Intensify efforts to attract more FDI in potential sectors: BGMEA

Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Faruque Hassan on Tuesday sought strengthening of government efforts to attract more foreign direct investment (FDI) in potentials sectors of the country.

A delegation of BGMEA led by President Faruque Hassan came up with the request after meeting with Salman F Rahman, Private Industry and Investment Advisor to Prime Minister Sheikh Hasina at BIDA office on Monday.

He said Bangladesh needs more investments in the backward linkage textile sector, particularly in the woven. “The textile sector is a largely unexplored area and highly potential for investment, which is the man-made fiber based yarns and fabrics, functional fabrics like polyester, viscose, spandex etc”, he added.

Industries like spare parts, textile machinery, light engineering, jute, leather, pharmaceuticals, ICT, ceramics and shipbuilding are also promising sectors for investment, he stated.

The BGMEA President stressed on the importance of easy process of operating business, especially addressing the bottlenecks, reducing time, process and cost in all criteria of the business to attract more foreign investments.

BGMEA team also had discussion the on present business situation and challenges being faced particularly by the RMG industry in Bangladesh and possible course of actions to deal with the challenges.

They expressed concerns over the recent surge in Covid-19 infection in some European countries as the EU is the largest export market for Bangladesh’s RMG.

The BGMEA delegation expressed their hope that the government would continue its support to the RMG industry to help the sector to face possible challenges in the coming days.

BGMEA First Vice President Syed Nazrul Islam, Vice President Shahidullah Azim, Vice President Md Nasir Uddin, Vice President Rakibul Alam Chowdhury, Directors Asif Ashraf, Faisal Samad, Barrister Vidiya Amrit Khan and Md Imranur Rahman were present at the meeting.