WB support sought for RMG development

The country's apparel makers have sought cooperation from the World Bank (WB) for the development of Bangladesh's garment sector.

Faruque Hassan, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), made the call yesterday at a meeting with Axel van Trotsenburg, managing director of operations of the WB, at the BGMEA office in Dhaka.

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During the meeting, Trotsenburg led a delegation of senior officials of the global lender.

In the meeting, the BGMEA president apprised the WB of the future priorities of Bangladesh's RMG industry, including increased focus on moving up the value chain through innovation, product diversification, technology upgradation, and up-skilling and re-skilling of the workforce to remain sustainable and cost competitive.

The BGMEA chief also highlighted the tangible transformation of the garment industry in the areas of workplace safety, environmental sustainability and workers' wellbeing.

Hassan also sought WB's cooperation for financing small and medium enterprises (SMEs) to support their development and as they often cannot avail regular financing schemes due to stringent due diligence.

He urged the WB to provide the SMEs with low-cost finance so that they could upgrade their capability and adopt sustainability practices and thrive in the competitive market.