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The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) signed an agreement with LightCastle Partners to conduct a study on “Establishing a virtual marketplace platform for the RMG sector.” This research aims to conduct a feasibility study for establishing a virtual marketplace for the RMG industry in Bangladesh.
This study will analyze policy gaps, market potential, and sector readiness. It will also develop a suitable business model and an action plan with strategies required to carry out the operation. International Finance Corporation (IFC) will fund this particular research.
BGMEA President Faruque Hassan and LightCastle Managing Director Ivdad Ahmed Khan Mojlish inked the agreement on behalf of their respective organizations. The signing event was held at the BGMEA Public Relations (PR) office in Gulshan, Dhaka, on May 11.
Faruque Hassan, President of BGMEA, said: “Revolution in digital technologies has led notable changes in the business landscape. It has created new trends and opportunities, especially the rapid rise in the online marketplace. Companies have been increasingly going online with the advancement of digital technologies. Moreover, Covid-19 accelerated the pace of digital transformation, leading to a boom in the digital and e-commerce sectors. Adaption to the changing trade is the key to sustaining and seizing new opportunities. Developing a virtual market platform will boost sales of the RMG sector and rebound from the effects of the pandemic. This research will help to identify the challenges and opportunities of the sector to establish an online marketplace.”
Zahedul Amin, Co-Founder and Director of LightCastle Partners, said: “Bangladesh’s apparel sector must retain its competitive advantage by harnessing technology-driven market development to leapfrog ahead of its competitors.”
The key officials from LightCastle Partners, Ivdad Ahmed Khan Mojlish, Managing Director, Zahedul Amin, Co-Founder, and Director, and Rafayet Khan, Business Consultant, were present in the agreement signing program.
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