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Intensify efforts to attract more FDI in potential sectors: BGMEA President requests government

A delegation of BGMEA led by President Faruque Hassan met with Salman F Rahman MP, Private Industry and Investment Advisor to the honorable Prime Minister, at the BIDA office in Dhaka on November 22.

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.

Intensify efforts to attract more FDI in potential sectors
Figure: Faruque Hassan apprised the Private Industry and Investment Advisor about the RMG sector’s increased focus on non-cotton textiles and high value-added apparel items. 

They had a discussion the on present business situation and challenges being faced particularly by the RMG industry in Bangladesh and the 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.

Faruque Hassan apprised the Private Industry and Investment Advisor about the RMG sector’s increased focus on non-cotton textiles and high value-added apparel items.

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 further said.

The BGMEA President stressed the importance of improving ease of doing business, especially addressing the bottlenecks, reducing time, process, and cost in all criteria of doing business to attract more foreign investment in the sectors.

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