BEPZA, Sri Lanka mull joint approach for Int'l push
Strategic partnerships between countries in general and specific
industries in particular are essential to compete in today's
international marketplace. Bangladesh' garment industry, which has small
beginnings could clearly synergise with Sri Lanka for international
mutual gains, said Rishad Bathiudeen, Minister Industry and Commerce.
Minister Bathiudeen said this when he received a visiting two member
business group from Bangladesh Export Promotion Zone Authority (BEPZA),
the regulator of the country's eight export processing zones.
The business group which is on a three day tour of Sri Lanka,
consisted of BEPZA Executive Chairman, Major General ATM Shahidul Islam
and BEPZA General Manager AZM Azizur Rahman.
BEPZA Executive Chairman, Major General ATM Shahidul Islam hands
over a ‘BEPZA Plaque’ to Industry and Commerce Minister Rishad
Bathiudeen, BEPZA General Manager, AZM Azizur Rahman looks on. |
Bangladesh entered the export market of apparels in 1978 and now
employs nearly 2.5 million workforce.
In 2010-11 Bangladesh earned $14.17 billion from readymade garments
as country's garment exports posted 43 percent growth in the 11 months
of the current fiscal (2010-11). Among Bangladesh' new export markets
include India, Japan, China, Australia, Canada, South Africa, Brazil and
Mexico. In view of using Bangladesh's special preferences as a Least
Developed Country (LDC) status, Minister Bathiudeen said: "Sri Lanka's
target for 2015 is US $ 5 billion in garment exports. Sri Lankan garment
industry is making headway to develop this industry in both fronts-both
back end and the front end.
At the back end, to achieve low cost in manufacturing, Sri Lanka can
outsource its garment production to Bangladesh and export directly from
there making use of Bangladeshi preferential market access, specially to
EU while attending to front end operations from Sri Lanka." "We are
looking for synergy with Sri Lanka in apparel manufacturing" said BEPZA
Executive Chairman Major General ATM Shahidul Islam.
"One of our main imports from Sri Lanka is garment accessories to be
used in our apparel exports" he said. BEPZA General Manager AZM azizur
Rahman said that there are huge cost savings in Bangladesh for Sri
Lanka.
"We are providing lease of Bangladeshi EPZ land for Sri Lanka and
other international investors at a very nominal US $ 2.20 per square
feet per year. We also do not lock down initial investment more than one
year. Even if investors have borrowed money internationally and invest
in Bangladesh, there is no tax" Rahman said. |