Political divide, dearth of industrial land major bars to economic growth : Muhith

Finance Minister AMA Muhith Wednesday identified political division and dearth of industrial land as major hindrances to the country's economic growth.

He, however, said the country's economy grew enormously during the last five years.

"With other problems, we have a strong political divide which is hindering the growth of the country's economy," he said.

The minister was speaking at the launching ceremony of the '11th Dhaka International Textile and Garments Machinery Exhibition (DTG) 2014' held at Bangabandhu International Conference Centre in the city.

The four-day DTG expo is organised by Bangladesh Textile Mills Association (BTMA) in cooperation with Chan Chao Int'l Company Ltd and Yorkers Trade and Marketing Services.

BTMA President Jahangir Alamin presided over the inaugural session while State Minister for Textiles and Jute Mirza Azam, President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Kazi Akram Uddin Ahmed, among others, spoke on the occasion.

Terming the scarcity of land a serious problem, the finance minister said work is going on to set up a number of Special Export Processing Zones (SEPZs) across the country.

During his speech, he also pointed out a number of safety issues in the garment sector including labour rights and workplace safety.

He also assured of policy support including resolving the crisis over incentive shortly.

Speaking on the occasion the FBCCI president said the country's trade and commerce would have grown further if there had been no political instability.

Terming businessmen the 'engine of economic growth', he expressed hope that the country will witness an 8.0 per cent growth and earn $ 40 billion by the next 2-3 years.

The last DTG received business orders worth $ 175 million, the BTMA president said expecting more spot orders from this exposition.

The purpose of the fair is to introduce the latest machines and technologies to enterprises operating in the textile and garment industry, in order to acquaint them with the latest trends in manufacturing of textiles and garments, the organisers said.

Over 850 exhibitors are showcasing a wide variety of state-of-the-art textile and garment technologies, machinery as well as spare parts and equipment in 1,050 stalls.

Leading international textile and garment machinery brands from 31 countries including USA, UK, Germany, Canada, France, Belgium, Japan, Turkey, India and Pakistan are displaying various machinery and equipment including spinning, weaving, knitting, dyeing-printing and textiles finishing technologies, as well as textiles testing and washing equipment and embroidery, sewing and other related equipment.