’s impressive strides in the area of environmental sustainability, including recycling and circular economy while keeping the efforts continued to pursue more excellence.
As part of the higher growth vision, Bangladesh’s RMG industry is actively focusing on diversifying its product range to include value-added items, particularly non-cotton products, he further noted.
The industry is also increasingly embracing innovations and technologies to boost productivity and efficiency, thus remaining competitive amid evolving global trade trends, Faruque Hassan further stated.
Additionally, a strong emphasis is being placed on skills development, including re-skilling and upskilling, to meet the growing demand for a skilled workforce.
The industry is exploring opportunities to tap into emerging markets and drive sustainable growth.
The BGMEA President urged the IMF to support the growth and development of Bangladesh’s RMG industry, highlighting its pivotal role in the country’s economic development and global trade.
