12:00 AM, November 26, 2008 / LAST MODIFIED: 12:00 AM, November 26, 2008

Watch fallout from financial crisis

Business leaders ask govt

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Star Business Report

The Council of Chamber Presidents accords a reception to Chief of Army Staff General Moeen U Ahmed at Bangladesh-China Friendship Conference Centre in the city yesterday. Photo: Focus Bangla

Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) President Fazlul Hoque yesterday asked the government to properly monitor the global economic crisis to save the country from its brunt.
"Though our economy seems isolated, it is not immune to fallout from the global financial crisis. So the government must handle the issue carefully," Hoque said at a ceremony at Bangladesh China Friendship Conference Centre in Dhaka.
The Council of Chamber Presidents (CCP) organised the ceremony to accord a reception to Army Chief General Moeen U Ahmed in recognition of his contributions to the nation.
Hoque criticised the government for not taking the global economic crisis seriously.
The BKMEA chief alleged that the government did not select any representative from the business community for the taskforce formed to monitor the recession. Nor did it invite any businessman to any meeting of the taskforce, he added.
Despite the global economic meltdown, the knitwear sector posted 45 percent growth, Hoque said.
He hoped Bangladesh would overtake China and Turkey in knitwear exports if the government gives proper support.
General Moeen told the function that the sector would not face any problem if it could find special areas.
There was wide speculation about a fall in readymade garment exports due to withdrawal of the quota system, but the fears did not come true, he said.
Anwar-ul-Alam Chowdhury Parvez, president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said the prices of Bangladeshi products are increasing compared to the export competitors, including India for their currency depreciation, as the local currency remains stable.
Parvez also said Bangladesh failed to tap the potentials it has due to lack of proper policy support.
He said the pharmaceuticals and ICT sectors could not grow due to improper policy support.
Latifur Rahman, president of Metropolitan Chamber of Commerce and Industry (MCCI), said gas, power, communications and infrastructure are the prerequisites for exploiting the potential in Bangladesh.
He hoped that no party would enforce hartal in future.
"I am not against a strike which is workers' right. I am against hartal which causes huge losses to the country," the MCCI leader said.
MA Rouf Chowdhury, president of Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association, stressed special efforts for Call Centre Services and ICT to keep the country under the clutch of poverty in future.
Annisul Huq, president of Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), Abul Kashem Ahmed, president of CCP, former FBCCI presidents Abdul Awal Mintoo and Yusuf Abdullah Harun also spoke.

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