Business leaders on Saturday called for urgent government policy support to enhance operational efficiency, sustain competitiveness in the global market and diversify export destinations.

Speaking at a programme organised by the Bangladesh Apparel Youth Leaders Alliance (BAYLA) at Lakeshore Hotel in the capital, they also urged the government to introduce additional incentives to offset the rising cost of cotton imports from the United States, and to take prompt measures to address trade barriers, attract investment and narrow the trade deficit with the US.

The event was moderated by BAYLA President Abrar H Sayem, while BAYLA’s Head of Research, Sifat Islam Ishty, presented the organisation’s Roadmap 2030 titled ‘Resetting the Competitive Edge: Rethinking Bangladesh’s Apparel Strategy Post-Tariffs & Beyond.’

Anwar-Ul-Alam Chowdhury, President of the Bangladesh Chamber of Industries (BCI), has underscored the importance of government policy support in empowering young entrepreneurs and enhancing national competitiveness.

‘I always appreciate the efforts of young entrepreneurs. To move forward, they require strong policy backing from the government. Bangladesh remains one of the most promising destinations for investment, but we must enhance efficiency to remain competitive globally. Without this, we cannot sustain our position in the international market,’ he said.

Anwar-Ul-Alam also stressed the need for political negotiations to navigate the challenges posed by the ongoing global trade war.

‘The National Board of Revenue (NBR) must put an end to unnecessary harassment, frequent changes to HS codes, and take steps to reduce lead times at ports. Additionally, the bureaucratic system needs significant reform to foster a more business-friendly environment in the country,’ he said.

Md Anwar Hossain, Vice Chairman of Export Promotion Bureau (EPB), and also BGMEA Administrator said they are working on policy with NBR.

He emphasised the importance of investing in research and development (R&D) and addressing the persistent scarcity of reliable data.

He called for the formulation of a comprehensive national apparel policy to guide the sector’s future growth.

Mohammad Hatem, President of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), stressed the need to withdraw tariffs on man-made fibres to enhance Bangladesh’s competitiveness in the global market.

‘We need to import a significant amount of cotton from the United States. Reducing the trade imbalance would be beneficial for us. Muhammad Yunus is a global brand — we should leverage this to diversify our exports. At the same time, pressing issues in the banking sector, the NBR, and the energy supply must be addressed,’ he said.

Faruque Hassan, former President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA), highlighted the importance of a well-defined roadmap.

He said that consumer demand in the US market may decline due to tariffs introduced under former President Donald Trump, but Bangladesh is still likely to remain in a comparatively strong position.

‘To take advantage of this, negotiation and policy support will be critical,’ he said.

Kutubuddin Ahmed, Chairman of Sheltech Group and Envoy Textiles Ltd, called for additional government subsidies to support the import of US cotton, suggesting this would be more effective than the existing cash incentive scheme.

‘This would encourage entrepreneurs to source cotton directly from the US,’ he said.

Sharif Zahir, Chairman of United Commercial Bank PLC and Managing Director of Ananta Group, said global buyers are now demanding a 5 per cent discount due to the additional 10 per cent tariff imposed by the US.

‘To remain competitive, these trade barriers must be removed without delay,’ he said.