LGRD Minister Mirza Fakhrul Islam Alamgir spoke at the BAGMA Annual Program 2026 held at a hotel in Dhaka. Photo : BSS

DHAKA, July 17, 2026 (BSS) – LGRD and Cooperatives Minister Mirza Fakhrul Islam Alamgir today expressed optimism that Bangladesh's economy will recover despite facing multiple challenges as garment industry would play a vital role as a key partner in the country's economic recovery.

He made the remarks while speaking as the chief guest at the "BAGMA Annual Program 2026", held at a capital’s hotel, said a press release.

Noting the garment industry is now one of the main pillars of Bangladesh's economy, Fakhrul said the industry's foundation was laid during the tenure of Shaheed President Ziaur Rahman, and that what began under his leadership has since grown into one of the country's greatest economic strengths.

He further said Bangladesh has the potential to move forward by building on the garment sector. 

However, he noted that the economy has faced significant challenges in recent years due to large-scale capital flight and other factors.
 
Restoring a weakened economy to a strong position is difficult, he said, but achievable through collective efforts.

The minister added that Bangladesh can unlock new opportunities by promoting skills development, innovation, and a creative economy. 

Initiatives to strengthen management capacity and develop a skilled workforce in the garment sector would further enhance the industry's competitiveness, he said.

He also said that the government would continue to play a supportive role in creating employment, promoting industrialization, and fostering private sector growth. 

Necessary measures would be taken to facilitate investment, production, and innovation for entrepreneurs, he said.

Highlighting the challenges facing the garment industry, the minister said that shortages of electricity and gas, along with high interest rates, remain major obstacles for entrepreneurs. 
He assured that the government would consult with relevant stakeholders and take appropriate initiatives to address these issues.

The event also featured discussions among industry stakeholders on the garment sector's prospects, challenges, skills development, and future plans.