Foreign investors won't come until locals step forward: Ex-BGMEA president Kutubuddin
“No business can survive while paying 15% interest. It’s simply impossible, not just in Bangladesh, but anywhere in the world,” he said
Kutubuddin Ahmed, a former president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), has said that foreign investors will not come forward with investments unless local entrepreneurs take the lead.
He made these remarks at a programme held at the BGMEA headquarters in the capital's Uttara, organised by the association ahead of its upcoming election.
"The government recently organised a summit for foreign investors; however, I urge the current administration to organise a similar summit focused on local investors," he said.
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The former BGMEA president expressed dissatisfaction with the current state of business, stating, "The current interim government, or any political party, is not discussing the challenges we face."
He also highlighted the issue of the prevailing high interest rates, which he believes are hindering business growth. "No business can survive while paying 15% interest. It's simply impossible, not just in Bangladesh, but anywhere in the world."
Abul Kalam, managing director of Chaity Group, said, "If we fail to address the current challenges properly, our progress may come to a halt."
He added, "We are going through a difficult time. The current political situation is also creating hesitation among businesses."
The BGMEA organised the event to introduce 35 candidates under the "Sammilita Parishad" panel. Abul Kalam highlighted their plan.
Faruque Hassan, another former BGMEA president and a candidate from the panel, highlighted their past achievements, outlined plans, and sought support for the panel's nominees.
Sammilita Parishad unveiled its plans, which include establishing an SME support cell, ensuring policy and energy security, introducing alternative incentive packages and developing the skills of mid-level managers.
The panel also aims to work on launching a green funding desk, a banking support desk, expanding markets and products beyond traditional destinations and introducing alternative incentive policies to strengthen competitiveness in the post-LDC era.
Other proposed initiatives include support for backward linkages, bond facility enhancements, VAT and regulatory simplification, a one-stop support cell, a policy intelligence cell, and a digital transformation centre for export facilitation.
Mohammed Hatem, president of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), and other RMG leaders also spoke at the programme.
