He also said many garment manufacturers sit on boards of different private commercial banks but go to the nationalised commercial banks (NCBs) for getting loans as they offer better interest rates.

"Why don't you reduce interest rates in private banks instead of going to the NCBs?" Saifur posed the question before a large audience of Bangladesh Garment Manufa-cturers & Exporters Association (BGMEA) members who gathered at Dhaka Sheraton Hotel to accord a reception to the minister yesterday.

The minister said most of the backward linkage industries are formed under active support of the NCBs.

In the post-MFA (multi-fibre arrangement) era, set to begin in January next year, the readymade garment sector of Bangladesh will not face any threat, the minister said.

"I am not convinced that Bangladesh will lose its export market in the quota- free regime."

He said Bangladesh has the ability to cope with any kind of adverse situation. The country has recently overcome the devastating floods, he added.

Bangladeshi apparels are much better than those of other garment manufacturing countries. "Just we have to be cost effective and competitive to survive in the free economy era," the finance minister said.

"Like you (BGMEA), the World Bank and IMF (International Monetary Fund) also believe that central bonded warehouse, Saarc cumulation and GSP facilities are needed to face the challenges of quota-free regime. But, I do not think so," he said.

"If you think I am unfavourable to you, you are quite wrong. I am not for textiles, not for garments, I am for Bangladesh only," the minister said.

Speaking at the function, BGMEA President Annisul Huq said the IMF, in its recent study, mentioned that Bangladesh will lose 25 to 30 percent market share in the EU market while the WTO (World Trade Organi-sation) in its study said Bangladesh may lose nearly 15 percent market share in the USA.