A delegation from the Organisation for Economic Co-operation and Development (OECD) and the Asian Development Bank (ADB) on Sunday visited the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) in Dhaka.
The delegation held a meeting with BGMEA President Faruque Hassan to discuss various important matters.
During the discussion, the delegation and BGMEA President Faruque Hassan explored various topics, including the role of foreign direct investment (FDI) in the garment industry and its impact on the overall economy of Bangladesh.
Additionally, they focused on the economic implications of Bangladesh's upcoming graduation from the Least Developed Country (LDC) status in 2026. Another significant aspect of the conversation was the challenges related to diversification and attracting FDI both within and outside the garment industry.
The meeting also shed light on the influence of due diligence requirements on Bangladesh's garment industry. Furthermore, the delegation emphasized the OECD Investment Policy Review of Bangladesh, which aims to evaluate the investment climate in the country and propose strategies to enhance the framework conditions for investment.
President Faruque Hassan took the opportunity to provide an overview of the readymade garment industry, highlighting its current status, challenges, and opportunities.
He also shared the industry's vision and readiness to confront future challenges while enhancing competitiveness through product diversification, technological advancement, and skill development.
He emphasized the industry's focus on high-value garments and its efforts to attract investment in sectors such as high value-added and non-cotton textiles.
Furthermore, he highlighted the apparel industry's commitment to building capacity in sustainability and due diligence.
The OECD-ADB delegation praised the remarkable progress made by Bangladesh's readymade garment industry in terms of workplace safety and environmental sustainability, noting that other sectors could learn from these achievements.
The delegation encouraged BGMEA to collaborate with other industries to ensure similar workplace safety and environmental sustainability practices.
Faruque Hassan assured the delegation of BGMEA's willingness to extend cooperation by sharing experiences and expertise in these areas. The meeting concluded on a positive note, with all parties expressing optimism about future collaborations and the continued growth of Bangladesh's garment industry.
The delegation comprised notable officials, including Fernando Mistura, Economist/Policy Analyst from the OECD DAF Investment Unit; Iris Mantovani, Policy Analyst from the OECD DAF Investment Unit; Sebastian Weber, Policy Analyst from the OECD RBC Centre; Matthias Altmann, Senior Policy Analyst from the OECD RBC Centre; Soon Chan Hong, Senior Country Specialist from the ADB; Mahbub Rabbani, Senior Economics Officer from the ADB; and Masrur Reaz, an ADB Consultant. Fazlee Shamim Ehsan, Vice President of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), also attended the meeting.