PM commits to long-term export incentives, calls for more FDI

Photo: MIB

Calling for foreign partners for technology transfer, Prime Minister Sheikh Hasina said long-term incentives will be given for expanding the export sector.

"The Awami League government gives the private sector the most importance when making economic policies," the premier said while inaugurating the "Made in Bangladesh Week 2022" at the Bangabandhu International Conference Centre (BICC) in the capital on Sunday.

"When Bangladesh graduates from the ranks of LDCs [least developed countries], some benefits it currently has will be discontinued, but more opportunities will come after that," she added.

Hasina said the policy of Bangladesh is an investment-friendly one, with the duty- and quota-free access of Bangladeshi products to different foreign markets being attractive incentives for foreign investors.

"I would like to urge diplomats and foreign businessmen to choose Bangladesh for investment and sourcing for the sake of their business amid a win-win situation," she said, adding that Bangladesh is one of the most favourable destinations for investment.

On the increasing ability of consumers in Bangladesh, she said, "Our per capita income has risen to $2,824. The purchasing power of the people is also increasing."

The PM said Bangladesh is developing connectivity with South Asia and Southeast Asia as this region is a huge market due to its large population.

Noting that Bangladesh is setting up 100 economic zones in different parts of the country, she said, "We want local and foreign investments in these 100 zones."

The PM stressed the need for the development of agriculture goods and food processing industry in the economic zones as the demand for agro-goods and food items would never decline in local and foreign markets.

"The fourth industrial revolution is knocking at our doors. We have to make our labour force skilled and up-to-date. Necessary steps have been taken in this regard.

"Our production [across all sectors] is on the rise. We have to ensure quality as well. We have to take measures right now to combat the challenges of the international labour market," she added.

The premier said, "My politics is for the people, the farmers, the day labourers. Efforts are underway to ensure food security for all."

Meanwhile, Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Faruque Hassan said the RMG industry will showcase its capability before the world to further increase its global market share at the Made in Bangladesh Week 2022.

Speaking at the event, he said, "For the first time in the history of apparel manufacturing, we are arranging this mega event with an aim to brand the industry and, moreover, to brand the overall economy of Bangladesh.

"I am also happy to announce that the BGMEA and the BKMEA in collaboration with the International Apparel Federation (IAF) are going to organise the 37th World Fashion Convention for the very first time in Dhaka, Bangladesh. On the occasion of the 50th anniversary of the IAF, it is going to be a momentous occasion for Bangladesh which is the 2nd largest apparel exporter in the world."

Farque also highlighted the environmental success of the readymade garment industry, mentioning the 177 LEED (Leadership in Energy and Environmental Design) certified factories, the most widely used green building rating system in the world.

He said of those, 57 were platinum rated and 107 were gold.

He also said of the 10 most green factories in the world, eight were in Bangladesh.

Stakeholders from home and abroad, especially representatives of international brands and buyers who are currently doing business with Bangladesh will attend the mega event.

The week-long event will continue till 18 November 2022, with the theme "Care for Fashion".

After the grand opening, a display zone at the Carnival Hall, titled "Experience the Transformation of RMG Towards Sustainability and Innovation", was also inaugurated which will remain open till 6pm during the week.

The premier also unveiled two coffee table books, titled "The Untold Stories of Bangladesh RMG Industry: Economic, Social and Environmental Good Practices" and "Beauty of Bangladesh".