On Wednesday a delegation from the International Monetary Fund (IMF) met with the President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Mahmud Hasan Khan. The meeting held at the BGMEA office in Uttara was attended by Senior Vice President Enamul Haque Khan, Vice President Md. Rezwan Selim, Vice President Vidya Amrit Khan and Director Nafis-ud-Daulah, Director Dr. Rashid Ahmed Hossaini, among others, a press release said.
The IMF delegation included Senior Economist Qiaoe Chen, Senior Economist Ruifeng Zhang and Economist Ayah Said.
The main objective of the meeting from the IMF side was to ascertain the current status of the garment sector and future risks to ensure the stability of Bangladesh’s macroeconomic environment. The meeting saw an in-depth exchange of views between the two sides on strategic avenues for the industry’s growth despite global volatility.
The discussions focused on the potential impact of US tariffs on garment exports, the impact of Bangladesh’s upcoming graduation from LDC status, the industry’s sustainable growth and diversification strategy into value-added products, and the potential impact of the global economic situation.
In the meeting, the BGMEA leaders highlighted various aspects of the industry, including the contribution of the garment industry to the national economy. They outlined the strategic vision of the industry and said that the garment industry is currently working towards moving away from a labor-intensive model to a higher-value model through value-added products, innovation, and technological advancement. As part of this transformation, special emphasis has been placed on increasing capacity in man-made fiber and technical textile-based garments and developing the skills of workers.
During the meeting, both sides exchanged views on measures to reduce business operating costs and ease business.
The BGMEA leaders noted that the current board has already recommended the government to ensure uninterrupted power and gas supply to the industry, improve port management efficiency, simplify customs and bond procedures, bring interest rates to single digits, and quickly complete important infrastructure developments including the Dhaka-Chittagong highway.
They further said that the BGMEA board has requested the government to sign Free Trade Agreements (FTAs) and Economic Partnership Agreements (EPAs) with the European Union, the United Kingdom, Japan, Canada and other countries to maintain tariff benefits after LDC transition.
The IMF delegation appreciated the contribution of the garment sector to Bangladesh’s economic stability and development agenda.
