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Coal policy needed to attract more FDI

Seminar told

Star Business Report
A demand from the apex trade body has been raised at a seminar in Dhaka for immediate formulation of a coal policy and a massive development of infrastructure in order to exploit Bangladesh's potentials to be a good FDI (foreign direct investment) destination.
"Whatever the form of government remains in power in the next two years, we will push for a coal policy and massive infrastructure development," Annisul Huq, president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) told the seminar at a city hotel yesterday.
The Canadian High Commission organised the seminar on Canada's LDCs Market Initiative to celebrate the 5th year of Bangladesh's successful utilisation of a duty- and quota-free benefit for its products to the Canadian market.
From January 1, 2003, the government of Canada extended duty- and quota-free access to imports from 48 of the world's least developed countries (LDCs), including Bangladesh, with the exception of supply-managed agricultural products (dairy, poultry and eggs).
The FBCCI chief hoped that besides its identity as a major apparel exporting country, Bangladesh could be a good destination of investments by many.
"So, now the government's focus should be on develop-, ment of infrastructure," Annisul suggested.
Foreign Adviser Dr Iftekhar Ahmed Chowdhury attended the function as the chief guest where President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Anwar-Ul-Alam Chowdhury Parvez, President of Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) Fazlul Hoque and President of Bangladesh Textile Mills Association (BTMA) Abdul Hai Sarker also spoke.
Former Bangladesh high commissioner to Canada Mohsin Ali Khan chaired the seminar.
"We are looking for a duty-free market access to all developed countries, which we are already enjoying from Canada," Iftekhar said, pointing to the fact that the Canada benefit helped Bangladesh a lot in exporting its RMG products to that country at an enhanced rate.
The adviser also pointed to the enhanced interests of the Canadian entrepreneurs to invest here informing the seminar that'as many as 19 Canadian investors have recently registered with the Board of Investment (Bol).
Canadian High Commissioner in Dhaka
Barbara Richardson assured the local business community of more help in doing global business.
The BGMEA president eyes Canada as one of the largest export destinations of Bangladesh RMG products on the increasing demand for the product in that country.
A n w a r - U 1 - A 1 a m Chowdhury Parvez said in the July-February period of the current fiscal Bangladesh exported RMG products worth USS300.80 million to Canada against $400.80 million in the 2006-07 fiscal.
He said the trend of receiving orders from buyers' end clearly indicates that the country will be able to export RMG products worth $18 billion within 2010 and $25 billion within 2013, but infrastructure development is a prerequisite to such rise in exports.
BKMEA chief Fazlul Hoqw* said Bangladesh has the. opportunity to exploit the* remaining 94 percent as the, country has already grabbed 6 percent of the entire-Canadian knitwear market.
Mohsin Ali Khan said Bangladesh has huge export potential for jute, jute goods and ceramics as the demand-for such products in Canada is very high.
“Bangladesh can start lobbying with Canadian authorities to supply T-shirt, caps arul. similar products for the Vancouver Olympic in 2010, he suggested.