Dhaka, Sunday

25 July 2021

Business Insider Bangladesh

PM Hasina’s 2 bold decisions saved garment exporters

BI Report || BusinessInsider

Published: 22:04, 5 July 2021   Update: 22:11, 5 July 2021
PM Hasina’s 2 bold decisions saved garment exporters

Prime Minister Sheikh Hasina. File photo

Prime Minister Sheikh Hasina’s two bold decisions have saved the export-oriented industries and the economy from a collapse, exporters said.

The first one was announced on March 25, 2020 when the Prime Minister announced a Tk 5,000-crore stimulus package, solely for the garment exporters. She offered the support before the exporters’ demand.

Keeping the factories open in lockdown was her second brave decision to save the industry that accounts for over 80 percent of Bangladesh’s exports.

“If she (PM) did not make these two decisions so quickly, it would have been difficult for us to survive,” said Mohammed Hatem, vice president of the Bangladesh Knitwear Manufacturers and Exporters Association (BGMEA).

Her bold decision to give exporters Tk 5,000 crore at only 2 percent interest truly saved the industry.

“Our effort was to keep the buyers so that they do not shift to other markets. Now, we have come back to the pre-Covid level and we hope to achieve at least 15 percent growth in the fiscal year 2021-22,” said Hatem.

Faruque Hassan, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said they would never forget those quick but very effective decisions of the prime minister.

“We wanted to keep our factories open, but there were oppositions from many quarters. The prime minister stood behind us and the result is we have bounced back strongly,” Hassan told the Business Insider Bangladesh on Monday.

He said now buyers can trust Bangladeshi suppliers more than any other countries. “We hope woven will be able to regain its pre-Covid export status by October this year,” Hassan said.