As the BNP prepares for its anti-government move over higher transport tariffs and commodity and fuel prices, BGMEA Chairman Faruque Hassan said political stability was needed, at the middle of the next national elections, to support the country’s growth. RMG sector.
“We hope that with cooperation from all sides, things [before and during the general polls] will remain stable and will not lead to any conflict,” Faruque said during a press briefing at the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Bhaban in Uttara on Saturday.
The press conference was organized to shed light on the details of the “Made in Bangladesh Week” to be held in Dhaka next November.
Speaking at the event, Farque said: “The growth we are seeing is due to past stability.
“We hope they will not disrupt business for the sake of the country’s development and growth.”
In response to a question, he said: “We are not worried [about the upcoming election-centric conflict]. We don’t want conflict.”
National elections are due to be held in the country next year.
After the last elections in 2018, there was hardly any major political conflict in the country.
However, the opposition BNP party is trying to enter the field on various issues and this has created new tensions.
Prior to this, there had been widespread violence across the country in connection with the national elections on January 5, 2014, during which many people were injured.
A year later, the opposition BNP organized a strike for three months to demand the cancellation of this election.
However, after the political situation stabilized, business began to return to normal.
Before the 2008 elections, there was political violence during the 2005-06 elections or previous elections, due to which business was damaged.
Considering this, the chairman of the Knitwear Manufacturers and Exporters Association (BKMEA) said in his statement that if there is any dispute over the election, it will cause damage to the business of the country.
During the press conference, the chairman of BGMEA also expressed hope that Bangladesh’s share in the global apparel market will reach 10% by 2025.
He said our share of payroll in 2020 was 6.3%, but is expected to be 8% in 2022 and reach 10% in 2025.
In the financial year 2021-22, Bangladesh exported more than $52 billion to the global market, of which RMG accounts for more than $42.61 billion.
Bangladesh’s apparel exports grew by more than 35% in the last financial year. Despite the global crisis, export growth in the first two months of the current fiscal year was 26%.
Currently, the size of the global apparel market is around $500 billion. BGMEA recently announced a $100 billion apparel export roadmap by 2030.
In the last fiscal year 2021-22, Bangladesh exported garments worth more than $42 billion. The BGMEA Chairman said there will be 15% growth in the current financial year 2022-23. Thus, apparel exports are expected to reach $49 billion this fiscal year.
At the time, in response to a question regarding transit facilities granted to Bangladesh by neighboring India, he said that transit would play a positive role in increasing Bangladesh’s professional exports. Especially now, the possibility of sending goods to other countries will increase using Indore port.
Faruque said that due to the increase in the price of cotton, the price of cotton has been reduced slightly.
Now some of us are going to cut the price. He urged exporters “not to do this”.
The press conference was attended by the vice president of the organization Shahidullah Azim and other senior leaders.
Meanwhile, Made in Bangladesh week starts in November to showcase the achievements of Bangladesh’s apparel sector to the world. He was informed by the BGMEA that the positive image of Bangladesh’s garment industry will be showcased to the world and positive stories including compliance and environmentally friendly factories will be showcased.
He was informed during the press conference that the Prime Minister was to officially inaugurate the program on November 13.
According to the BGMEA, the focus is on building an ecosystem within the textile and apparel industry in collaboration with key supply chain stakeholders.