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Post-lifting of Safeguards from China

RMG exporters see no threat to country's competitiveness

STAR BUSINESS REPORT
China might not be a threat for Bangladeshi RMG (ready-made garment) market in global competition following the withdrawal of safeguard measures against China from EU and US markets since the country has a strong competitiveness, exporters told a seminar in Dhaka yesterday.
Both EU and US set safeguard measures on China from early months of 2005 after the elimination of quota-free regime in December 31,2004.
Such measures against China was withdrawn from EU market since January 1, 2008 and from the US market it will be withdrawn January 1,2009.
Bangladesh has also a strong competitiveness in the global RMG market as the country has been producing unique basic items and the industry has been thriving at a good pace, the exporters said.
Kihak Sung, chairman and CEO
of Youngone Corporation, a Korea based multi-national company operating in Bangladesh, said a psycho phobia with regard to China factor in RMG export should not grip Bangladesh.
Youngone has 150 retail shops in China.
The company chief said, "China will be an importing country rather titan an exporting country after the withdrawal of the safeguard measures."
Bangladesh Enterprise Institute (BEI) organized the seminar on 'The future of the RMG and textile sector: Making Bangladesh more competitive' at its office.
Chaired by BEI President Farooq Sobhan, the seminar was participated by BGMEA President Anwar-UI-Alam Chowdhury Parvez, BKMEA President Fazlul Hoque, BTMA President Abdul Hai Sarker and UCEP (Underprivileged Children's Education Programme) Executive Director Brigadier General Aftab Uddin Ahmed.
Textile and Jute Secretary Abdur Rashid Sarker also attended the seminar as special guest.
An optimistic Parvez said normalcy in the country's political situation is a pre-condition for strong competition in RMG exports.
"Really the sky is the limit for Bangladeshi knit sub-sector, as the export of knit items has been maintaining a good growth over the last few years even in the face of different challenges like phase-out of the MFA," said Fazlul Hoque.
He is hopeful of doubling the export of RMG products, if the government supports the local manufacturers.
He said four new knit factories add to the old ones a month on an average, which is really encouraging for the sector.
Hoque sees reduction in bank interest rate, product diversification and improvement in productivity in factories as the key factors for the sector's strong competitiveness.