Despite being the second-largest exporter of readymade garments, Bangladesh mainly exports relatively cheap garments. Entrepreneurs of garments and textile industries should diversify their investments to improve the situation, said FBCCI President Jashim Uddin.
He made the call at the first meeting of the standing committee on RMG, knitwear, sweaters etc. at the FBCCI office on Saturday, reads a press release.
Jashim Uddin said: "Most entrepreneurs are interested in investing in the cotton-based garment and spinning sectors. However, now the demand for manmade fibre clothing is increasing in the world market, and the price is also higher."
Therefore, the president urged entrepreneurs in the ready-made garments and textile sectors to invest in the man-made fibre sector.
At that time, he said: "Exporters are gradually losing the advantage of cheap power, energy, and labour. Moreover, the prices of raw materials are constantly rising. Therefore, to continue the growth of the industry, exporters must now focus on exporting high-value garments."
The FBCCI president also called upon entrepreneurs to brand Bangladesh in a new way.
Speaking as the chief guest at the meeting, he 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 that the producers might be good at, and also to identify the new opportunities to expand their investments."
At the same time, he said: "Exporters are often reducing the prices of their products by competing with each other. The BGMEA president called for an end to the competition."
Meanwhile, BKMEA executive president Mohammad Hatem proposed forming different sub-committees on the banking and financial sector, power and energy, finance ministry, and labour ministry to solve problems in 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.
Due to HS code complications, businessmen are also facing hurdles in importing various raw materials.
Entrepreneurs also think that the law needs to be amended to allow for wastage recycling.
Regarding the land port, the FBCCI Director and Director-in-Charge of the Standing Committee on Land Ports, Bijoy Kumar Kejriwal, said that his committee would do its utmost to help resolve any issues.
Also, 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, and other members were present at the meeting.
