HSBC Bangladesh recently organised an event titled "Supply Chain Reconfiguration and Structured Trade Finance" for the apparel industry.
HSBC recognised the importance of the role that supply chain strategies and structured trade finance play in this transformative process, according to a press release.
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Faruque Hassan, president of BGMEA; Jose Manuel Romay, Deputy Chief Financial Officer, Inditex S.A., Madrid, Spain; Vinay Mendonca, Chief Growth Officer, Global Trade and Receivables Finance, HSBC HQ; Md Mahbub ur Rahman, Chief Executive Officer, HSBC Bangladesn, participated in the event, among others.
There was a panel discussion focusing on Bangladesh transformations in supply chain reconfiguration, participated by Ziaur Rahman, regional country manager of H&M Group; Zahur Ahmed, managing director, Apex Holdings Limited; Mohammed Abdur Rahim, vice chairman, DBL Group; and Stuart Rogers, regional head of international markets, commercial banking, Asia-Pacific, HSBC, the release said.
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"We have proven our capability globally, being the 2nd largest apparel manufacturer with about 8% market share and retaining our position since 2010. Now, we have a vision to grab 12% market share and grow our exports to US$ 100 billion by 2030 through product, fibre, and market diversification, innovation, technological up-gradation, up-skilling our workers, and continued focus on sustainability with around 200 LEED certified green RMG factories at present," said the BGMEA president.
"HSBC can play a pivotal role in introducing innovative solutions and creating awareness among Bangladeshi apparel exporters in view of changing market dynamics. I welcome HSBC Bangladesh to explore more ways to collaborate with BGMEA, through sharing knowledge and information and capacity building on financial management, to continue to benefit our exporters in the coming days," he said.
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Today, ‘Made in Bangladesh’ has reached different corners of the world, making us one of the top global players in apparel exports. HSBC is grateful to the Bangladesh apparel industry for trusting us as a partner in their growth journey. Leveraging our international connectivity and expertise in structured trade solutions, we will continue to support the evolving needs of the industry in a rapidly changing global supply chain landscape," said HSBC Bangladesh CEO Md Mahbub ur Rahman.
"HSBC is the world’s largest trade bank and is also the leading trade finance provider in Bangladesh, catering for approximately 10% of the country’s trade volume. Boasting a strong partnership of more than 25 years, we specialise in the ready-made garment sector, the key driver of national exports in the economy. Our profound industry insights, unwavering innovation, cutting-edge technology, and global expertise provide significant support that underpins growth for the sector," said Stuart Rogers, regional head of International Markets, Commercial Banking, Asia-Pacific at HSBC.
The discussion revolved around the changes in trade terms from LC to open account, the increase in deferred tenors, and the subsequent need to finance these non-traditional dimensions. The need for international insurance companies to support such financing was also highlighted, added the release.