FBCCI urges Wales businesses to invest in Bangladesh’s textiles

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

The FBCCI made the call during a meeting with delegates of the All-Chambers Wales Trade, Investment and Education Mission, United Kingdom at the FBCCI office in Dhaka yesterday.

The global fashion industry is shifting towards non-cotton garments due to rising cotton prices and dwindling supply while the local garments sector’s demand for manmade fibres is increasing, said FBCCI President Md Jashim Uddin.

Once Bangladesh makes the United Nations status graduation from least developed to developing country, most value addition of exports should be done locally to avail European trade privileges, he said.

About 83 per cent of Bangladesh’s export earnings come from garments. The textile industry, especially manmade fibres, will be potential investment sectors, he said.

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

There are opportunities for direct or joint investment with businesspeople in Bangladesh, he said, assuring to provide support to entrepreneurs from Wales who were interested in investing in Bangladesh.

There are opportunities for bilateral cooperation in trade, education and culture, said Paul Slevin, executive chairman of the Chamber Wales. He urged both governments to include the private sector in all development works.

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