Underlining that the apparel manufacturing industry in Bangladesh is going through a very challenging time, the President of the country’s apex garment makers’ body – the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) – Dr. Rubana Huq, reportedly, said more financial support is needed to repair the industry.
According to media reports, addressing a recent virtual dialogue (on ‘Recovery of the Apparels Sectors from the COVID-19 Crisis: Is a Value Chain based Solution Possible?’), the BGMEA President, reportedly, requested not to be criticised for now as it’s a very challenging time for the industry while adding that in 2020, exports dropped around 16.94 per cent compared to the previous year while in September to November 2020, apparel prices dropped around 4.82 per cent.
Dr. Rubana further, reportedly, stated that as there is a lack of global demand the country can focus on local demand while stressing on having regional collaborations to overcome the existing challenges and went on to add that the small and medium enterprises (SMEs) are financially challenged during this pandemic, and the credit programmes were not reaching these firms.
Meanwhile, Commerce Minister Tipu Munshi, on his part, underlined that through various stimulus packages announced by Prime Minister Sheikh Hasina, the Government is trying to revive Bangladesh’s trade and commerce, which have been impacted due to the coronavirus pandemic.
To tide over the challenges, the country should look for new markets through product diversification in the medium-term, the Commerce Minister suggested.
