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The Hongkong and Shanghai Banking Corporation Limited (HSBC) Bangladesh and Bangladesh Garments Manufacturers and Exporters Association (BGMEA) have signed a Memorandum of Understand (MoU) to connect the association with the international retailers along with public and industry stakeholders in new markets.
The MoU signing ceremony held on October 15 in presence of the BGMEA President Faruque Hassan; HSBC Bangladesh, Chief Executive Officer, Md Mahbub ur Rahman, BGMEA Directors Asif Ashraf, Ms. Neela Hosna Ara, and senior officials from both the organisations.
BGMEA, the largest trade association of the country is actively seeking new market opportunities for Bangladesh’s apparel industry in countries spanning Australia, Japan, Korea, India, UAE and Saudi Arabia, where HSBC has a strong presence. In this regard, this association is orchestrating events that bring together apparel brands, retailers, trade associations, govt. officials and cotton suppliers from these markets. The primary focus of these engagements is to explore potential for business and investment, share technology and knowledge and address ESG issues.
BGMEA President Faruque Hassan added “BGMEA has continued its efforts to explore new and promising markets for Bangladesh’s apparel industry and seize every available opportunity around the world. Diversifying markets and moving to more complex products and value addition is a key strategy for Bangladesh's apparel industry to pursue sustainable growth. We thank HSBC for sharing our vision for market diversification as we strive to go beyond the traditional markets”
Commenting on the partnership, Md. Mahbub ur Rahman, Chief Executive Officer, HSBC Bangladesh said, “Bangladesh has emerged at the forefront of global apparel sourcing supported by a robust supply chain, sustainable production practices and a proven track record. HSBC Bangladesh takes pride in its partnership with BGMEA to explore and enhance industry exports through diversification of markets harnessing our international connectivity and capability”.
In this collaborative partnership, HSBC Bangladesh is joining forces with BGMEA, capitalising on the bank's robust presence and distinctive position for bridging buyers and suppliers in these markets. As a part of this effort, HSBC and BGMEA hosted the Bangladesh Apparel Summit at Melbourne in Australia earlier this year.