Bangladesh can do better in the readymade garments (RMG) industry as for various reasons, foreign buyers are ordering such products from the country instead of China and Vietnam, according to commerce minister Tipu Munshi, who recently said all embassies of the country have been asked to take initiatives to display Bangladeshi products to attract investors.
The Minister said this while distributing Commercially Important Person (CIP) cards in Dhaka. The government offered CIP cards to 138 domestic traders for their contribution to exports. Additionally, 38 Directors of FBCCI also received such cards in the trade category. The export target of $80 bn by 2024 can be achieved with the help of traders and product diversification; he was quoted as saying. The country’s exports witnessed a growth of about 30 percent in the last six months.
Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) President Jasim Uddin said the primary obstacle to business expansion was the lack of infrastructure, which has been alleviated.
To make the economy sustainable, the government needs to provide more support to backward linkage traders, reduce tariffs, and protect domestic industries by lifting other tariffs. Emphasis should be placed on innovation, product quality development, and skill development. The cost of doing business needs to be reduced. Good governance must be obeyed, the FBCCI President said. He demanded that a classified loan facility for industry owners be implemented soon.
