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RMG industry to focus more on product diversification, innovation: BGMEA

Staff Correspondent
08 Nov 2022 20:57:28 | Update: 08 Nov 2022 21:16:53
RMG industry to focus more on product diversification, innovation: BGMEA
A delegation from Moody’s Investor Service meets BGMEA President Faruque Hassan at BGMEA Complex in Dhaka on November 8, 2022 — Courtesy Photo

The RMG industry will prioritise product diversification, innovation, technology upgradation and skill development to enhance its capabilities and competitiveness in the global market in the coming days, the BGMEA says.

Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Faruque Hassan discussed the issue with a delegation from Moody’s Investor Service at the BGMEA Complex in Dhaka on Tuesday, according to a press release.

Moody’s Investor Service is a leading provider of credit ratings, research, and risk analysis.

Moody’s team, which included Associate Managing Director Alka Anbarasu and Analyst Camille Chautard, met the BGMEA chief to understand the status quo of Bangladesh’s ready-made garment (RMG) industry, especially its prospects, current challenges, and the way forward.

A representative of the Bangladesh Bank was also present at the meeting.

Participants of the meeting discussed various trade-related issues related to the RMG industry, including the challenges posed by the present global energy crisis and inflation, impacts on exports, and possible ways to deal with the situation.

Faruque Hassan apprised Moody’s team of the remarkable progress made by Bangladesh’s apparel industry, one of the safest and greenest industries in the world.

Mentioning the proven resilience of the industry, he expressed high optimism that the industry would be able to weather the tough times, read the release.

“The RMG sector is keeping a close eye on the global market situation and would move ahead strategically based on the situation,” he added.

Faruque invited Moody’s delegation to the Made in Bangladesh Week which will be organised by BGMEA on November 12-18 to promote Bangladesh and the RMG industry.