DHAKA, Oct 17, 2023 (BSS) - The Hongkong and Shanghai Banking Corporation
Limited (HSBC) Bangladesh and Bangladesh Garment Manufacturers and Exporters
Association (BGMEA) have signed a Memorandum of Understand (MoU) to connect
the association with the international retailers along with public and
industry stakeholders in new markets.

The MoU was signed at a function on October 15 in presence of BGMEA President
Faruque Hassan; HSBC Bangladesh, Chief Executive Officer, Md Mahbubur Rahman,
BGMEA Directors Asif Ashraf, Neela Hosna Ara, and senior officials from both
the organizations, said a press release today.

BGMEA, the largest trade association of the country is actively seeking new
market opportunities for Bangladesh's apparel industry in countries spanning
Australia, Japan, Korea, India, the UAE and Saudi Arabia, where HSBC has a
strong presence.
 
In this regard, this association is orchestrating events that bring together
apparel brands, retailers, trade associations, government officials and
cotton suppliers from these markets. The primary focus of these engagements
is to explore potential for business and investment, share technology and
knowledge and address ESG issues.

Faruque said, "BGMEA has continued its efforts to explore new and promising
markets for Bangladesh's apparel industry and seize every available
opportunity around the world. Diversifying markets and moving to more complex
products and value addition is a key strategy for Bangladesh's apparel
industry to pursue sustainable growth. We thank HSBC for sharing our vision
for market diversification as we strive to go beyond the traditional
markets."

Commenting on the partnership, Md. Mahbubur Rahman, CEO, HSBC Bangladesh
said, "Bangladesh has emerged at the forefront of global apparel sourcing
supported by a robust supply chain, sustainable production practices and a
proven track record. HSBC Bangladesh takes pride in its partnership with
BGMEA to explore and enhance industry exports through diversification of
markets harnessing our international connectivity and capability".

In this collaborative partnership, HSBC Bangladesh is joining forces with
BGMEA, capitalising on the bank's robust presence and distinctive position
for bridging buyers and suppliers in these markets.
 
As part of this effort, HSBC and BGMEA hosted the Bangladesh Apparel Summit
at Melbourne in Australia earlier this year.