Deal signed to conduct study on establishing virtual marketplace for RMG

Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has signed an agreement with LightCastle Partners for conducting a feasibility study on “Establishing a Virtual Marketplace Platform for the RMG sector”.

The study will analyze the gaps in policies, market potential and readiness of the sector, and include a suitable business model and an action plan to implement operations.

Faruque Hassan, President of BGMEA said the revolution in digital technologies has led to notable changes in the business landscape, creating new trends and opportunities, especially the rapid rise in the online marketplace.

"Companies have been increasingly going online with the advancement of digital technologies and the Covid-19 accelerated the pace of digital transformation, leading to a boom in the digital and e-commerce sectors," he said.

Adaption to the changing trade is the key to sustain and seize new opportunities, said the BGMEA chief.

Developing a virtual market platform will boost sales of the RMG sector and rebound from the effects of the pandemic.

"This study will help to identify the challenges and opportunities of the sector to establish an online marketplace.”

Zahedul Amin, Co-founder & Director, LightCastle Partners, said Bangladesh’s apparel sector must retain its competitiveness advantage by harnessing technology-driven market development, in order to leap frog ahead of its competitors.

The key officials from LightCastle Partners Ivdad Ahmed Khan Mojlish, Managing Director, Zahedul Amin, Co-founder and Director and Rafayet Khan, Business Consultant were present during the agreement signing.

The study will be funded by IFC’s Partnership for Cleaner Textile (PaCT II) program, supported by the government of Denmark through the Danish International Development Agency (DANIDA) and the Embassy of the Kingdom of the Netherlands in Bangladesh.