Former commerce minister and BNP national standing committee member Amir Khasru Mahmud Chowdhury on Sunday said that Bangladesh’s economic capacity and structure must be strengthened before graduating from LDC.
If the country’s macroeconomic stability is not stable, the benefits of graduation will be limited, he also said.
He made these remarks at a discussion titled “Current Crisis in Bangladesh’s RMG Sector and Path to Recovery” organized by the Bangladesh Garment Buying House Association (BGBA) at a hotel in the capital.
The meeting was chaired by BGBA president Mofazzal Hossain Pavel.
Amir Khasru said: “The ‘feel good factor’ is essential for business. Whenever BNP came to power, it created stability and an easy environment for business. If foreign investors do not see stability and opportunities, they will not be interested. Monopoly and corruption increase in the economy, which harms the business environment of the country.”
“Bangladesh is an overregulated country, where businessmen face more difficulties, and thieves get benefits. We have to build up capacity before the LDC transition,” he further remarked.
Bangladesh Textile Mills Association President Shawkat Aziz Russell, BGMEA director Faisal Samad, JFK Fashions managing director Kafil Uddin, BKMEA vice president Mohammad Rashed, economist MS Siddique, and other industry leaders also spoke at the meeting.
Shawkat Aziz Russell said: “The stability of the elected government is essential for the progress of the country’s economy and garment industry. Factory burning, labor agitation and reduction in employment – all of this is damaging the country’s image.”
Faisal Samad said: “Some purchase orders from abroad have been destroyed in a fire at the airport, as a result, the scope of purchase orders has also ended. Political stability is needed to resolve this problem.”
BGBA president Mofazzal Hossain Pavel said: “We are losing orders due to instability. The reputation of the garment industry is being damaged. Foreign investors are not able to trust our country. If politicians give us policy support, we will bring foreign currency.”
