Sustainable trading system key to perform better in new normal: BGMEA chief

The sustainable trading system and buyers-suppliers relationship are crucial to perform better in the "new normal" situation induced by the Covid-19 pandemic, said Faruque Hassan, president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA).

"Deeper partnership that brings greater agility and accountability will help us to mitigate future ruptures," he said today while addressing a webinar on "New Normal Business Opportunities".

China Daily Leadership Roundtable and Asian News Network, an alliance of 23 national media in 20 Asian countries, organised the event where leading regional economists and business executives discussed prospects of expected growth business sectors in 2022.

Albert Park, chief economist of the Asian Development Bank, delivered the keynote speech at the webinar which was also attended by Dillip Rajakarier, chief executive officer of Minor Hotels in Bangkok; Axton Salim, director of Indofood in Jakarta; and Wong Chun Wai, former CE0, The Star Media Group in Kuala Lumpur as panellists.

Pana Janviroj, editor of Asia News Network, moderated the session, BGMEA said in a statement.

The BGMEA president said it is high time Bangladesh made investments in the backward linkage industry to develop own capacity.

 "The uncertainty and vulnerability, created due to that overconcentration, has been greatly exposed during the Covid-19. Since we have proudly graduated from LDC status, a strong and self-sufficient backward linkage industry will also help us to comply double transformation rules of origin."

He said the pandemic has created opportunities like virtual marketplace and expansion of online-based sales.

"Virtual marketplace can be a big source of our growth, as well as to move from OEM (Original Equipment Manufacturer) to be design and brand manufacturers. But we cannot do it alone. It can only be done through the regional collaboration and cooperation of the brands and other stakeholders."

The BGMEA President also emphasised more focus on capacity building re-skilling and up-skilling of the workforce to cope up with the technological changes due to the 4th Industrial Revolution.