EBFCI to invest in Bangladesh's ship and jute industries

Leaders of the Europe-Bangladesh Federation of Commerce and Industry (EBFCI) announced on Wednesday their plans to invest in Bangladesh's jute, textile, and shipbuilding industries.

It is now the right time to strengthen the country's economy through such investments and thus the EBFCI leaders pledged to help propel Bangladesh's economic growth by also investing in sectors like health, education, and infrastructure.

The business leaders made the remarks during a meeting with Shipping, Textiles, and Jute Adviser Brigadier General (Retd) M Sakhawat Hussain at the Bangladesh Secretariat, according to a press release of the Ministry of Shipping.

A 26-member EBFCI delegation, led by President Wali Tasar Uddin, attended the meeting, which was also attended by Textiles and Jute Secretary Md Abdur Rauf and Shipping Secretary AKM Matiur Rahman.

The EBFCI leaders expressed their support for the interim government led by Prof Muhammad Yunus, noting that the Nobel laureate's leadership has opened new opportunities for investment in Bangladesh.

They emphasised that this is the opportune moment for foreign and domestic investors to enter the market.

During the meeting, Adviser Sakhawat Hussain remarked, "Through the student-people revolution, we have gained a new Bangladesh full of dreams and immense potential."

He assured investors that the current government is committed to creating a corruption-free and business-friendly environment, where both foreign and domestic investments will be safe and secure.

Sakhawat highlighted the government's ongoing efforts to foster a favorable investment climate through structural and legal reforms.

He welcomed EBFCI’s interest in the jute, textiles, and shipbuilding industries, assuring them of full support from his ministry.

He also urged both domestic and foreign investors, including EBFCI members, to contribute to these sectors in the new Bangladesh.

Sakhawat criticised the mismanagement of the past 15 years, claiming that personal interests led to the closure of jute and textile mills.

He further said that bribery, irregularities, and corruption have plagued the country into an acute crisis during the period.

Sakhawat informed the business leaders of the government's initiative to establish a "Research Centre on Jute and Textiles," and invited expatriates to provide technical and financial support.

He added that the government is taking steps to revive the jute industry, including banning polythene in super shops as of 1 October and promoting the use of jute bags to rebuild the domestic market for jute.