HSBC, BGMEA to connect local suppliers with int’l opportunities

The Hongkong and Shanghai Banking Corporation Limited (HSBC) Bangladesh and Bangladesh Garment 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 was signed at a function on October 15 in presence of BGMEA President Faruque Hassan; HSBC Bangladesh, Chief Executive Officer, Md Mahbubur Rahman, BGMEA Directors Asif Ashraf, Neela Hosna Ara, and senior officials from both the organizations, said a press release on Tuesday.

BSS adds: 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, the 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, government 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.

Faruque said, "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. Mahbubur Rahman, CEO, 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 part of this effort, HSBC and BGMEA hosted the Bangladesh Apparel Summit at Melbourne in Australia earlier this year.