Low cost fund sought for RMG accessory manufacturers

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GARMENTECH and GAP EXPO-20 from January 15 to 18

Garment accessories and packaging manufacturers and exporters have demanded low cost fund and grant for improving safety standard and compliance issues as required by global retailers. 

They made the demands at a press conference on the four-day GARMENTECH and GAP EXPO-20 to be held from January 15 and 18 at the International Convention Centre, Bashundhara in Dhaka.

Bangladesh Garment Accessories and Packaging Manufacturers and Exporters Association (BGAPMEA), Zakaria Trade and Fair International, ASK Trade and Exhibitions are jointly organizing the expos. 

Commerce Minister Tipu Munshi is expected to inaugurate the expos as chief guest, while Salman F Rahman, MP, private sector industry and investment adviser to the prime minister, will be guest of honor and BGMEA President  Rubana Huq special guest.

“Safety and compliance issues are crucial for accessories and packaging manufacturers as global buyers are unwilling to buy products from non-compliant factories,” BGAPMEA President Abdul Kader Khan said.

Most of the garment accessories and packaging makers were small and medium and unable to install very expensive safety equipment, said the leader.

So, to improve safety standard, the sector would need government financial supports in the form of grants and low cost fund from export readiness fund (ERF), he stated. 

He also argued that if the government provided financial and policy support, the sector would be a great tool for export diversification as it already was exporting goods worth $1billion directly.   

As of last fiscal year, the contribution of the apparel accessories to RMG exports stood at over $7.5billion.

In its long journey and entrepreneur’s dedication, now the sub-sector of the apparel industry is capable of supplying 95% accessories. 

“As the RMG sector is on fast track to reach the target of $50 billion of exports by 2021, productivity, safety, compliance, efficiency, value addition, product diversification, fabric sourcing and packaging solutions are the challenges facing the RMG sector,” Tipu Sultan Bhuyian, managing director of  ASK Trade and Exhibitions, said.  

In the given context, there needed concerted efforts to improve investment in technology, infrastructure and safety substandard improvement, he added. 

GAP EXPO-2020 is aimed at showcasing latest innovative products and machinery under a common roof to establish bridge between the buyers and the manufacturers. 

About 270 companies from 20 different countries are expected to participate in the mega exposition to showcase their latest garment accessories products and latest technology and machinery for the sector.

These countries are Germany, Indonesia, Malaysia, South Korea, Vietnam, the United Kingdom, China, Hong Kong, Italy, the Netherlands, Sweden, Thailand, the USA, Finland, India, Japan, Singapore, Switzerland and Turkey.

Meanwhile, GARMENTECH Bangladesh 2020 will showcase the latest sewing, knitting, embroidery, laundry, finishing, dyeing, CAD/CAM, printing, cutting, spreading machinery from leading companies from across the world. 

Technology solutions on display at the show will address the pressing concerns of the industry viz., Safety, Compliance, Productivity, Efficiency, Value-Addition.