Lankans look for direct investment

Sri Lankan apparel manufacturers yesterday expressed interest to form a joint venture in Bangladesh’s textile and garment industry, in hopes of utilising both countries’ strengths to grab a greater share in the market collectively.

The willingness was expressed at a meeting between the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and the Joint Apparel Association Forum (JAAF) of Sri Lanka at the BGMEA office in Dhaka. 

The Sri Lankan delegation also demanded that Bangladesh allow full foreign direct investment without discrimination for both domestic and foreign companies.

In addition, they called for equal policy support to encourage investment from Sri Lankan companies for the manufacture of value-added garment items and to collaborate with buyers to innovate products.

According to JAAF Chairman Sharad Amalean, incentives are given only to local companies and that could be sending the wrong message to investors.

“Bangladesh should allow 100 percent FDI here from any one,” he said after the meeting, adding that that they faced discrimination as such recently.

The BGMEA and the JAAF also signed a memorandum of understanding (MoU) to promote bilateral businesses and enhance cooperation in the field of production, trade, commerce and research related to the textile and garment industry. Amalean and BGMEA President Rubana Huq inked the MoU.

In response to a query, Huq said that regionally they must come together, terming the inter-regional trade insignificant. She requested the visiting delegation to make joint investments in the country’s proposed special economic zones.