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Setting up backward linkage industries for garments sector

Belgium agrees to provide loan
BRUSSELS. Jan 29: Belgium has agreed to provide loan for Bangladesh to set up sufficient backward linkage industries for ready-made garments sector. reports BSS.
Vice Prime Minister and Minister for Finance and Foreign Trade of Belgium Philippe Mayastadt said this responding to a request from the visiting Bangladesh Commerce and Industry Minister Tofael Ahmed who called on the Belgian Vice Premier at his office here today.
Tofael informed the Belgian rice premier that at present cotton production in Bangladesh can meet about 16 per cent of the domestic requirement and the local fabric can hardly meet about one-fourth of the total demand of ready-made garment
sector.
For getting GSP in export to EU markets. EU incorporated the conditions of using local fabrics In the rules of origin. To meet the conditionalities. Bangladesh will have to establish a total of another 400 backward linkage industries to produce yam. fabric and dying and finishing within three to five years involving over Tk 10,000 crore.
The Industry Minister requested the Belgian Vice Premier to support Bangladesh proposal to EU countries for derogation of the rules of origin clause of the GSP for another three years for knit items and upto the year 2005 for sweater and pullover. This will help
Bangladesh exporters to get 12.5 per cent tariff exemption.
Bangladesh wants two-stage transformation both lor knit and woven items in getting GSP to export to EU against the EU's demand for three-stage transformation to be needed for knit
According to the agreement on textiles and clothing as part of the Uruguay Round Agreement which was signed by Bangladesh in 1994. there will be no quota system for export from the beginning of 2005. So. from 2005. Bangladesh have to face global open competition in garments export. Bangladesh will have to be self-sufficient to meet the demand of fabrics through establishing backward
linkage to maintain the quantum of garments export, official sources said.
Tofael assured the Vice Premier of Belgium that Bangladesh government would be the guarantor of the loan and machinery for backward linkages which would be purchased from EU countries. He said, "we also want to be self-sufficient in yarn and fabrics production, but we need financial and technological help from EU countries."
The Vice Premier of Belgium advised the Minister to submit a formal proposal for derogation of rules of origin and assured him that the Belgium government would support Bangladesh request to extend GSP for another three years for her
garments export to EU markets.
Tofael Ahmed called on the Foreign Minister of Belgium Erir Derycre at his office today.
The two leaders exchanged views in strengthening bilateral relations between the two countries.
Tofael appraised the minister of the government measures to attract foreign investment.
The foreign minister appreciated the government steps and hoped that the potential foreign investors would enjoy the Incentive package offered by the government.
During the meeting. Bangladesh Ambassador to Belgium. BGMEA President and other members of the delegation were present.