BGMEA appeals to NBR for backing in upholding RMG global competitiveness amid challenges

The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) underscores the crucial role of the National Board of Revenue (NBR) in achieving the Sustainability Strategic Vision 2030 for the country's ready-made garment (RMG) industry, as per UNB reports.

This vision focuses on bolstering the RMG sector's competitiveness while concurrently fostering sustainable growth.

Faruque Hassan, president of BGMEA, emphasized this during a recent meeting with NBR Chairman Abu Hena Md Rahmatul Muneem at the NBR office in Dhaka on Wednesday.

The meeting aimed to discuss the current state of the RMG industry, global trade trends, and their impact on Bangladesh's economy.

Hassan stressed the significance of NBR's support and cooperation in realizing this vision. He highlighted that streamlined and expedited business procedures and services are essential to maintain the RMG industry's global competitiveness.

The fashion industry's evolving dynamics, including the demand for shorter lead times in high-end garments, necessitate the need for prompt and hassle-free services to sustain the RMG industry's global position.

President Faruque Hassan further emphasized that NBR's vital support is required to retain the RMG sector's export competitiveness and growth momentum, particularly in the post-Least Developed Country (LDC) era.

The LDC graduation introduces new opportunities and challenges, including changes in the tariff regime, requiring strategic measures to preserve the industry's competitiveness in the post-LDC period.

In parallel, BGMEA President Faruque Hassan held discussions with Md. Masud Sadiq, member (Customs: Policy and ICT), NBR, to address the challenges faced by RMG exporters, particularly those related to customs, bonds, and taxes. BGMEA seeks cooperation from NBR to resolve these issues.

In a separate meeting on the same day, a delegation led by Vice President Shahidullah Azim from BGMEA met with Hossain Ahmed, member (Customs: Export, Bond, and IT) at NBR.

The discussions centred on the current state of the RMG industry, its export targets, and the need for policy support to align with the evolving business landscape.

The delegation urged NBR to streamline customs, bond, and tax procedures to enhance the industry's competitiveness.