Business Desk:
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has formed a “Market Strategy Development with Japan Committee” to expand Bangladesh’s ready-made garment (RMG) exports to the Japanese market.
Considering Japan as a high-potential export destination, this initiative has been taken as part of expanding new markets beyond the existing market. BGMEA believes that the recently signed Bangladesh-Japan Economic Partnership Agreement (EPA) has opened new possibilities for expanding bilateral trade.
According to BGMEA sources, the size of Japan’s annual garment import market is about 24.28 billion US dollars. Currently, Bangladesh’s share in this market is only 5.63 percent, which is worth about 1.37 billion US dollars. The newly formed committee will plan to significantly enhance this partnership through targeted strategies and coordinated activities.
The first meeting of the committee held at the BGMEA Complex in Dhaka yesterday discussed various initiatives to strengthen trade cooperation between Bangladesh and Japan, especially in the ready-made garment sector.
The meeting unanimously adopted the recommendation to establish a special “Japan Desk” under BGMEA. This desk will provide market research for member factories, identification of potential buyers, coordination with various Japanese organizations including JETRO, JICA, JBCCI, JCIAD, and dispute resolution and arbitration assistance to Japanese companies.
In addition, the committee will play a role in organizing trade fairs, business exchange programs and joint communication activities to strengthen relations between the business communities of Bangladesh and Japan.
The BGMEA said that through this initiative, institutional support will also be provided to Japanese companies operating in Bangladesh if they encounter business or operational problems with local partner factories, which will help create a more cooperative business environment.
The committee will be chaired by BGMEA Vice President (Finance) Mizanur Rahman and coordinated by BGMEA Director Mohammad Sohel.
The committee will be advised by BGMEA President Mahmud Hasan Khan, JBCCI President Tarek Rafi Bhuiyan Jun and Furushima (BD) Managing Director Kazi Sarwar Habib.
The committee members will be BGMEA Directors Shah Rayid Chowdhury, Faisal Samad and Nafis Ud Daula.
