The Hongkong and Shanghai Banking Corporation Limited (HSBC) Bangladesh and the Bangladesh Garments Manufacturers and Exporters Association (BGMEA) have entered into a Memorandum of Understanding (MoU) with the aim of facilitating the connection between the association and international retailers, as well as engaging with public and industry stakeholders in new markets.
The MoU signing ceremony took place recently, attended by BGMEA President Faruque Hassan, HSBC Bangladesh’s Chief Executive Officer, Md Mahbub ur Rahman, BGMEA Directors Asif Ashraf and Neela Hosna Ara, along with senior officials from both organizations.
BGMEA, being the largest trade association in the country, is actively pursuing opportunities to explore new markets for Bangladesh’s apparel industry. These markets include countries like Australia, Japan, Korea, India, UAE, and Saudi Arabia, where HSBC has a strong presence.
To facilitate this objective, the association is organising events that bring together apparel brands, retailers, trade associations, government officials, and cotton suppliers from these target markets.
Faruque Hassan, the President of BGMEA, emphasized that their organisation is committed to seeking new and promising markets for Bangladesh’s apparel industry and is dedicated to seizing every available opportunity globally.
He also pointed out that diversifying markets and transitioning to more complex products with value addition is a key strategy for the sustainable growth of Bangladesh’s apparel industry.
Commenting on this partnership, Md. Mahbub ur Rahman, the Chief Executive Officer of HSBC Bangladesh, recognised Bangladesh’s prominent position in global apparel sourcing. He highlighted the country’s robust supply chain, sustainable production practices, and a proven track record in the industry.
