Faruque Hassan, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), has urged the International Monetary Fund (IMF) to aid in the expansion and development of Bangladesh’s RMG sector.
During a recent meeting at the BGMEA Complex in Uttara, in the capital Dhaka, with a group from the IMF led by IMF Mission Chief for Bangladesh Rahul Anand, he emphasized the industry’s crucial role in the country’s economic development and worldwide commerce.
Discussions at the meeting centered on the ready-to-wear business in Bangladesh, its current state, the state of the world economy, and how these factors affected Bangladesh’s export performance.
The difficulties surrounding Bangladesh’s graduation from the LDC designation and its potential effects on the economy and commerce were also discussed, along with the challenges and prospects facing the RMG sector.
In addition to highlighting Bangladesh’s efforts in environmental sustainability, such as recycling and circular economy practices, Faruque gave insights into the Sustainability Strategic Vision 2030, which aims to foster the sustainable expansion of the RMG industry.
Additionally, he spoke on the industry’s emphasis on expanding its product line, adopting new ideas and technologies to boost efficiency and productivity, and investing in skill-building to satisfy the demand for a competent workforce.
To promote sustainable growth, the sector is also looking for prospects in emerging markets.
