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Govt to provide support to RMG firms for power generation
Sep '11
Bangladesh Government will provide financial assistance to small and medium readymade garment (RMG) enterprises for generating electricity for their own use and to expand market of new products.

A circular issued by Bangladesh Bank stated the financial support to the small and medium RMG firms would be given under the second stimulus programme.

The circular also said a 10 percent waiver in power bills would be provided to those enterprises that have generators with a capacity of less than 1 megawatt.

In addition, those firms which enjoy five percent incentive on their RMG exports would get help from the Government to expand the market of their new products. The five percent incentive was given for exports to countries other than the UK, Canada, the US, and the EU for fiscal year 2009-10, four percent for fiscal 2010-11, and two percent in the current fiscal year.

In 2009, the Government had set up a taskforce to frame policies to reduce the negative effects of the economic slowdown on the country's export sector. The stimulus packages have been issued following the recommendations of the taskforce.

In fiscal 2010-11, Bangladesh's earnings from exports increased 41.47 percent year-on-year. In the initial two months of the current fiscal 2011-12 which began in July, exports of Bangladeshi items witnessed a growth of more than 30 percent.

Fibre2fashion News Desk - India

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