An IMF delegation met with BGMEA President Mahmud Hasan Khan at Dhaka’s BGMEA Complex to assess the future of Bangladesh’s garment sector in light of current economic uncertainty.
The BGMEA leadership, during the meeting, provided a comprehensive overview of Bangladesh’s garment sector’s current performance and the emerging challenges being faced by the industry. The IMF team enquired about the industry’s contribution in terms of export earnings, generation of employment and macroeconomic stability.
In order to increase the industry’s resilience in the face of changing global trade dynamics and inflationary pressures, regulatory changes and investment initiatives were discussed, according to BGMEA.
Senior Vice President Inamul Haq Khan; Vice President Rezwan Selim; Vice President Vidiya Amrit Khan; Directors Nafis-ud-Doula Mojumdar Arifur Rahman and Rashid Ahmed Hossaini were amongst those in attendance.
Senior Economists Qiaoe Chen and Ruifeng Zhang and Economist Ayah Said were a part of the IMF delegation.
The BGMEA and IMF delegation reviewed strategies to guarantee sustainable industrial growth through value-added and diversified exports, the implications of potential US reciprocal tariffs and Bangladesh’s impending LDC graduation.
According to a statement from the association, the BGMEA officials discussed the sector’s different facets and emphasised the industry’s importance to the country’s economy. They shared the industry’s long-term goal of moving away from a labour-intensive strategy and towards a higher-value model driven by innovation, cutting-edge technology and increased value addition. As part of this change, the industry is prioritising workers’ ongoing skill development while increasing its capacity in manufactured fibre and technical textile-based clothing.
In order to evaluate Bangladesh’s overall macroeconomic stability, the IMF team was given a summary of the present state and upcoming difficulties of the country’s apparel industry. Strategies for maintaining industry growth in the face of global uncertainties were thoroughly discussed by both parties.
To maintain the sector’s pace, the IMF and BGMEA concurred that infrastructure development, investment facilitation and policy coherence are crucial. In line with Bangladesh’s Vision 2041, the summit demonstrated a common commitment to protect export competitiveness and encourage sustainable industrial growth.
