Bangladesh: Tackled the Immediate Challenges Head-On
12 March 2024, Mumbai
Despite the pandemic's blow, swift actions like worker vaccinations and robust health protocols led to a remarkable industry recovery. The RMG sector, a national cornerstone, stands stronger today.
We prioritized supporting SMEs with better services and affordable financing. We also championed policy changes for easier business, including extended tax stability and trade license validity.
Furthermore, we simplified banking activities and secured access to green financing schemes. This focus on sustainability is evident in the significant rise of green factories, solidifying Bangladesh's global leadership.
Market access expansion was crucial. "Apparel diplomacy" secured favorable trade terms and highlighted our commitment to sustainability and worker well-being. Notably, the EU eliminated a barrier to Bangladesh applying for GSP Plus.
We actively explored new markets and diversified products to transition the industry to value-added. The establishment of innovation centers and upskilling programs exemplify this commitment.
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Challenges remain, like recent supply chain disruptions. Yet, we navigated them effectively, showcasing the industry's resilience. Research initiatives are ongoing to pave the way for the next 15 years.
The RMG sector, through proactive measures and continued collaboration, is well-positioned for a successful future.
CREDITS: BGMEA press release
