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

Trump open to pushing off Mar 1 deadline for China talks

Textiles | On 21st Feb 2019

Trump open to pushing off Mar 1 deadline for China talks

Expressing optimism over the ongoing ‘complex’ trade talks with...

Chinese textile city to harm Egypt's domestic industry

Textiles | On 21st Feb 2019

Chinese textile city to harm Egypt's domestic industry

Setting up of a Chinese textile city in Egypt will severely harm the...

Pakistan's textile exports up 1.19% in July-Jan FY19

Textiles | On 21st Feb 2019

Pakistan's textile exports up 1.19% in July-Jan FY19

The value of textile and garment exports from Pakistan increased by...

Interviews View All

Top executives, Association

Top executives
Association

'Support and Outreach' huge relief for MSMEs

Representatives, Textile & apparel industry

Representatives
Textile & apparel industry

GST is a complicated and lengthy process

Siddharth Biyani, Mangalam Industries Pvt Ltd

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Vikram Saria,

Vikram Saria

Shanghai-based Aura Designs Ltd is a leading manufacturer of textile and...

Tina Antoniades,

Tina Antoniades

India-headquartered Lulu & Sky is a rapidly escalating brand with the...

Mark Tokuhara,

Mark Tokuhara

Japan-based FitJoy, a shoe brand for women, has been in the footwear...

Prof Seokheun (Sean) Choi, Binghamton University, State University of New York (SUNY)

Prof Seokheun (Sean) Choi
Binghamton University, State University of New York (SUNY)

A team of researchers from the State University of New York (SUNY),...

Mary-Cathryn Kolb, Brrr°

Mary-Cathryn Kolb
Brrr°

Atlanta-based private start-up Brrr° was founded in 2014 to develop...

Iago Castro Asensio, RCfil Distribuciones S.L.

Iago Castro Asensio
RCfil Distribuciones S.L.

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

Varsha Wadhwa, VW

Varsha Wadhwa
VW

Coming from a family that ran a business of jute and linen mills since...

Ritu Kumar, Label Ritu Kumar

Ritu Kumar
Label Ritu Kumar

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

Pranav Mishra, Huemn

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

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

Leave your Comments


February 2019

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

news category


Related Categories:

Advanced Search