Focus on high value garment exports: FBCCI president to entrepreneurs
FBCCI president Md Jashim Uddin has urged the entrepreneurs of garments and textile industries to diversify their investments.
Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) president made the call as the chief guest at the first meeting of the standing committee on RMG, knitwear and sweaters at the FBCCI office on Saturday, said a press release.
He said despite being the second largest exporter of readymade garments, Bangladesh mainly exports relatively cheap garments.
The president said most entrepreneurs are interested in investing in cotton-based garment and spinning sector. However, the demand for manmade fiber clothing is now increasing in the world market, and the price is also higher.
Therefore, Jashim urged the entrepreneurs in the readymade garments and textile sectors to invest in the man-made fiber sector.
He said exporters are gradually losing the advantage of cheap power, energy and labor. Moreover, the prices of raw materials are constantly rising.
Therefore, in order to continue the growth of the industry, exporters must now focus on exporting high value garments. The FBCCI President also called upon the entrepreneurs to brand Bangladesh in a new way.
Jashim, the chief of the country's apex trade body, said a safety council has been set up at the FBCCI to ensure the safety of non-export-oriented factories. The Safety Council is working with BIDA to secure all the industries in the country.
Faruque Hassan, chairman of the committee and president of BGMEA, said a study is going on to explore the new items which the producers might be good at, and also to identify the new opportunities to expand their investments.
He said at the same time the exporters are often reducing the prices of their products by competing with each other. The BGMEA president also called for an end to the competition.
BKMEA executive president Mohammad Hatem proposed to form different sub-committees on the banking and financial sector, power and energy, finance ministry and labour ministry to solve problems related to the garment industry.
The members of the committee present at the meeting said that harassment of the Customs and Bond Commissionerate is now the biggest problem for them.
Businessmen are also facing hurdles in importing various raw materials due to HS code complications. Entrepreneurs also think that the law needs to be amended for wastage recycling.
FBCCI director and director-in-charge of the standing committee on land ports, Bijoy Kumar Kejriwal, said his committee would do its utmost to help resolve any issues regarding land port.
FBCCI director Harun Or Rashid, secretary general Mohammad Mahfuzul Hoque, standing committee co-chairman Abdullah-al-Mahmud Mahin, Enthekhabul Hamid Apu, Shams Mahmud, Fazle Shamim Ehsan, Mohammed Kamal Uddin, Anjan Shekhar Das and Humayun Kabir Selim, were present, among others on the occasion.