The Government will provide policy support to garment accessories and packaging manufacturers in the country, in order to help the sub-sector grow parallel to the apparel industry, said Minister of State for Finance MA Mannan, during the launch of the ‘Integrated Support to Poverty and Inequality Reduction through Enterprise Development’ (INSPIRED) project that aims to develop small and medium enterprises (SMEs) in the country.
Mr. Mannan explained that the garment accessories and packaging manufacturing industry is one of the mainstays of the Bangladeshi economy, and the sub-sector would be provided every possible policy support for growth similar to the clothing industry, reports Dhaka Tribune.
During the inaugural ceremony of the project organized by the Bangladesh Garments Accessories and Packaging Manufacturers and Exporters Association (BGAPMEA), the Minister informed that the packaging and accessories makers in the country also make significant contribution to the value chain of various industries, including clothing and textiles, which remain ignored.
The Government would be extending its support to these secondary industries so that they get an opportunity to develop on a pace equal to the apparel and textile industry of the country, he added.
The INSPIRED project, initiated by the European Union (EU) with the support of Government of Bangladesh, aims to reduce poverty by supporting the development of SMEs in the country.
Managed by the SME Cell of the Ministry of Industries, the SME Foundation, Bangladesh Bank, Bangladesh Bank Training Academy (BBTA) and Bangladesh Institute of Bank Management (BIBM), among other organizations, the project would provide a grant of €6.5 million to business intermediary organizations and cluster associations to work with SMEs to improve their competitiveness in various sectors, including textiles and clothing.
The project, which is expected to continue till January 2017, is funded by the EU and the Bangladeshi Government, with the EU providing financial assistance to the tune of €19 million.