Lower lending rates proposed at Dhaka Apparel Summit

Bangladeshi garment manufacturers have come together to demand a reduction in the infamous high lending rates of country’s banks to help manufacturers strengthen their foothold in global scenario. During the Dhaka Apparel Summit, Atiqul Islam, President BGMEA remarked that if the rates are not brought down, about 500 factories will fold while another 500 have been already closed. Tofail Ahmed, Commerce Minister reassured that the matter is being discussed with the Prime Minister and the Finance Minister. Ahmed went on to urge international retailers to place more orders with Bangladeshi manufacturers and raise the prices of the garment items.

The summit also carried out an instant messaging poll to determine the key barriers to the country’s garment sector wherein 56.9 percent of the participants identified infrastructure as one of the pivotal issues to be addressed. The summit also placed emphasis on workplace safety and suggested that Bangladesh must swiftly absorb the business leaving China.