An important meeting of BGMEA leaders with a high-level delegation of Overseas Chinese Association in Bangladesh (OCAB) was held at the BGMEA Complex in Uttara on Saturday to promote development, joint investment, technological modernization and sustainable industrialization of the country’s ready-made garment industry. The meeting was chaired by BGMEA Senior Vice President Enamul Haque Khan and was attended by Vice President Md. Rejoan Selim, Vice President Bhidia Amrit Khan, Vice President Md. Shihab Uddoja Chowdhury, Director Faisal Samad, Director Shah Raed Chowdhury, Director Nafis-ud-Daulah and Director Rumana Rashid, a press release said.
The meeting was attended by a 13-member delegation led by OKAI President Felix Chang Y.C. The delegation included top leaders including Vice President Andy Chan, Cliff Ren, Lisa Lu, Joel Wong, Deputy General Secretary Jesse Yu, and Executive Director Steven Zhang.
The meeting focused on four main areas to strengthen bilateral cooperation:
Joint investment and factory acquisition: In addition to direct Chinese investment in the ready-made garment and backward linkage sectors, conducting business in joint partnerships with domestic factories and coordinating new capital through 100% ownership of sick or closed factories or joint share purchase (Acquisition).
Simplification of customs and regulatory processes: To reduce business operating costs, eliminate bureaucratic complications related to customs and bonds, effectively implement one-stop services to reduce the time for clearance of goods.
Sustainability and Green Initiatives: Creating a joint investment environment by utilizing Okaibe’s advanced green technology and experience to promote circular fashion, use of renewable energy, and reduce carbon emissions in the garment industry.
Production Automation and Technological Modernization: Increasing factory productivity to meet the challenges of the Fourth Industrial Revolution and increasing technical cooperation in the addition of artificial intelligence-driven and automated machinery.
At the meeting, the Okaibe delegation expressed interest in working on carbon trading in Bangladesh. In addition, it proposed to introduce a special ‘exchange policy’ to return old jacquard machines and supply state-of-the-art machines to modernize the sweater industry. However, they sought BGMEA’s cooperation, stating that these potential initiatives are being hampered due to customs complications and administrative slowness.
In response, BGMEA leaders assured of early discussions with the National Board of Revenue and the relevant ministries to resolve regulatory complications. At the same time, they said that local entrepreneurs are also interested in Chinese partnerships in closed or operating factories and an effective platform will be created by connecting both sides.
BGMEA leaders also mentioned that the organization is currently working closely on circularity, renewable energy and sustainability, where Chinese businessmen can provide financial and technical support to domestic garment factories through direct investment, and both sides will benefit equally.
BGMEA leaders said that Bangladesh is now emphasizing on high-value products and sustainable garment production. This visit of Okaib will make our garment industry more competitive by utilizing China’s experience in backward linkages and technology.
Okaib President Felix Chang highly praised the garment sector of Bangladesh and expressed his commitment to provide new investment and technical assistance to Bangladesh.
