United News of Bangladesh

FBCCI President Md. Jashim Uddin on Saturday called upon the entrepreneurs of garments and textile industries to diversify their investments and brand Bangladesh in a new way. The president made the call at the first meeting of the standing committee on RMG, knitwear and sweaters at the FBCCI office. He said that most entrepreneurs are interested in investing in cotton-based garment and spinning sector. “However, now the demand for manmade fiber clothing is increasing in the world market, and the price is also higher,” he said. The President urged the entrepreneurs in the readymade garments and textile sectors to invest in the man-made fiber sector. Read: Strict monitoring to check price hike of commodities during Ramadan: Munshi He mentioned that exporters are gradually losing the advantage of cheap power, energy and labour. Despite being the second largest exporter of readymade garments, he said, Bangladesh mainly exports relatively cheap garments. Jashim Uddin said that the prices of raw materials are constantly rising. Therefore, in order to continue to growth of the industry, exporters must now focus on exporting high value garments, he said. Speaking as the chief guest at the meeting, the president 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, he added. 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. “Exporters are often reducing the prices of their products by competing with each other,” he said. The BGMEA president called for an end to the competition. Meanwhile, BKMEA executive president Mohammad Hatem proposed to form different sub-committees on the banking and financial sector, power and energy, finance ministry and labor ministry to solve problems of the garment industry. Read: Remittance inflow down by $ 3.25 billion in 8 months of FY 22 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 the 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, Humayun Kabir Selim were also present among others.