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

Textiles | On 29th Apr 2017

Textile sector may have uniform GST rate: Irani

The textile sector could have a uniform Goods and Services Tax (GST)...

Textiles | On 30th Apr 2017

Government revamping tech mission on cotton

Indian Government is working to revamp the technology mission on...

Apparel/Garments | On 30th Apr 2017

Columbia Sportswear records Q1 net sales of $543.8 mn

Columbia Sportswear Company has announced record net sales of $543.8...

Interviews View All

Mohammad Mamun Ar Rashid
UL VS Bangladesh Ltd

Productivity, creativity and innovation play a vital role in the growth of ...

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Asim Dalal
Indo Count Retail Ventures

Today, there is no other emerging market as India, "we make in India and...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Jay Ramrakhiani
Occasions Elegance Wear

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

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

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

news category


Related Categories:
April 2017

April 2017

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

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X