FBCCI calls for increased investment from Wales

FBCCI has urged Wales’s businessmen to invest in the textile sector in Bangladesh, highlighting the fact that the global fashion industry is shifting towards non-cotton garment products due to rising cotton prices and dwindling supply and thus the demand for man-made fibres is rising.

Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) President Md Jashim Uddin made the call at a meeting with the All Chambers Wales Trade, Investment & Education Mission, UK, held on Saturday at the FBCCI office in Dhaka.

“About 83 per cent of Bangladesh's total exports come from the RMG sector. After LDC graduation, most of the value addition of export goods should be done in locally to get GSP-plus benefits in the European market.

“In this regard, the textile industry, especially man-made fibre, will be one of the potential investment sectors,” the FBCCI chief said at the meeting.

He also spoke about investment possibilities in renewable energy, ceramics, furniture, information and communication technology and human resource development. 

“There are opportunities for individual or joint investment of businessmen in Bangladesh,” he said, assuring to provide support to entrepreneurs from Wales who are interested to invest in Bangladesh.

The delegation of Wales was headed by the executive chairman of the Chamber Wales Paul Slevin.

"Wales and Bangladesh have opportunities for bilateral cooperation in trade, education and culture," Slevin said, urging authorities of both countries to include the private sector in all development works.

“Skill is now most important to face the challenges of competitiveness,” he added.

Participating in open discussions, the speakers emphasized the development of technical collaborations between institutions in Wales with the institutions of Bangladesh to develop skilled manpower.

Senior Vice President of FBCCI Mostofa Azad Chowdhury Babu delivered the concluding remarks.

Among others, FBCCI Directors, Vice Presidents Md Amin Helaly and Md Habib Ullah Dawn, Secretary General Mohammad Mahfuzul Hoque, members of All Wales Trade, Investment and Education Mission of UK attended the meeting.