The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) signed an agreement with LightCastle Partners for conducting a study on “Establishing a virtual marketplace platform for the RMG sector”. The objective of this research is to conduct a feasibility study for establishing a virtual marketplace for the RMG industry in Bangladesh.
This study will analyze the gaps in policies, market potential, and readiness of the sector, develop a suitable business model, and an action plan with strategies required to carry out the whole operation. This particular research will be funded by the International Finance Corporation (IFC).
BGMEA President Faruque Hassan and LightCastle Managing Director Ivdad Ahmed Khan Mojlish inked the agreement on behalf of their respective organizations at the BGMEA 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, creating new trends and opportunities, and especially rapid rise in the online marketplace. Companies have been increasingly going online with the advancement of digital technologies and the 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, in order 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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