Home / Knowledge / News / Apparel/Garments / 'International factoring vital for Bangla foreign trade'
'International factoring vital for Bangla foreign trade'
01
Mar '16
International Chamber of Commerce (ICC)-Bangladesh has stressed on international factoring as vital for foreign trade at its recently organised training at Dhaka. The training was jointly organised by Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and ICC-Bangladesh, according to BGMEA website.

Hedayetullah Al-Mamoon, senior secretary, ministry of commerce, inaugurated the training as a chief guest. He acknowledged ICC-Bangladesh president Mahbubur Rahman for their role to act as a catalyst between the banking and business sector.

Addressing the training programme, Mamoon said factoring is very vital for international transaction and in Bangladesh export earning is growing rapidly. Letter of credits (L/C), a popularly used international trade payment method in Bangladesh, is becoming less interested to importers because of more formalities and costing. Importers are rather more interested to import under open account terms which involves risk. However, international factoring removes the danger of open account trade.

ICC-Bangladesh banking commission chairman Muhammad A Rumee Ali in his welcome speech said BGMEA has set a target for the textile sector to reach $50 billion export by 2021 and the international factoring will help minimise the export cost, making the payment system smooth and modern. 

BGMEA vice president Mohammed Nasir said in the next five years, in the world market readymade garments demand will be $650 billion, so there are enormous opportunities for Bangladesh to avail the opportunity. The training would enrich the knowledge and expertise of the participants in international factoring which is a modern payment method in the global trade, he added.

Prashanta Kumar Banerjee, professor and director of Bangladesh Institute of Bank Management (BIBM), Lee Kheng Leong, Asia director, Factor Chain International (FCI) and ICC-Bangladesh secretary general Ataur Rahman also spoke at the inaugural session. A total of 118 participants from various export houses attended the training. (NA) 

Fibre2fashion News Desk - India

Must ReadView All

President Donald Trump; Courtesy: White House

Textiles | On 23rd Jan 2017

US textile industry eager to work with President Trump

The US textile industry is eager to work with President Donald Trump...

Textiles | On 23rd Jan 2017

LyondellBasel expands Texas plant ethylene capacity

US based producer of petrochemicals and speciality chemicals...

Textiles | On 23rd Jan 2017

China’s cotton imports down 39% in 2016

China’s total cotton imports declined by 39.1 per cent to ...tons in...

Interviews View All

Yashiki Gumber
Sahiba Fabrics

Fabric does not restrict us from fashion trends

Saket Garg
Garg Corporation

The biggest challenge is lack of skilled workforce and competition from...

Veronique Lee
Modavanti

‘Sustainable fashion is trending upwards, slowly but surely, as people...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search