BGMEA first vice president Moinuddin Ahmed Minto at a seminar has alleged that evil forces are conspiring against the ready-made garment (RMG) sector. He said the activities of these evil forces spell imminent trouble for the industry and urged all concerned to play a positive role in protecting the RMG export sector from 'imminent disaster'.
The Centre for Policy Dialogue (CPD) in association with Bangladesh Garment Manufacturers and Exporters Association (BGMEA) organised the seminar. Chaired by CPD distinguished fellow Mustafizur Rahman, the seminar was addressed by BGMEA incumbent and former leaders and attended by owners of garment factories in Chittagong. CPD research director Khondaker Golam Moazzem presented the keynote paper. Minto said the government and the RMG industries have urged banks to sanction loans at single-digit interest rates, but they are still charging double-digit rates. He further said China dominates the global RMG export market with 39 per cent while Bangladesh exports only 6 per cent. But research shows China will be contributing 20 per cent to the global RMG export market losing the rest 19 per cent by 2021 due to hike of the workers' wages.
This may give Bangladesh an opportunity by capturing the world RMG market. They will have to diversify and upgrade value addition to the products in design and fashion, he added. The BGMEA leader says the target of $50 billion in RMG export earnings by 2021 on the 50th year of independence of Bangladesh could be achieved only if they prepare themselves for wholesome restricting against the backdrop of ever-changing global market.
