Home / Knowledge / News / Apparel/Garments / Garment exporters get green signal to set up bank
Garment exporters get green signal to set up bank
10
Aug '11
Bangladeshi garment exporters will have a bank of their own now. After receiving the thumbs up sign from the Office of the Prime Minister, the exporters have started work on preparing and forwarding the formal application for setting up the bank.

Earlier in May-end, Mr. Shafiul Islam (Mohiuddin), President of the BGMEA had stressed on the need for a separate bank for the garments industry and added that the industry deserves special attention from the Government, if it is to expand further.

Speaking about advantages of a bank owned by the clothing sector, Mr Siddiqur Rahman, Vice President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) told fibre2fashion, “The garment export sector accounts for 80 percent of overall export earnings. The banks too make a tidy profit from this sector.

“If BGMEA has a bank of its own for its members, the bank will charge lower commissions, since its motto is not to be a profit making organisation. These savings, in turn can be passed on to our members”.

He added, “Once we get the permission from the government, then setting up of the bank will not be a big problem because, all members of the Association are businessmen so everybody knows how to run a bank. The BGMEA members will manage the bank and the funds will be shared by the members only”.

Fibre2fashion News Desk - India

Must ReadView All

Courtesy: Kornit Digital

Textiles | On 28th Feb 2017

'Customisation is an advantage of digital printing'

Changing business models and companies' decision to reduce their...

Textiles | On 28th Feb 2017

China's textile & apparel exports up 10.2% in Jan 2017

Exports of textiles and garments from China resumed growth in the...

Apparel/Garments | On 28th Feb 2017

Delta Galil's Q4 operating profit jumps 80%

In the three months to December 31, 2016, operating profit at apparel ...

Interviews View All

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Arvind Saraf
Triveni Sarees

e-Commerce is still evolving fast with constant flux and surprises

Shawn Honeycutt
Bolger & O'Hearn

‘The Indian market is interesting and rather persistent in seeking new...

Mohammad Hassan
Biax Fiberfilm

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

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

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
February 2017

February 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