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Need to embrace innovation to address future challenges: BGMEA

Dr. Annalisa Primi, Head of Division, Economic Transformation and Development, Development Centre at the Organisation for Economic Co-operation and Development (OECD), paid a courtesy call on BGMEA President Faruque Hassan at his office in Gulshan, Dhaka on 24.

Figure: BGMEA Vice President Miran Ali, Director Tanvir Ahmed and Chair of BGMEA Standing Committee on Foreign Mission Cell Shams Mahmud also attended the meeting.

Daniel Robert Gay, Adviser on Trade and Economic Development, Structural Policies and Innovation Unit, OECD Development Centre; Dr. Manuel Toselli, Economist, Structural Policies and Innovation Unit, OECD Development Centre; Mereseini Bower, Inter-regional Adviser, Economic Analysis and Policy Division, Department of Economic and Social Affairs at the United Nations (UN); and Md. Mazedul Islam, Development Coordination Officer at UN Bangladesh were present at the meeting.

In the meeting Faruque Hassan shed light on the RMG industry’s future priorities, including changing business model, upgrading business capabilities and embracing innovation to address future challenges of the RMG industry, especially after LDC graduation.

They had discussions about different trade-related issues and future challenges of Bangladesh, especially graduation of the country from LDC category, its possible implications on the economy and preparedness to continue the growth momentum by defying all the hurdles of the post-LDC era.

They also talked about the issue of policy support and other measures needed to retain Bangladesh’s export competitiveness and maintain its standing in the global market in the post-LDC era.

The BGMEA President gave an overview of the garment industry’s contribution to the socioeconomic development of Bangladesh, especially through export earnings and employment generation for millions of people.

He apprised the OECD team about how Bangladesh’s RMG industry has undergone massive transformation over the last few years to become one of the safest industries while making impressive strides in the area of environmental sustainability.

He also briefed them about the unprecedented impacts of Covid-19 on the apparel industry of Bangladesh, how the sector faced the challenges and turned around.

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