Home ›› 24 Apr 2020 ›› World Biz
The International Finance Corporation (IFC), a member of the World Bank Group, held a virtual dialogue to assess the possible reconstruction of Bangladesh's readymade garments sector in the aftermath of the Covid-19 pandemic.
During the dialogue, which was attended by 40 development partners, global apparel brands, industry representatives and financial intermediaries, a consensus was built on the need for strong partnerships, including multi-stakeholder and multilateral cooperation, said a press release received here on Thursday.
According to the media release, participants also stressed on the industry needs product, market and sectoral diversification, more structured access to finance and sustainability.
In Bangladesh, the textile sector contributes one-fifth of the country's GDP and more than four-fifths of its export earnings, while directly employing more than 4.5 million people, mostly women.
However, the industry is facing significant challenges from the worldwide Covid-19 pandemic.
IFC aims to help tackle these challenges by bringing partners together to discuss the immediate challenges as well as build on opportunities in the post-Covid-19 recovery stage.
Earlier, the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) advised all garment factories to remain closed until April 25. According to BGMEA, as of April 22, almost $3.2 billion of orders had been cancelled or suspended, affecting over 2.3 million workers of 1,144 factories.
“Covid-19 has impacted our industry and our workers. As we move forward, we must work together to overcome this crisis,” said BGMEA President Rubana Huq. “Only when we stand together, can we rise and shape tomorrow for the better.”
“We have an opportunity to reassess, reset, and reshape Bangladesh's apparel sector. It is time to rewire the system to recover and remain competitive,” said Nishat Shahid Chowdhury, programme manager for the Partnership for Cleaner Textile, an advisory project of IFC.
Wendy Werner, IFC Country Manager for Bangladesh, Bhutan and Nepal, launched the first dialogue of a series.
Dr Ahsan Mansur, executive director of the Policy Research Institute, moderated the session.
Participants included Winnie Estrup Peterson, ambassador to the Royal Danish Embassy; Harry Verweij, ambassador to the Kingdom of Netherlands; and Charlotta Schlyter, ambassador to the Embassy of Sweden.
High officials from the embassies of the United States, Germany, and Spain, as well as representatives from multilateral agencies also joined the dialogue.
Members of international brands also attended along with BGMEA and senior officials of the World Bank Group.
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