To support the domestic manufacturing sector, businesses involved in cross-border trade have called upon the Government to consider the Value Added Tax on importing raw materials.
Business leaders attending a webinar organised by the Bangladesh-German Chamber of Commerce and Industry (BGCCI) recently, however, appreciated the proposed budget for reducing corporate tax on different segments to promote the local industry.
Taking part in the discussion, Faruque Hassan, the President of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), maintained that most of the offerings produced by the Bangladesh apparel industry are cotton driven and the policy support to the artificial synthetic fibres will help the manufacturers expand market through product diversification while adding that for the LDC graduation, the industry needs to get ready through addressing the backward linkage even as he expressed hope that with policy support apparel sector’s contribution to the GDP will increase.
Amongst others, the event was attended by BGMEA President Faruque Hassan, BGCCI President Thomas Hoffmann and Mosharraf Hossain Bhuiyan, Bangladesh Ambassador to Germany, who was present as the chief guest.