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Bangladesh’s economic growth depends on industrial development

BGMEA president says

  • Staff Correspondent
  • 26 November, 2021 12:00 AM
  • Print news
Bangladesh’s economic growth depends on industrial development
BGMEA President Faruque Hassan poses for a photo at an event titled “Sustainability of the Apparel Industry of Bangladesh: Policies, Scopes and Constraints” organized by Solidaridad Network Asia and ESTex Foundation at a hotel in the capital on Thursday.

Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Faruque Hassan said that the next phase of Bangladesh’s economic growth will hugely depend on industrial sector’s development, so it is the responsibility of all people to protect the sector.

Faruque Hassan came up with the observation while speaking at an event titled “Sustainability of the Apparel Industry of Bangladesh: Policies, Scopes and Constraints” organised by Solidaridad Network Asia and EStex Foundation at a hotel in the capital on Thursday.

He also stated that the RMG industry is not only making contribution to the socio-economic development of Bangladesh but also bringing glory for the nation.

“The apparel industry is carrying the “Made in Bangladesh” trade mark across the world and we are all proud of it. The industry belongs to all people of this country -- development of the sector means development of Bangladesh and betterment of its people,” the president added.

The aim of the programme is to provide a platform to policy makers and sectoral stakeholders for highlighting the policy gaps, needs and constraints, exploring new opportunities and initiating pathways for implementing solutions to the environmental, social, and economic issues to achieve sustainability of the apparel industry of Bangladesh.

The BGMEA president called on brands and retailers to be rational in terms of pricing to make the supply chain resilient and sustainable.

He also said that there is a sharp disconnect between sustainability and pricing mechanisms.

“Our factories are increasingly investing for safety and sustainability. Besides, in prices of yarn, chemicals and other raw

materials in the global supply chain has pushed up production costs in garment manufacturing. But prices are not being offered in line with the context. The gap is needed to be closed,” he said.

Mohammad Hasan Arif, general manager of Bangladesh Economic Zones Authority (BEZA), Selim Reza Hasan, country manager of Solidaridad Network Asia, Syed Naved Husain, group director of BEXIMCO Limited, and Dr Mohidus Samad Khan, project manager of EStex Foundation also attended the programme.

Meanwhile, BGMEA has sought government, entrepreneurs and workers support to protect the interests of RMG industry due to the sector is passing a critical period now.

BGMEA President Faruque Hassan said, “The hike in prices of yarn, cotton, dyes, chemicals and other raw materials has pushed the production cost up. But prices are not offered in accordance with the increased production costs. Besides, recent surge in Covid infection in some European countries has raised concerns among the exporters.”

“In such critical context, we all have to work together so that our apparel industry can face all the challenges and remain competitive in the global market,” he added.

He made remarks during a meeting with State Minister for Labour and Employment Begum Monnujan Sufian and Labour and Employment Secretary Md Ehsan-E-Elahi at the residence of the State Minister on Wednesday.

Former BGMEA Presidents Md Shafiul Islam (Mohiuddin) MP, Abdus Salam Murshedy MP and Md Siddiqur Rahman, incumbent BGMEA Senior Vice President SM Mannan (Kochi), Vice President (Finance) Khandoker Rafiqul Islam, Directors Abdullah Hil Rakib, Haroon Ar Rashid, Rajiv Chowdhury and Former Director ANM Saifuddin were present at the meeting.

The BGMEA leaders thanked the government for providing support to the RMG industry during its difficult times.