The German government will give €50 million compliance fund for Bangladesh’s textile industry to cope with global standard.
A Memorandum of Understanding was signed yesterday at secretariat in this regard between two countries.
The German delegation headed by its Parliamentary State Secretary to the Federal Minister for Economic Cooperation and Development Hans-Joachim Fuchtel and Commerce Minister Tofail Ahmed signed the MoU from their respective sides.
Addressing the signing ceremony, Hans-Joachim Fuchtel promised he would request German buyers to raise the price of each pair of jeans by one euro on top of the existing price.
The German delegation came on a three-day visit to Bangladesh.
Senior Commerce Secretary Hedayetullah Al Mamoon, ndc, BGMEA President Atiqul Islam were present at the signing ceremony. Tofail Ahmed said the German government will give financial assistance to first 10 textile factories to make them fully compliant.
The move will help draw attention of big buyers from Germany, he added.
The labour secretary also signed a MoU with German delegation on the same day. Germany has already provided Bangladeshi export items with duty-free and quota-free access to its market, which is now the second largest destination of the country’s export items, said Tofail.
“We hope Germany will be the first destination of our export products that will topple the US market,” said commerce sectary. The visiting German Economic Cooperation and Development minister considered the MoU to be the second stage of funding programme through German GIZ.
He said the German government will launch a website early next year that will reveal its import items.
“The website will explain details of import goods and the way they will be manufactured complying with social and environmental issues.”
