DHAKA, Feb 18: Bangladesh’s apex export group called on Wednesday for government action to help it better compete against regional rivals in the current global crunch.Anwarul Alam Chowdhury Parvez, president of Bangladesh Garment Manufacturers and Exporters Association, said the government should create a special fund like India, Pakistan and China, their major competitors on world markets.

The readymade garments sector is Bangladesh’s biggest export earner.

Parvez said India and Pakistan had devalued their currencies against the dollar, giving them competitive advantage against the Bangladeshi taka currency.

“Moreover India released $10.5 billion for the development of the textile sector, while China provided $29 billion as assistance for boosting the textile exports,” he told a news conference.

He said if Bangladesh’s government provided similar incentives with other major critical issues, “we will be able to increase export earnings from this sector by more than 30 per cent to $14 billion in the fiscal year to June 2010.” Parvez said that the sector was already feeling the pinch of the global slump with exports in January down by 4 per cent. —Reuters