In an effort to grab a greater share in the market collectively by utilising each other’s strengths, garment makers of Sri Lanka have reportedly expressed interest to form a joint venture with Bangladesh’s garment and textile sector at a meeting between the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and the Joint Apparel Association Forum (JAAF) of Sri Lanka in Dhaka recently.
The Sri Lankan delegation also demanded that Bangladesh allow full foreign direct investment without discrimination for both domestic and foreign companies.
“Bangladesh should allow 100 per cent FDI here from any one,” stated JAAF Chairman Sharad Amalean while calling for policy support to encourage investment from Sri Lankan companies for the manufacture of value-added garment items and to collaborate with buyers to innovate products.
The BGMEA and the JAAF also signed a memorandum of understanding (MoU) to promote bilateral businesses and enhance cooperation in the field of production, trade, commerce and research related to the textile and garment industry.
Amalean and BGMEA President Dr. Rubana Huq inked the MoU on behalf of JAAF and Bangladesh’s apex garment makers’ body.