DHAKA, Feb 29, 2024 (BSS) - Faruque Hassan, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), emphasized the immense potential for collaboration between Bangladesh and India as trading partners, particularly in the textile and apparel sectors to grow together.

Speaking at the "Building Resilient Value Chains - India as Global Sourcing Destination" discussion organized by the Indian Ministry of Textiles and the Consortium of the Export Promotion Councils in New Delhi yesterday, Faruque highlighted the synergies between the strengths of both nations.

India, being strong in textile segments, and Bangladesh, with a proven capability in apparel manufacturing, present a great opportunity for mutual growth, said a press release today. 

"As we are pursuing a higher growth vision, the exchange of knowledge, expertise, technologies, and closer cooperation among our nations would create a win-win situation for us," remarked Faruque.

The panel discussion was moderated by GirishMenon, Managing Director, Stride Partners, and joined by a diverse range of industry experts including Mohammad Hatem, Executive President, Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), VipinTiwari, Senior Managing Director, Target Sourcing Services; Nitin Prasad, Managing Director- India, PVH Corp; YatinKirori, Global Chief Representative, Bestseller; and Asker Laubjerg, COO, KAS Group Asia.

Faruque underscored the need for a regional value chain, suggesting an integrated network of 'raw material supply,' 'production networks,' and 'marketing networks.' 

"We need to set up a 'collaborative supply chain' so that we can complement our capabilities and strengths and grow together," he added.

"The RMG industry of Bangladesh is making significant investments in machine, technology, and skills to enhance the competitiveness of Bangladesh's ready-made garment industry in the global market," said the BGMEA president.

Investment in cutting-edge technologies aims not only to reduce costs and enhance efficiency, but also to promote sustainable practices with the apparel in Bangladesh, thus positively impacting the environment, he further remarked.