In view of the current global economic context and the various challenges of international trade, a visionary initiative has been taken to ensure sustainable growth of Bangladesh’s ready-made garment sector and expand new and potential markets. The country’s top garment exporters’ organization, Bangladesh Garment Manufacturers and Exporters Association (BGMEA), and one of the leading international banking institutions, Hong Kong and Shanghai Banking Corporation Limited (HSBC), are going to further strengthen the position of Bangladesh’s garment sector on the global stage through a joint partnership, a press release said.
Under this strategic coordination, a large-scale apparel roadshow will be organized in Hong Kong, one of the major business hubs in Asia. This roadshow will establish direct connections between Bangladesh’s garment sector and international buyers, brands and world-class partners. Through this, it will be possible to expand new markets in the Asian region and highlight the diversity and capabilities of Bangladesh’s apparel. At the same time, the market expansion area will be further expanded at the domestic and international levels through the large textile exhibition Batexpo to be organized within the country.
To give a strategic shape to this visionary global roadshow and market expansion program, a Memorandum of Understanding was signed between BGMEA and HSBC at the BGMEA office in Uttara on Sunday. President Mahmud Hasan Khan signed it on behalf of BGMEA and CEO of HSBC Bangladesh Md. Mahbub Ur Rahman signed it on behalf of HSBC.
The MoU signing ceremony was attended by BGMEA Senior Vice President Enamul Haque Khan, Director Shah Raeed Chowdhury, Director Joarder Mohammad Hosne Qamar Alam, Director A.B.M. Shamsuddin, chairmen of various standing committees and senior officials of HSBC Bangladesh including Md. Ashfaqur Rahman, Head of Global Supply Chain, Corporate and Institutional Banking, HSBC Bangladesh.
BGMEA President Mahmud Hasan Khan said at the event, HSBC has a strong and reliable relationship with international buyers of the ready-made garment industry due to its strong banking network worldwide and global buyers attach great importance to HSBC’s evaluation. We will use this unique connection to specially invite those international buyers to the Apparel Roadshow in Hong Kong, who are currently not sourcing products from Bangladesh. Through this, our export scope will further expand.
HSBC Bangladesh CEO Md. Mahbub Ur Rahman, mentioning the immense potential of the garment sector, said, the ready-made garment industry is the main driving force of the Bangladesh economy and the country has the opportunity to get a lot more from this sector. The banking sector has a continuous and deep involvement in the progress of this industry. HSBC expects the Bangladeshi garment industry to develop on a larger scale and HSBC always wants to stand by BGMEA as a partner in this growth. He highlighted the trend of changing destinations or sourcing sources of international buyers and emphasized the need for conducting a specific and in-depth research on this issue.
Md. Mahbub Ur Rahman advised BGMEA leaders to set 3 to 5 specific priorities to expand the global garment market, improve supply chain efficiency and increase Bangladesh’s share in the international market. He assured that HSBC will work shoulder to shoulder with BGMEA in implementing these priority areas, starting from the policy-making stage to the international arena.
In his welcome speech at the event, BGMEA Director Shah Raeed Chowdhury said that BGMEA and HSBC have taken this joint initiative to build a platform with the aim of showcasing Bangladesh globally.
The main objectives of the initiative are: New Market Exploration and Promotion: To create opportunities for meaningful dialogue with international buyers and stakeholders through the Hong Kong Roadshow and to accelerate the expansion of new export markets.
Value Chain and Sourcing Opportunities: To advance strategic discussions to strengthen Bangladesh’s position in the global supply chain and create new sourcing opportunities.
Sustainable Growth: To showcase the capabilities, modernization and sustainable transformation of Bangladesh’s ready-made garment industry in the international market.
Md. Ashfaqur Rahman, Head of Global Supply Chain, Corporate and Institutional Banking, HSBC Bangladesh, also spoke at the event.
