In a business session of the Bangladesh Investment Development Authority (BIDA)-organised International Investment Summit-2021 in Dhaka recently, Bangladesh’s apparel and textile sector leaders have underscored the need to attract FDI as well as ensure local investments in non-cotton-based backward linkage industries so as to tap the immense opportunities that exist in the global market as far as manmade (MMF) fibres are concerned.
Speaking at the two-day event that ended recently, BGMEA President Faruque Hassan, reportedly, stated, “…this is a potential area of investments,” while adding Bangladesh garment industry needs to diversify its product offerings while underlining 75 per cent of the total global apparel consumption was non-cotton whereas as far as Bangladesh is concerned, the share of cotton products was 75 per cent of the total exports.
…we need to have more investments in the textile sector, reportedly, further added the BGMEA President even as President of the Bangladesh Textile Mills Association (BTMA) Mohammad Ali Khokon, on his part sought policy support for the weaving mills and manmade fibres to fill the current shortage of woven fabrics while also seeking tax waiver for the sectors for the next 10 years.
