Bangladesh 4th largest garment exporter: WTO
August 10, 2010
The World Trade Organisation (WTO) has rated Bangladesh as the fourth largest garment exporter, contributing around 3.0 per cent to total international exports, said a top official of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Saturday.
Muhith: RMG exporters to get stimulus in a month
April 13, 2010
Finance Minister AMA Muhith has assured readymade garment exporters of implementation of the government’s Tk 1,000 crore second stimulus package in a month.
“To finalise the package for the RMG sector within the stipulated time, another taskforce, with the central bank officials at the helm, has already been formed,” Muhith told reporters after a meeting with the leaders of BGMEA and BKMEA at his office in Dhaka yesterday. Read more
Bangladesh gets Moody’s rating, outlook stable
April 13, 2010
Credit rating agency Moody’s Investors Service yesterday for the first time assigned Ba3 to Bangladesh and termed the country’s outlook stable.
The rating was released about a week after Standard & Poor’s assigned BB- to the country amid much acclaim by the government and economists. Read more
BB mulls stimulus for recession-hit industries
April 6, 2010
Bangladesh Bank may give industries affected by the global economic meltdown an opportunity to reschedule their loans without any down payment under the recession benefits the government is considering for these industries. Read more
JS body suggests new wage for garment workers
April 6, 2010
A parliamentary body has called for a new wage board for readymade garment (RMG) workers, considering the national pay scale and current market price trend into account. Read more
Sick RMG units differ with govt decision on loan, interest payment
April 2, 2010
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) yesterday differed with the government announcement about the payment of loan and interest by the sick apparel industries.
The finance ministry in a circular on Monday directed 270 owners of sick garment factories to pay the loan at one go within one year to get interest waiver facility.
“But, it’s not possible to pay back the loan within the time set by the finance ministry as all the 270 factories have been shut since 2005,” said a statement issued by the BGMEA.
The leading apparel trade body demanded payment of 100 percent interest from stimulus package, allowing payment of Tk 2 lakh for Tk 2 crore loan and Tk 3 lakh for Tk 3 crore-Tk 5 crore loan within a five-year period, the statement said.
The BGMEA also asked for rescheduling facility for 10 years in case of loans of Tk 5 crore and above with a down payment of Tk 5 lakh.
Source: http://www.thedailystar.net
RMG factory vandalised in Gazipur
April 1, 2010
A group of unruly workers yesterday damaged a composite garment factory of Islam Group at Konabari in Gazipur demanding a hike in salary and other facilities, said police.
Abdur Rashid, officer-in-charge of Joydevpur Police Station, told The Daily Star that although the issue of salary hike was almost settled through a discussion between the management and workers on Saturday, some unruly workers vandalised the factory.
RMG exporters bag $1.8m orders from US show
March 25, 2010
Bangladesh garments and knitwear manufacturers and exporters got export orders of around $107.96 million with instant confirmed order of $26.81 million in a show in USA.
The three-day Men’s Apparel Guild in California (MAGIC) show concluded in Las Vegas, the biggest city of Nevada, USA on February 18.
The MAGIC is the largest trade show in North America, which offers two shows annually — one in February and the other one on August 16-19.
Under the supervision of Export Promotion Bureau, 23 exhibitors from Bangladesh participated in the show.
Bangladesh’s consul general in Los Angeles met officials of the MAGIC authority and requested them to arrange a wide publicity of Bangladeshi exhibitors with their products and company information.
The consul general visited all 23 stalls and exchanged views with them and discussed about ways and means for greater participations of Bangladesh in the next MAGIC show.
Source: http://www.thedailystar.net
Stimulus package for RMG sector likely by month-end
October 13, 2009
Commerce Minister Faruk Khan Sunday said the government would finalise the stimulus package for the apparel sector by the month-end.
“We expect to finalise the stimulus package for the garment sector shortly. It will be announced sometime this month,” Faruk Khan said at the launching ceremony of the Centre for Export and Product Development (CEPD) in the city.
The government set aside Tk 50 billion (5,000 crore) in its national budget for the current fiscal to stave off the effect of the global economic meltdown. Earlier, the government had announced such packages for the jute, leather and frozen food sectors, as their export growth had been remaining in the red since the beginning of the recession.
The announcement created resentment among the garment manufacturers as they were left out.
Last month the president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA), Abdus Salam Murshedy, came under focus by making a comment about the financial package at a press conference. The BGMEA president said they would not take the responsibility for any labour unrest, if the garment factory owners failed to pay wages and bonuses to their workers before the Eid festival.
However, during the second meeting of the National Task Force formed to identify the industries affected by the global financial gloom, Finance Minister AMA Muhith also said that the government would give its decision on the stimulus package for the ready-made garment (RMG) sector within October after examining the sector’s export position.
However, Faruk Khan Sunday said Bangladesh needed to diversify its products to tap the full export potential.
“We need product development to tap the full potential and reduce poverty,” he added.
Speaking on the occasion, BGMEA chief Murshedy said the RMG industry was progressing in the right direction to emerge a more sophisticated apparel industry.
Mr Murshedy said, “We’re passing the worst time of the global economy after the recession of 1930.” “Today we are facing a competition not only in prices, but also in productivity, quality and innovation.”
In order to stay competitive in the international market, they needed to patronise creative minds to come up with new products and services, the BGMEA president added.
He expressed the hope that the CEPD would provide entrepreneurial advice and a lot of support for emerging fashion design talents.
“Research and development, training programmes, promotion of achievements should be the main objectives of the cell,” he observed.
Shifting sands
October 11, 2009
Bangladesh woke up last Wednesday to two somewhat startling global economic developments that will leave economists and government with plenty to think about.