DHAKA, March 7, 2024 (BSS) - Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Faruque Hassan today sought support from the Asian Development Bank (ADB) in developing logistics in Bangladesh to meet the growing demand for trade.

Faruque made the request when a delegation from the ADB met him at the BGMEA complex in the capital today.

He said enhancements in logistics lead to reduced lead time and costs, thereby boosting trade competitiveness, according to a press release.

The discussions primarily centered around the development of Bangladesh’s ready-made garment (RMG) industry alongside the economic implications of the country’s graduation from the Least Developed Country (LDC) status in 2026.

The ADB delegation, comprising key experts in various fields, included Atul Sanganeria, Economic Corridor and Logistics Expert; Rina Oberai, Senior Private Sector Development Specialist; Md. Rabiul Islam Rabi, Research Analyst; and Barun Kumar Dey, Economist.

A key point of discussion in the meeting was the important role of infrastructure and logistics development in sustaining the growth of Bangladesh’s manufacturing sector, with a specific emphasis on the RMG industry.

Faruque provided an insightful overview of the expanding manufacturing sector in Bangladesh, particularly the goal of achieving $100 billion from garment exports by 2030.

As achieving such a significant export target would necessitate a substantial increase in trade volume, the BGMEA President underscored the importance of upgrading the country’s infrastructure and logistics, especially sea ports.

Expressing gratitude for the ADB’s financial assistance in the ongoing skills development program in Bangladesh, Faruque highlighted the impacts of technology and artificial intelligence on the manufacturing sector.

Stressing the need to align skills with evolving industrial production patterns, he called upon the ADB to extend its support in preparing a skilled workforce, particularly for the apparel industry, to sustain Bangladesh’s competitiveness in the evolving landscape.