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BGMEA seeks World Bank’s support for garment industry development

A high-level World Bank delegation led by World Bank Managing Director of Operations Axel Van Trotsenburg met BGMEA President Faruque Hassan on January 23 (Tuesday) at BGMEA Complex in Uttara, Dhaka. The meeting discussed the current situation, challenges, prospects and vision of the garment industry in Bangladesh.

BGMEA-World-Bank-development-bangladesh-garment
Figure: A high-level World Bank delegation led by World Bank Managing Director of Operations Axel Van Trotsenburg met BGMEA President Faruque Hassan.

They also discuss the potential impact of LDC graduation on the garment sector in Bangladesh, particularly in preparing the industry to retain its competitive capabilities in the post-LDC era.

Faruque Hassan briefed the World Bank delegation on the future priorities of Bangladesh’s garment industry, particularly the industry’s emphasis on staying ahead in the value chain through innovation, product diversification, technology upgradation, skill development and cost competitiveness to make the industry sustainable.

He also highlighted the remarkable progress made by the apparel industry in areas such as workplace safety, environmental sustainability and worker welfare. He sought the World Bank’s assistance in sustainability, skill development, technological upgradation, innovation, etc. for the garment industry.

Highlighting the importance of financing for the sustainable development of SME institutions, Faruque Hassan said that despite their hard work, the institutions cannot accept conventional financing schemes due to various regulations. He requested the World Bank to come forward with assistance so that SMEs are able to sustain their competitiveness by increasing factory capacity with low financing and adopting sustainability practices.

BGMEA Director Abdullah Hill Rakib, Director Nila Hosne Ara, BGMEA Standing Committee on Foreign Mission Cell Chairman Shams Mahmood and BGMEA Standing Committee on UD-Oven and Knit Chairman Md. Nurul Islam were also present in the meeting.

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