08 May 2024, 18:43

BGMEA President calls for policy support to maintain RMG industry’s competitiveness

DHAKA, May 8, 2024 (BSS) - Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President SM Mannan (Kochi) called for policy support to maintain RMG industry’s competitiveness.

Mannan made the call when a delegation from the BGMEA led by President S. M. Mannan (Kochi), met with State Minister for Commerce Ahsanul Islam Titu at the Bangladesh Secretariat yesterday, said a press release today.

The delegation included - BGMEA Senior Vice President Khandoker Rafiqul Islam, Vice President (Finance) Md. Nasir Uddin, Vice President Abdullah Hil Rakib, Directors Md. Imranur Rahman, Mohammad Sohel Sadat, Md. Ashikur Rahman (Tuhin), Shams Mahmud, Md. Nurul Islam, Saifuddin Siddiquie Sagar, and Md. Rezaul Alam (Miru).

The delegation discussed pressing issues faced by the readymade garment industry.

Highlighting the adverse effects of ongoing geopolitical crises on global trade, the BGMEA President said the garment industry is currently passing through a difficult time amidst a worldwide economic slowdown that has resulted in reduced consumer spending and decline in garment orders and exports.

Rising production costs further exacerbate the challenges. In light of these difficulties, he stressed the necessity of policy support to foster industry growth and sustainability.

Mannan also underlined the importance of simplifying and expediting business procedures, particularly the faster unloading of imported machinery, equipment, and raw materials.

He said the more favorable the business environment in the country, the greater success the export sector will achieve, leading to overall economic benefits.

The BGMEA president urged the government to ensure uninterrupted gas and electricity supply, along with favorable policies, to maintain the industry's competitiveness, After 2026, many of the trade facilities currently enjoyed by Bangladesh will no longer be available following its LDC graduation.

In this context, he emphasized the need for necessary policy support to attract increased investment in promising sectors, describing it as a timely strategy.

 He also urged the initiation of food rationing for garment workers under the Ministry of Commerce's purview, emphasizing the importance of protecting the sector and boosting exports to secure overall economic growth.


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