DHAKA, Nov. 21 (Xinhuanet) -- Bangladesh expected a one billion US dollars investment in its textile sector from Pakistan as visiting Pakistani delegates of home textile manufacturers have shown theirinterest in investing in Bangladesh's textile sector.

    Local daily New Age Monday quoted Mahmudur Rahman, executive chairman of the Board of Investment, as saying that in the next five years the country needs an investment of 3 billion dollars inthe textile sector. He hoped a one billion dollars investment fromthe Pakistani home textile sector.

    Mahmudur said the country's textile market, which was mainly dominated by the private sector in the last fiscal year (July 2004-June 2005) was of 21.5 billion dollars, compared to 3.2 billion dollars 20 years back when the contribution of the textile sector was remarkable. The market would be of 23 billion dollars in the next fiscal year, he expected.

    Secretary General of BTMA Taufiq Hasan said that as the textileand readymade garments are the two largest export sectors and employers, the government support would continue and there was no restriction on repatriation of profit and investment, tax free import of machinery and raw materials for export and the country was liberal towards work permits.

    The Bangladeshi government had also initiated various policy measures such as rationalization of tariffs and taxes on import ofcapital machinery, raw materials, dyes and chemicals and reductionof interest on long and short term loans, said Textile Minister Shajahan Siraj.

    A huge 78 percent of Bangladesh's export earnings came from textiles and apparels. Enditem