BGMEA seeks IMF support for RMG industry development

The Bangladesh Garment Manufacturers and Exporters Association has urged the International Monetary Fund to support the growth and development of the country’s apparel industry.

BGMEA President Faruque Hassan sought the assistance when he called on a visiting delegation of IMF at a hotel in Dhaka on Monday, a press release said.

At the meeting, Vice-President of the association Miran Ali accompanied the president while the delegation was led by IMF Mission Chief for Bangladesh Rahul Anand.

Both sides had discussion on the challenges and potential of Bangladesh’s ready-made garment industry as well as its strategies to make use of the opportunities.

The discussion also covered possible impacts of and preparation for Bangladesh’s LDC graduation.

The BGMEA president gave an overview of how the garment industry has been making significant contributions to the economic development of the country, especially through export earnings and employment generation.

He also briefed the IMF delegation about the unprecedented impacts of the Covid-19 on the apparel industry of Bangladesh and how the sector has faced the challenges and is turning around, read the release.

Faruque Hassan shed lights on future priorities of the industry, including increased focus on remodelling business from labour intensive to a value-added one through innovation, diversification, technology upgradation, and upskilling and reskilling of the workforce to make the industry sustainable and cost competitive.

IMF Resident Representative to Bangladesh Jayendu De, and Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) Senior Vice-President Mansoor Ahmed and Vice-President Fazlee Shamim Ehsan were also present at the meeting.