BGMEA x LightCastle sign agreement to conduct study on establishing virtual marketplace platform

17 May 2022, Mumbai:

The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has signed an agreement with LightCastle Partners to conduct a feasibility study on “Establishing a Virtual Marketplace Platform for the RMG sector”.

The study will analyze the gaps in policies, market potential, and readiness of the sector, and include a suitable business model and an action plan to implement operations. Faruque Hassan, President of BGMEA said, “Revolution in digital technologies has led notable changes in the business landscape, creating new trends and opportunities, the especially rapid rise in the online marketplace.

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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. Adapting to the changing trade is 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 study will help to identify the challenges and opportunities of the industry to establish an online marketplace.” Zahedul Amin, Co-founder & Director, 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.”

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The study will be funded by IFC’s Partnership for Cleaner Textile (PaCT II) program, supported by the government of Denmark through the Danish International Development Agency (DANIDA) and the Embassy of the Kingdom of the Netherlands in Bangladesh.

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CREDITS: BGMEA (The news article has not been edited by DFU Publications staff).