BGMEA targets $100b export by 2030
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) yesterday set a $100-billion apparel shipment target by 2030, which is more than double the country fetched in the just-concluded financial year. The platform is upbeat about hitting the goal as significant orders are shifting to Bangladesh from China and other countries and exporters are increasingly producing mid-range items, manufacturing more and more products from manmade fibre (MMF), and entering new markets. The fresh target means suppliers will have to ship $7.17 billion additionally per year from the current level to reach the goal.
Bangladesh exported garment items worth $42.61 billion in the last fiscal year that ended on June 30, data from the Export Promotion Bureau showed. “It is possible to achieve the target as we are diversifying the products and markets,” said Faruque Hassan, president of the BGMEA, while unveiling the new logo and new vision of the platform at the Westin Hotel in Dhaka. Bangladesh will mainly rely on three important products, including the shipment of mid-range garment items, MMF-made items and technical clothes like the uniforms used by healthcare professionals and professionals in other service sectors, said Hassan. Exporters’ presence in the $700-billion global MMF-made garment market is not that much as local producers are stronger in making apparel items from cotton fibre.
StanChart introduces digital cross-border LC.
Standard Chartered Bangladesh has recently completed the transmission of the country’s first-ever paperless and digital cross-border letter of credit (LC). The first client to complete the paperless application for the LC issuance was Heidelberg Cement Bangladesh Ltd, said the multinational bank in a press release yesterday. The transaction was made possible by a recent amendment to Bangladesh’s Import Policy Order, advocated for by Standard Chartered. As per the new order, clients can apply for an LC online using bank’s digital portal and there is no requirement to submit a signed physical copy of the application. The change will facilitate international trade for the country by making the LC application process simpler, faster, and more efficient, said the bank.
“Digitalising trade is a critical lever to accelerate economic development and improve productivity,” said Naser Ezaz Bijoy, chief executive officer of Standard Chartered Bangladesh, in the press release. He described the online LC application system as a milestone in the digital trade journey of Bangladesh. “Digital LC application will increase the operational efficiency for our clients.” Jashim Uddin Chowdhury, chief financial officer of Heidelberg Cement Bangladesh, welcomed the development, saying it would reduce the time taken for forwarding an application to banks.
Sarker elected vice chair of Dhaka Bank
Md Aman Ullah Sarker was recently elected as vice-chairman of Dhaka Bank Limited, according to a press release from the private commercial bank. Sarker is associated with Rahmat Group, a leading textiles, spinning, weaving, plastics and accessory manufacturer. With a business background spanning 31 years, Sarker earned his bachelors and master’s degrees in business administration from the University of Dhaka.