BGMEA urges IMF to support growth, dev of RMG industry

RMG workers at a factory
UNB file photo

Bangladesh Garment Manufacturers and Exporters Association (BGMEA) president Faruque Hassan has urged the International Monetary Fund (IMF) to support the growth and development of Bangladesh’s RMG industry, highlighting its pivotal role in the country’s economic development and global trade.

Faruque made the call when a delegation from the IMF, led by IMF Mission Chief for Bangladesh Rahul Anand met him at the BGMEA Complex in the capital’s Uttara area on Sunday.

Accompanying Anand were several key members of the IMF delegation, including IMF Resident Representative to Bangladesh and Bhutan Jayendu De, Division Chief Chris Papageorgiou, Deputy Division Chief Piyaporn Sodsriwiboon, Senior Economist Estelle Xue Liu, Senior Economist Seok Hyun Yoon, Senior Economist Suphachol Suphachalasai and economist Richard Varghese, said a press release.

BGMEA directors Asif Ashraf, Neela Hosna Ara, Chair of the BGMEA Standing Committee on Labour and ILO Affairs ANM Saifuddin and Chair of the BGMEA Standing Committee on Foreign Mission Cell Shams Mahmud were also present at the meeting.

During the meeting, the discussions revolved around various topics related to the readymade garments industry of Bangladesh. These included the current status of the industry, the global trade situation and its implications on the country’s export performance.

The meeting also discussed the challenges and prospects that lie ahead for the RMG sector.

The issues concerning Bangladesh’s graduation from the LDC status and its potential impact on the economy and trade also got due importance in their discussions where they emphasized the necessity for preparedness to address the challenges that may arise in the post-LDC era.

Faruque provided the IMF delegation with insights into the Sustainability Strategic Vision 2030, which aims at fostering the growth of the RMG industry in a more sustainable way, keeping positive impacts on the economy, the environment, and the lives of the people of Bangladesh.

He highlighted the Bangladesh’s impressive strides in the area of environmental sustainability, including recycling and circular economy while keeping the efforts continued to pursue more excellence.

As part of the higher growth vision, Bangladesh’s RMG industry is actively focusing on diversifying its product range to include value-added items, particularly non-cotton products, he further noted.

The BGMEA president said the industry is also increasingly embracing innovations and technologies to boost productivity and efficiency, thus remaining competitive amid evolving global trade trends.

Additionally, a strong emphasis is being placed on skills development, including re-skilling and up skilling, to meet the growing demand for a skilled workforce.

The industry is exploring opportunities to tap into emerging markets and drive sustainable growth.