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Faruque Hassan, president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said on Tuesday that the garment industry is facing pressure due to the Russia-Ukraine war, but that they expect to recover from it soon.
“Russia is an emerging market for us, and we expect annual exports worth $1 billion from the country. But that target will be difficult to meet,” he said while speaking at a press conference in the capital.
The industry is trying to recover from this through trade with other markets, he added.
Hassan also said they are receiving higher prices from the sales of garment items from the international retailers and brands as they are adjusting the prices of raw materials with the per unit garment items.
The BGMEA has been lobbying with the influential bodies in Europe and USA, the two main export destinations of the country, so that the export grows in the near future.
For instance, the BGMEA has signed a Memorandum of Understanding (MoU) with the American Apparel and Footwear Association for expanding the apparel markets in the American markets.
He also said that Germany is going to enforce a new law that will scrutinize human rights in the supply chain from 2023.
“But we are not worried about it. We have faced such situations before. The EU and its stakeholders are our friends,” he added.
Meanwhile, due to the rising prices of commodities and inflation, the BGMEA has urged the government to allocate 40 trucks of the Trading Corporation of Bangladesh (TCB) for workers.
“We discussed with the Commerce Ministry to allocate these TCB trucks at RMG industrial areas at times that are convenient for the workers,” Hassan said.
BGMEA vice-presidents and directors were also present at the press conference.
(DT)
