A delegation from the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), led by President Faruque Hassan, held a meeting with Dr. Md. Khairuzzaman Mozumder, Secretary of the Finance Division at the Ministry of Finance, on October 3 at the secretariat.
The delegation was comprised of BGMEA Senior Vice President SM Mannan (Kochi) and Vice President Rakibul Alam Chowdhury. The meeting revolved around pressing issues concerning the country’s ready-made garment industry, its potential, and the vision to sustain growth and development.
The repercussions of the Russia-Ukraine war have led to severe inflation in the USA and EU countries and demand for apparel in key export markets like Europe and America has declined as consumers prioritize essential items such as food and fuel over clothing. This has resulted in a decline in garment exports to Europe and the USA. This decrease in garment exports, which constitutes over 84 percent of Bangladesh’s total export earnings, has impacted the country’s foreign reserves.
Recognizing the magnitude of these challenges, President Faruque Hassan emphasized the necessity for government policy support to navigate these troubled times and maintain competitiveness in the global market.
He underscored the industry’s increasing focus on diversifying into non-cotton products including man-made fiber (MMF) based garments, given their high demand globally, and urged the government to encourage and facilitate this shift through policy support.
Furthermore, President Faruque Hassan highlighted the industry’s commitment to environmental sustainability, including efforts in developing the capacity of recycling and promoting a circular economy. In addition to these concerns, the delegation called for easier and faster services from the banking sector for the RMG industry.
