FBCCI urges Wales' businesses to invest in textile sector

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has urged Wales's businesses to invest in the textile sector of Bangladesh.

The FBCCI made the plea while they held a meeting with the delegates of the All-Chambers Wales Trade, Investment and Education Mission, United Kingdom at the FBCCI office in Dhaka today.

FBCCI President Md Jashim Uddin said the global fashion industry is shifting towards the non-cotton garment products due to rising cotton prices and dwindling supply. Even the demand for man-made fibers is increasing in the local readymade garments sector.

About 83 per cent of Bangladesh's total exports come from the readymade garments. After Bangladesh graduates from the least developed country status, most of the value addition of export goods should be done locally to get a generalised system of preferences plus benefits in the European market, he said.

The textile industry, especially man-made fiber, will be one of the potential investment sectors, he said.

Jashim also informed about investment possibilities in renewable energy, ceramics, furniture, information and communication technology and human resource development.

He said that there are opportunities for direct or joint investment of businessmen in Bangladesh.

He assured to provide support to entrepreneurs from Wales who are interested in investing in Bangladesh.

Paul Slevin, executive chairman of the Chamber Wales, said Wales and Bangladesh have opportunities for bilateral cooperation in trade, education and culture.

Slevin urged both governments to include the private sector in all development works.

The meeting will open up a new dimension for strengthening the bilateral trade relation between Bangladesh and Wales, said Mostofa Azad Chowdhury Babu, senior vice-president of the FBCCI.