BGMEA seeks government support to realize RMG sector’s untapped potential

BGMEA President Faruque Hassan has sought the support of the government in facing the challenges of the RMG industry as well as realizing its untapped potential.

Huge is the potential for Bangladesh's apparel industry while challenges are also on its way, but timely policy support can play a pivotal role in seizing the opportunities, he said.

Faruque Hassan made the call he met with Fatima Yasmin, Senior Secretary of the Finance Division, the Ministry of Finance at the Secretariat on Thursday.

BGMEA Vice President Shahidullah Azim, Director Asif Ashraf and Chair of BGMEA Standing Committee on Foreign Mission Cell Shams Mahmud were also present at the meeting.

Arfin Ara Begum, Director General at the Monitoring Cell, Ministry of Finance was also present.

BGMEA President Faruque Hassan said as the RMG industry of Bangladesh is recovering from the massive impacts of the Covid-19 pandemic, the Russia-Ukraine has hurt the global economy, posing another challenge for the industry.

"It seems that just as we recovered from one crisis, another one has hit us, putting us in a constant struggle to cope with the emerging challenges. Given the magnitude of the challenges, it is not possible for the industry alone to address them all, rather needs policy support of the government to retain its competitiveness in the global market," he said.

He thanked the government for proving crucial support to the RMG industry during the difficult time of the Covid-19 pandemic that helped the sector to turn around. 

The BGMEA President urged the government to consider keeping the source tax rate at the same level as it was in the previous fiscal year.

He also sought government support in increasing the export of man-made fiber (MMF) based garments.