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Medical textile opens new door for RMG sector: Mannan

Published : Sunday, 12 July, 2020 at 12:00 AM  Count : 418

Planning Minister MA Mannan

Planning Minister MA Mannan

Planning Minister MA Mannan said that all sectors of the economy should be compliant like  RMG sector. Good governance is a fruit of long term output. Emphasizing on policy reforms, the minister laid emphasis on look east policy for better regional gain. But in terms of business, every door should be left open, he emphasized.
The Minister said at a virtual seminar on Saturday organised by Dhaka Chamber of Commerce and Industry. He said the government is giving priority to agriculture sector. To get an observer status in the ASEAN, government is working, he informed.
In line with RMG and textile manufacturing, a new avenue -- medical textile has emerged worldwide in the wake of Covid pandemic.
He called upon the private sector to grab this opportunity. For infrastructure development, he also invited private sector to come forward and government will facilitate the private sector in this regard.
DCCI president Shams Mahmud said that more focus needs to be given on sourcing funds from abroad  reducing dependency on bank borrowing to mitigate the deficit budget.
He also suggested reducing tax at source for export oriented sectors to 0.25 per cent. Agriculture and agro processing industry need to be supported and remain functional with strong local-supply chain system to ensure low-cost food security, he told.
 He said due to COVID-19 impact, private investment is projected to down to 12.72 per cent in FY2019-2o compared to 23.54 per cent in FY2018-19. FDI inflow in Bangladesh fell to USD2.87 billion in 2019 compared to USD3.6 billion in 2018. In that context, he said Bangladesh should make every effort to seize the opportunity of investment relocation from China.
Bangladesh needs to frame sector specific investment road-map with strategic action plan and corporate tax needs to be rationalized for this purpose.
 Due to COVID-19 outbreak, both demand and supply side shock weakened the international trade of Bangladesh.
In FY2019-20, total export was USD33.67 billion which is 25.99 per cent less than export target and 16.93per cent less than FY2018-19. In order to boost international trade, he emphasized on restoring GSP facility to the USA, eliminating non-tariff barriers with partners through strong diplomatic initiatives, FTA and PTA with potential partners.
 Around 15-20 million people are in the risk of being unemployed due to the pandemic. Thousands of migrants may lose their jobs and will repatriate to Bangladesh. In this situation, the DCCI President emphasized on ensuring stimulus packages to labour intensive industries and informal sector.
Moreover, through re-skilling and up-skilling, unemployed migrants can be employed in the agriculture and other local industries, he said.
 Chairman of the Policy Exchange Dr M. Masrur Reaz emphasized on survival, resilience and revival for economic recovery. Global Demand and supply declined due to covid 19. He suggested for short and mid-term strategy to bring economy back from covid situation.
He also urged to reduce corporate tax, turn-over tax, modernize Companies Act, form policy considering covid crisis, and create a vibrant bond market for long term financing.  













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