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BGMEA asks govt for 5% incentive for 2 years in Budget
29
May '17
Md Siddiqur Rahman, president, BGMEA, addressing a press conference with other dignitaries. Courtesy: BGMEA
Md Siddiqur Rahman, president, BGMEA, addressing a press conference with other dignitaries. Courtesy: BGMEA
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has urged the government to support the apparel sector in the upcoming Budget 2017-18 by providing additional 5 per cent cash incentive for two years. The association has said that it would be difficult for the sector to remain competitive in the global markets without additional support.

The cash incentive will only be applicable to the members of BGMEA and Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), said Md Siddiqur Rahman, president BGMEA during a press conference.

Rahman also urged the government to withdraw tax at source for next two years, reducing corporate tax to 10 per cent for five years. He called upon the government to ensure policy stability for investment.

The RMG industry has been facing a number of challenges, including fall in apparel prices, increase in production cost, and strong currency against dollar, which have slowed down the growth, according to him.

The BGMEA president also said that production cost has increased by 18 per cent in the last two years while prices of apparel items exported by Bangladesh have fallen by 40 per cent in the last 15 years. Besides, there is huge pressure of remediation works in the factory. Against this backdrop, the RMG industry needs the support from the government to retain competitiveness in the global market. (KD)

Fibre2Fashion News Desk – India


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