BGMEA seeks foreign ministry's cooperation in product, market diversification for RMG sector
The foreign minister emphasised the need to diversify into new products and explore new markets, especially in Africa, South America, and ASEAN countries
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has sought the foreign ministry's cooperation in product and market diversification for the RMG sector.
A delegation from the BGMEA, led by President SM Mannan (Kochi), met Foreign Minister Dr Hasan Mahmud at the ministry in Dhaka on Tuesday (21 May).
The BGMEA delegation included Senior Vice President Khandoker Rafiqul Islam, Vice Presidents Arshad Jamal (Dipu), Abdullah Hil Rakib, Miran Ali, Directors Md. Imranur Rahman, Mohammad Sohel Sadat, Shams Mahmud, Rajiv Chowdhury, Md. Mohiuddin Rubel, Barrister Shehrin Salam Oishee, Md. Nurul Islam, and Saifuddin Siddiquie Sagar.
Keep updated, follow The Business Standard's Google news channel
They discussed product diversification and strategies to enhance ready-made garment exports to new markets.
During the meeting, the BGMEA president emphasised the significance of market and product diversification to reach the goal of achieving $100 billion from garment exports by 2030.
He noted that garment exports to new markets have increased from $847 million to $8,370 million with government policy support over the past 15 years.
The BGMEA also sought the cooperation of Bangladesh's relevant embassies in organising roadshows, networking with buyers, and participating in key fairs to increase exports to new markets, particularly to Brazil, Argentina, Russia, South Africa, Turkey, and ASEAN countries.
He also highlighted the importance of bilateral and regional free trade agreements with these potential markets.
During the meeting, the BGMEA President sought the Foreign Ministry's support in addressing the potential impact of LDC graduation on the country's export trade and continuing duty-free facilities in major export markets.
The foreign minister emphasised the need to diversify into new products and explore new markets, especially in Africa, South America, and ASEAN countries.
He assured the delegation of the foreign ministry's full cooperation in this regard, mentioning ongoing discussions with various countries to remove tariff barriers in these potential markets.
