BGMEA seeks govt support to safeguard RMG sector

Bangladesh Garment Manufactu-rers and Exporters Association (BGMEA) has called for government support and cooperation in ensuring resilience and continued growth of the readymade garment (RMG) industry amid a challenging global economic environment, reports UNB.
A BGMEA delegation led by its President Faruque Hassan made the call during a meeting with Sheikh Mohammad Salim Ullah, Secretary of the Financial Institutions Division, at the secretariat on Wednesday.
Other members of the delegation were Senior Vice President SM Mannan (Kochi), Vice President Rakibul Alam Chowdhury, and Chair of BGMEA Standing Committee on Challenged Industry Md Anisur Rahman.
The discussion at the meeting revolved around pressing issues related to the garment industry, the current state of global trade, the implications for Bangladesh's RMG export performance and potential strategies to address the challenges.
BGMEA President Faruque Hassan pointed out the difficulties facing the industry, citing a noticeable decline in garment exports.
This decline is mainly due to low consumer spending on clothing, resulting from high inflation in major export markets such as Europe and the USA, he explained.
Highlighting the significance of the garment industry in Bangladesh's economy, Faruque Hassan stressed the importance of prioritising the safeguarding of the RMG sector during these testing times.
Support and cooperation from financial institutions, including Bangladesh Bank and other banks, are crucial, he said.
He highlighted the necessity of quick and efficient financial services to enhance the industry's competitiveness.
If the RMG industry can maintain its competitiveness and sustain growth, it will substantially boost Bangladesh's export earnings, thereby contributing to the country's foreign exchange reserves, he added.