Bangladesh Garment Manufacturers and Exporters Association (BGMEA) president Rubana Huq on Saturday said that foreign investment was needed for the development of backward linkage sector of the country’s readymade garment (RMG) industry.
‘Businessmen would have to leave this (RMG) sector if its global competitiveness is not strengthened,’ she said while addressing a seminar in the capital.
Mentioning that Bangladesh has already started losing the denim market to Pakistan, the BGMEA president said, ‘We have to develop RMG’s backward linkage to strengthen our footprint in this sector and that is why foreign investment is needed.’
Rubana also laid emphasis on strengthening economic diplomacy to enter new markets.
The Entrepreneurs Club of the Dhaka School of Economics (DScE) organised the seminar titled ‘State of economy in the era of fourth industrial revolution: perspective Bangladesh’ on the DScE campus.
Palli Karma-Sahayak Foundation (PKSF) chairman Qazi Kholiquzzaman Ahmad gave welcome speech while course coordinator of DScE’s Entrepreneurship Economics professor Muhammad Mahmoob Ali chaired the seminar.
Bangladesh Bank’s former executive director KM Jamsed Uz Zaman said that nonperforming loans (NPLs) were increasing due to the high interest rate of banks and the interest rate could not be cut down for the inefficiency of the banks.
He also questioned the activities of the associations of bank owners and bank executives.
Muhammad Mahmoob Ali said that foreign investment had to be brought to the country but the government should highlight specific directives regarding how the investors could take the profits to their countries.
Rupali Bank’s former chairman Ahmed Al Kabir, former senior official at United Nations Saidur Rahman, dean of university of Liberal Arts professor Md Abdul Mottalib and DScE’s assistant professors Rehana Parveen and Sarah Tasneem, among others, also spoke.
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