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BGMEA seeks Tk5.5cr from EIF fund, WTO

  • Published at 10:00 pm July 22nd, 2019
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Apparel sector, the largest contributor to national exports, contributed 84.21%, or $34.13 billion to the total export receipts in the last fiscal year

Apparel makers have sought Tk5.5 core financial support from the Enhanced Integrated Framework (EIF) fund of the World Trade Organization (WTO) from the Ministry of Commerce to increase productivity through research and innovation.  

Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Rubana Huq made the demand in a meeting with Commerce Minister Tipu Munhsi at his office in the capital on Monday.

During the meeting, a proposal for the fund detailing needs and where it would be used was placed to the ministry.  

“BGMEA President Rubana Huq and other office bearers in a meeting today (Monday) sought Tk5.5 crore from the WTO fund to use it for four purposes,” Tipu Munshi told Dhaka Tribune.

"As a WTO member country, we get fund for business development. We are considering the BGMEA demand. The ministry now has about Tk3.5 crore and I am hopeful that we'll get the rest Tk2.5 crore,' he added.

“The WTO provides funds for its member countries as technical assistance for business development. As apparel makers, we have sought Tk5.5 crore from WTO’s EIF fund, which is given to Commerce Ministry,” BGMEA Vice-President Arshad Jamal Dipu told Dhaka Tribune. 

"We have sought the fund for research and innovation, establishment of productivity centre, developing a harmonized software toll for planning and product innovation to move for higher value addition," said Dipu, also chairman of Tusuka Fashions Ltd.

Apparel sector, the largest contributor to national exports, contributed 84.21%, or $34.13 billion to the total export receipts in the last fiscal year. The sector posted 11.49% growth over the last fiscal year earnings of $30.61 billion. 

Of the $34.13 billion, knitwear products fetched $16.88 billion, which was 11.19% higher than last fiscal year. Woven items earned $17.24 billion, registering an 11.79% growth.

Meanwhile, Bangladesh’s overall merchandise export earnings registered a 10.55% growth to $40.53 billion, which was $36.66 billion in the previous fiscal year.