DHAKA, Oct 15, 2023 (BSS) - 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 today.

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.