BGMEA President Faruque Hassan has underscored the need for research and data-driven strategies along with government support for the RMG industry so that the sector could retain its export competitiveness and continue growth momentum, especially in the post-LDC era.
He made the remark during his meeting with Ms. Sharifa Khan, Secretary, Economic Relations Division (ERD), Ministry of Finance in Dhaka on September 1.
BGMEA Director Asif Ashraf and Chair of BGMEA Standing Committee on Foreign Mission Cell Shams Mahmud were also present at the meeting.
They had discussions about various issues, especially the graduation of Bangladesh from the LDC category, its possible implications on the economy and export sector, and preparedness to meet the challenges.
Faruque Hassan said LDC graduation would bring a new set of realities for Bangladesh having both opportunities and challenges, especially in terms of changes in the tariff regime.
He said Bangladesh needs to negotiate with its major regional-trading partners to pursue investments and market access through Regional Trade Agreements (RTA) or Free-trade-agreements (FTA).
The BGMEA President also stressed the importance of intensifying economic diplomacy to ensure preferential market access to major trading partner countries even after LDC graduation.
BGMEA has prepared a sustainable strategic vision with an aim to accelerate the growth of the RMG industry.
He said the industry is working on its priorities to enhance capabilities, particularly in the area of diversification of products and markets, investments in high-end textile sectors, especially non-cotton areas, innovation and value addition, and upgrading technologies.
He apprised the Secretary that BGMEA is organizing “Made in Bangladesh Week” this November 12-18 to promote Bangladesh and the ready-made garment industry internationally.