The New Nation - Internet Edition

BSS, Chittagong

Speakers at a seminar here have stressed the need for diversified production of Readymade Garment (RMG) side by side with exploring new markets to help this key sector face the ongoing competition across the world.

They said RMG and other main foreign currency earning sectors must continue the current export growth taking into account the challenges to come from withdrawal of textile quota from China after 2008.

They also said that the country's RMG sector along with its backward linkage industries would face stiff challenges after withdrawal of textile quota from China in the USA and the European markets after 2008.

Export Promotion Bureau (EPB), Chittagong organized the seminar on "Possible impact on Bangladesh exports after withdrawal of textile quota from China in 2008", held here yesterday with EPB Regional Director Golam Mostafa in the chair.

Commissioner of Customs (Exports) Marghub Ahmed attended the function as the chief guest while EPB Director General Faridul Hassan was the resource person.

Referring to the possible impact on the domestic economy, particularly on the RMG and its allied sub-sectors after 2008, the speakers said China is likely to occupy at least 50 percent markets in the USA and the European countries after this dateline.

India and Pakistan will also engage themselves in an aggressive race to capture rest of the markets in the USA and the European countries, they said adding that Bangladesh would have to establish its stake on a sizable area of these markets by its RMG products and other export items.

For this, they suggested capacity building and efficiency enhancement at all levels by using modern technology, simplifying export procedures, reducing "lead-time" and bank interest rates and also strengthening seaports' activities.