BGMEA to get its share of stimulus

Says commerce minister, Dhaka

Commerce Minister Faruk Khan yesterday admitted that Bangladesh, especially its export industries, started feeling the prick of global financial meltdown and pledged all-out support to the affected sectors.
Khan made the remarks while talking to reporters after a meeting with BGMEA leaders at the secretariat.
The minister said the garment sector is facing hard competition on price, and global orders have sharply decreased in recent months due to the global financial downswing.
Responding to a set of recommendations placed by the apparel-industry leaders, the minister said all of their demands are logical and the government is sincere enough about fulfilling their demands.
"I hope you will get specific announcement from the finance minister regarding your demands on the day of budget approval," he said.
Khan said the government would support the BGMEA to get a land in the city to build Fashion Technology University.
"Your recommendations and demands are mostly attainable and the government would work on it as this is a business-friendly government," the minister told the delegation.
Regarding budget, Khan said the government has just proposed a budget for countrymen and it would be approved by incorporating people's recommendations properly. He urged all to work together to implement the budget.
Earlier, BGMEA President Abdus Salam Murshedy said they were taking a hit from a 20 percent to 25 percent price fall that made their survival difficult.
He apprehended that the situation might worsen in the months ahead, specially in July and August, and sought policy support from the government. "I believe stimulus package is not enough to face the global financial crisis."
"We could convince both the commerce and the finance minister that we're affected by the global financial meltdown and we'll meet the finance minister Saturday for our final-round negotiations with the government to overcome the crisis."
The business tycoon of the country's main export industry demanded immediate government step to form a special force -- Industrial Police -- as garment factories are affected by sporadic spells of unrest let loose by malcontent workers.
They also placed a pack of demands that also include 5 percent subsidy on bank interest for garment sector, Tk 10 subsidy on per-litre diesel until improvement of power situation, continuation of tax holiday until 2015, allocation for technological upgrading fund and manpower development, resetting public holiday keeping Friday as working day, and allocation for two hospitals in Dhaka and Chittagong.
Later, BKMEA leaders led by its President Fazlul Hoque met the commerce minister on the same issue facing the other half of the export-oriented apparel industry, knitwear.
After the meeting, Hoque told the reporters that they want a specific announcement through discussion to cushion them from the fallout of the global financial flu.