Exporters of Tailor Made Garments and Stocklots

Bangladesh Ready Made Garments urges a halt on Foreign Direct Investment and Tax Holidays

The readymade garments industry of Bangladesh has urged the government to halt foreign direct investment (FDI) as it is unable to compete with foreign manufacturers.

The country has  attracted investment from Korea, Taiwan and Japan among other countries who have established a large number of units with costly and sophisticated machinery.

Further, foreign investors enjoy special benefits such as tax holidays and all utility facilities such as power, gas and water in the export processing zones whereas local manufacturers are suffering shortages, despite the fact that they account for more than 92% the export revenue.

Bangladesh Garments Manufacturers and Exporters Association, the country’s apex trade body, also demanded tax holidays and other facilities to reduce the disparity between foreign and local entrepreneurs.

The profit margin from garment exports has reduced by 30-5 percent despite a 42% rise in export orders for the first eight months of the fiscal year due to the high interest rates on industrial loans.

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