BGMEA seeks policy support to bolster garment industry’s competitiveness

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BGMEA seeks policy support to bolster garment industry’s competitiveness

Dhaka:

The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has called for government intervention to ensure the continued competitiveness of the country’s vital readymade garment (RMG) industry.

Recently, a BGMEA delegation led by President S.M. Mannan (Kochi) met with State Minister for Commerce Ahsanul Islam Titu at the Secretariat in Dhaka. The delegation, which comprised senior BGMEA officials including Khandoker Rafiqul Islam, Nasir Uddin, Abdullah Hil Rakib, and Md. Imranur Rahman, presented a range of pressing issues currently facing the RMG sector.

BGMEA President Mannan highlighted the significant challenges posed by the current global economic climate. He pointed to the worldwide slowdown, declining consumer spending, and a decrease in garment orders and exports as key factors hindering the industry’s growth. Additionally, rising production costs further strain the sector’s competitiveness.

In light of these difficulties, Mr. Mannan emphasized the need for proactive government support. He urged the implementation of policies that foster industry growth and long-term sustainability. Specifically, he stressed the importance of streamlining and expediting business procedures, particularly measures that facilitate the faster clearance of imported machinery, equipment, and raw materials.

“A more favorable business environment will pave the way for the export sector’s success, ultimately benefiting the entire Bangladeshi economy,” stated Mr. Mannan.

The BGMEA President went on to emphasize the critical need for uninterrupted gas and electricity supplies, coupled with favorable policies, to maintain the industry’s competitive edge. He underscored the urgency of this issue, particularly in the context of Bangladesh’s upcoming graduation from Least Developed Country (LDC) status in 2026. This graduation will result in the removal of many of the trade benefits currently enjoyed by Bangladesh.

To navigate this transition effectively, Mr. Mannan called for the development and implementation of targeted policies that incentivize increased investment in promising sectors. He also proposed the initiation of a food rationing program for garment workers under the purview of the Ministry of Commerce. This initiative, he argued, would serve to safeguard the industry and bolster export performance, ultimately contributing to robust national economic growth.

Bmirrorhttps://bmirror.net/
businessmirror20@gmail.com

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