BGMEA seeks NBR’s support in maintaining RMG industry’s competitiveness

The support and cooperation of the National Board of Revenue (NBR) will remain vital for the readymade garment industry of Bangladesh in realizing its Sustainability Strategic Vision 2030.

This vision aims at enhancing the competitiveness of the RMG industry while simultaneously fostering sustainable growth.

Faruque Hassan, President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA), made the observations during a meeting with NBR Chairman Abu Hena Md Rahmatul Muneem held at NBR office in Dhaka today, said a press release.

Md. Munir Hoosain, Vice President of FBCCI and former Director of BGMEA, was also present at the meeting.

They discussed the present situation of the RMG industry, global trade trends, impacts on Bangladesh’s economy and the industry.

In the meeting, BGMEA President Faruque Hassan underlined the importance of NBR’s support and cooperation in the pursuit of this vision.

Simplified and faster business procedures and services are imperative to maintain the industry’s global competitiveness, he noted.

Faruque pointed out the changing trends of the fashion industry where shorter lead times for product deliveries are required, particularly for high-end garments.

In the face of these challenges, he stressed the urgency of NBR providing faster and hassle-free services to ensure the RMG industry remains competitive on the world stage.

The BGMEA president further emphasized that NBR’s necessary support is essential for the RMG industry to maintain its export competitiveness and growth momentum, particularly in the post-Least Developed Country (LDC) era.

The LDC graduation brings with it a new set of realities for Bangladesh, with both opportunities and challenges, particularly in the context of changes in the tariff regime.

Bangladesh must take strategic steps to retain the industry’s competitiveness in this post-LDC period, he added.

The BGMEA President also met with Md. Masud Sadiq, Member (Customs: Policy and ICT), NBR, to discuss the current challenges faced by RMG exporters.

The discussion encompassed the existing issues related to customs, bonds, and taxes, with the BGMEA President seeking cooperation from NBR to resolve these problems.

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

The meeting was also attended by BGMEA Director Asif Ashraf. The discussions centered on the current state of the RMG industry, its export target and performance, 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. (BSS)