Dhaka, Bangladesh (BBN) - Garment makers have expressed their reservation about the inflow of foreign direct investments (FDI) in apparel and textile sectors as they said local players are strong enough to cater to customers worldwide.
They also demanded four planned industrial zones in the capital and port city for more value addition and diversification of products to boost the sector's growth.
The apparel manufacturers and exporters placed the demand when a BGMEA delegation headed by its president met Industries Minister Dilip Barua at the latter's Motijheel Office in the capital Dhaka on Thursday.
"There is no need for foreign direct investment (FDI) in the sector especially knit and garment accessories as the sector is not capital-intensive," President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Shafiul Islam Mohiuddin said.
“We want to keep the clothing sector reserved for the local entrepreneurs,” he said adding it would not be wise to allow FDI in 62 items rather FDI is needed in other areas where the country lags behind.
Bangladesh needs investment from outside in the backward linkage textiles industry to supply fabric to the woven sector where about 70 percent fabrics are imported, he explained.
He said presently the sector is scattered and about 2500 garment factories are closed because of the unplanned growth.
The BGMEA leader requested the minister for fast implementation of Bausia Garment Industrial Park to help the sector grow.
The country could earn $60 billion by 2020 through setting up planned industrial zones, Mr Mohiuddin noted.
"The government will provide all assistance to set up the industrial zone for the garment sector to boost the export and value addition," Mr Barua said, adding that the government is also working to establish sub-contracting in the country's potential apparel, automobile and other booming sectors.
BBN/SSR/AD-20Apr12-5:20 pm (BST)
