BANGLADESH: RMG Exports to Surge Despite Global Recession

The ready made garment sector, one of the pillars of the Bangladesh economy, is definitely in a positive mode despite global financial meltdown.

Talking to media persons on Wednesday, Mr Anwar-ul-Alam Parvez, President of the Bangladesh Garments Manufacturers and Exporters Association (BGMEA), countered World Bank prediction and said, “The World Bank prediction is whimsical and unrealistic. The ongoing global economic recession will rather create opportunities for Bangladesh RMG sector and the export will not decline as the bank predicted.”

At a press briefing, a day before, organized at the Dhaka office, World Bank forecasted a decline in exports by 4.3 percentage points for the current financial year.

“The recession indicates both risks and opportunities for the RMG industry. Bangladesh's lower-end basic garments have been forecast to be less affected than the high value items,” said Mr Parvez.

According the BGMEA President, available data shows that inspite of the fact that world is going through recession, the graph of Bangladesh RMG exports will continue to move upward.

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