"We have good backward linkage support in knitwear but our woven sector is not strong enough to face the challenges of present open market regime. Had the garment exporters made substantial investment in this area, the situation could have been different," he said.

Saifur underscored the need for a strong financial sector to increase investment in the backward linkage industries.

"We will face tremendous challenges in the days to come. We have to improve the services and efficiency in the financial sector to survive in the competitive world," the finance minister noted.

He was speaking as chief guest at the inaugural of online banking system of the Dutch-Bangla Bank Limited (DBBL) at Sonargaon Hotel in Dhaka.

Banking services are important for supporting investment and working capital required for the backward linkage industries, Saifur said stressing the need for a coordinated effort of all regulators in the financial sector to improve efficiency.

Referring to the dismal performance of the nationalised commercial banks (NCBs), the minister said the management of the NCBs do not go for investment rather keep almost all money idle. "They do only wholesale banking."

Private commercial banks (PCBs) are heavily making technology-oriented investment, expanding service and recording good growth in business.

It is difficult to bring about change in the existing structure of the NCBs, Saifur said adding :"We are carrying out reforms in fiscal and monitoring sector."

Citing example of the managing director (MD) of DBBL, Saifur said as an MD of of Rupali Bank he could not improve the situation, but after joining DBBL he is performing outstandingly for his bank.

Speaking at the function, Finance Secretary Zakir Ahmed Khan said in present service sector, the use of Information Technology has become essential to satisfy the clients. "Without being IT equipped is like fighting with stick against tanks," he observed.

Managing Director of DBBL Md Yeasin Ali said Dutch-Bangla bank started its journey nine years back coming out of the existing culture. DBBL set the example of providing DD, TT, MT services without taking any charge. "It didn't affect the bank's business rather it is showed good business growth."

Despite cutting its interest rates substantially last year the bank's overall profit did not decline, he said. Presently, the bank's average rate is above 10 percent and the maximum rate is 12 percent.

The bank is now benefiting from the investment in the IT sector, Yeasin said. "It was possible to get the annual bank statement instantly on the last working day of the year because of automation," he added.