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BGMEA organized a press conference on the national budget for 2021-22 at its conference room on 5 June.
While speaking at the press briefing BGMEA President Faruque Hassan termed the proposed budget for 2021-2022 fiscal year a very significant one as it was announced at a time when Bangladesh celebrates 50 years of independence and the world is passing a critical time due to the Covid pandemic.
He said that the RMG industry is going through a tough time due to the Covid-19 pandemic. “Bangladesh’s exports declined by 18% in the last fiscal year and decreased by 10% in the first 11 months of the current fiscal year compared to the same period of the last year.”
The garment factories are still struggling to recover from the losses caused by the pandemic and stay in business. Moreover, fall in prices continues, making the situation more difficult.
BGMEA President Faruque Hassan urged the government to extend policy support in the proposed budget so that the RMG industry could address the extraordinary challenges and turn around.
He called on the government for continuation of the existing 0.5% source tax for RMG sector for the next five years.
He said that the demand for apparel items produced from man-made fibres (MMF) is very high in the international market, and urged for 10 percent incentive on export receipts from MMF garments to encourage investment in non-cotton garment production and exports.
The BGMEA President also called on the government to increase incentive on exports to non-traditional markets from 4 percent to 5 percent to encourage apparel exports new markets.
BGMEA Senior Vice President SM Mannan (Kochi), Vice President Shahidullah Azim, Vice President (Finance) Khandoker Rafiqul Islam, Vice President Miran Ali, Vice President Md. Nasir Uddin, Vice President Rakibul Alam Chowdhury and Directors were present at the press conference.