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BGMEA, IMF discuss economic stability, garment sector future
A delegation from the International Monetary Fund (IMF) met today with Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Mahmud Hasan Khan at the association's office in the city's Uttara area to discuss the current status and future prospects of Bangladesh's Apparel Industry.
BGMEA Senior Vice-President Enamul Haque Khan, Vice-Presidents Md. Rezoan Selim and Vidhya Amrit Khan, and Directors Nafis-ud-Dowla and Dr. Rashid Ahmed Hossaini were present at the meeting.
The IMF delegation included Senior Economists Qiaoe Chen and Ruifeng Zhang, and Economist Ayah Said.
According to BGMEA, the IMF delegation's visit aimed to gain insights into the garment sector's performance and potential risks in order to assess Bangladesh's macroeconomic stability. The two sides exchanged views on sustaining industrial growth amid global economic volatility, said a BGMEA press release.
Discussions covered a wide range of issues including the potential impact of US tariffs on garment exports, implications of Bangladesh's graduation from Least Developed Country (LDC) status, strategies for sustainable growth and product diversification, and the global economic outlook.
BGMEA leaders highlighted the sector's significant contributions to the national economy and shared their strategic vision to transition from a labor-intensive to a value-driven model. They informed that the industry is focusing on innovation, technological advancement, and production of man-made fiber and technical textile-based garments, alongside enhancing workers' skills.
Both sides also discussed ways to reduce business operating costs and improve ease of doing business. BGMEA leaders said the current board has recommended to the government several measures including ensuring uninterrupted power and gas supply, improving port management efficiency, simplifying customs and bond processes, bringing lending rates to single digits, and expediting key infrastructure projects such as the Dhaka-Chattogram highway.
They further mentioned that BGMEA has urged the government to pursue Free Trade Agreements (FTAs) and Economic Partnership Agreements (EPAs) with the European Union, the United Kingdom, Japan, Canada, and other major trading partners to retain tariff benefits after LDC graduation.
The IMF delegation appreciated the garment sector's vital role in Bangladesh's economic growth and stability, reports BSS.