Complaining of high cost of international factoring, business leaders in Bangladesh have maintained it has become difficult for them to avail international factoring as the cost is very high while calling upon the country’s central bank, Bangladesh Bank, to come forward and address the same.
This is as per reports which added the observation was made at a recent panel discussion held in Dhaka and moderated by Muhammad A (Rumee) Ali with Deputy Governor of Bangladesh Bank Ahmed Jamal as the keynote speaker, who underlined the central bank after massive exercises, was able to bring in radical changes in foreign trade transactions and in view of the existing situation on account of COVID-19 pandemic, it had even extended policy supports to international trade through various efforts.
Speaking at the event, ICC Bangladesh — with a global network of over 6 million members in more than 100 countries, ICC works to promote international trade, responsible business conduct and a global approach to regulation through a unique mix of advocacy and standard-setting activities —Vice President AK Azad reportedly said open account and international factoring are being adopted by most countries for better and smooth trade finance even as he added the apex garment makers’ body in the country, the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has set a to export US $ 100 billion worth of garment items by 2030 while there is immense potential for Bangladesh to increase its export of plastic products, leather goods, pharmaceuticals, and other items.
