By IANS,
Dhaka : Conceding demands from the readymade garments industry, the Bangladesh government has said it will not allow any more foreign direct investment (FDI) in the country’s money-spinning sector.
Commerce Minister Faruk Khan said Sunday that the government would not allow any more foreign investment in the apparel sector as the local entrepreneurs were manufacturing and exporting high-quality garment products.
The government will do every thing necessary for the garments industry and for the welfare of garment workers, the minister told a delegation of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA).
The delegation led by its newly-elected president Shafiul Islam Mohiuddin tabled several demands that included restricting foreign investment in the garments sector, reducing bank loan interest rates, and providing training to apparel workers, New Age newspaper said.
The apparel sector earned $12 million during last fiscal, emerging as the highest foreign exchange earner.
India is importing eight million pieces duty-free and the neighbours are in the process of revising that figure upwards.
Bangladesh has a presence in the global market where it competes, besides India, with Vietnam, Pakistan, Indonesia and other Asian countries.