A delegation from the International Monetary Fund and the Bangladesh Garment Manufacturers and Exporters Association leaders discussed the current challenges and potential risks facing the apparel sector on Wednesday to assess the country鈥檚 overall macroeconomic stability and resilience.
The meeting also talked about ways to keep growing despite changes in the global economy, how US tariff policies might affect ready-made garment exports, what Bangladesh鈥簊 upcoming move away from LDC status could mean, the shift towards more valuable products, and the overall effects of global economic uncertainty.
According to a press release, a delegation from the聽IMF聽met with the BGMEA鈥簊 leaders聽at its office in the capital鈥檚 Uttara.
BGMEA president聽Mahmud Hasan Khan聽Babu led the BGMEA team, which included its vice presidents and directors, while聽the IMF delegation included聽senior economists Qiaoe Chen and Ruifeng Zhang, and聽economist Ayah Said.
At the discussion, the BGMEA president highlighted the industry鈥檚 vital contribution to the national economy and outlined their strategic roadmap for transformation.
He also said that the sector has been working to shift from a聽labour-intensive model聽to a聽high-value, innovation-driven structure, emphasising聽man-made fibres and technical textiles, while enhancing workers鈥郝爏kills聽and聽technological capacity.
The meeting also discussed measures to reduce business operating expenses and improve the ease of doing business.
The BGMEA delegation reiterated its policy recommendations to ensure聽uninterrupted electricity and gas supply, enhance聽port efficiency, streamline聽customs and bond procedures, bring聽interest rates to single digits, and expedite completion of key infrastructure projects, including the聽Dhaka鈥揅hattogram Highway.
Moreover, they informed the IMF team that it has urged the government to pursue聽Free Trade Agreements聽and聽Economic Partnership Agreements聽with major markets such as the聽European Union, the United Kingdom, Japan, and Canada聽to retain trade benefits after Bangladesh鈥檚 LDC graduation.
The IMF delegation praised the apparel sector鈥檚 contribution to Bangladesh鈥檚聽economic stability and development agenda, acknowledging its central role in driving export growth and employment, according to the press release.
