The International Finance Corporation (IFC), a member of the World Bank Group, recently brought together around 40 development partners, global apparel brands, industry representatives and financial intermediaries for a virtual dialogue to assess the reconstruction of Bangladesh's readymade garments (RMG) sector in the aftermath of the COVID-19 pandemic.

IFC country manager for Bangladesh, Bhutan and Nepal Wendy Werner launched the first dialogue of a series. IFC aims to help tackle challenges arising out of the pandemic by bringing partners together to discuss the immediate challenges as well as build on opportunities in the post-COVID recovery stage.

During the dialogue, a consensus was built on the need for strong partnerships, including multi-stakeholder and multilateral cooperation. Participants also stressed that the industry needs product, market and sectoral diversification, more structured access to finance, and enhanced emphasis on sustainability, said a press release from IFC.

The textile sector contributes one-fifth of the country's gross domestic product (GDP) and more than four-fifths of its export earnings, while directly employing more than 4.5 million people, mostly women. However, the industry is facing significant challenges from the worldwide COVID-19 pandemic.

The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) had advised all garment factories to remain closed until April 25. According to BGMEA, as of April 22, almost $3.2 billion of orders had been cancelled or suspended, affecting over 2.3 million workers of 1,144 factories.

“Only when we stand together, can we rise and shape tomorrow for the better,” said BGMEA president Rubana Huq.

“We have an opportunity to reassess, reset, and reshape Bangladesh's apparel sector. It is time to rewire the system to recover and remain competitive,” said Nishat Shahid Chowdhury, programme manager for partnership for cleaner textile, advisory project of IFC.

Fibre2Fashion News Desk (DS)

Disclaimer - All News/Articles items are subject to copyright and no article either in full or part may be reproduced in any form without permission from Fibre2Fashion Pvt. Ltd.