Ananta Apparels, a concern of Ananta Group, has sought Bangladesh Bank’s approval to take $8 million to Ethiopia to set up an apparel factory in the African country. The company recently submitted its proposal with the central bank claiming it initiated the move to set up the garment factory in Ethiopia to enjoy tax benefits there along with duty-free access to the United States of America. It would invest $8 million in Ethiopia from its own fund and if any additional fund was required this would be taken from other multinational financial institutions like International Finance Corporation. Bangladesh Bank, however, has expressed its doubts that establishing apparel industry in Ethiopia would be viable.

Ananta’s is the latest among overseas investment proposals by local companies when Bangladesh itself is getting meagre foreign direct investment and the country’s unemployment rate still remains high because of quality job creation. Seven companies have so far got government approval to invest abroad including the highest approval for $20 million to Akij Jute Mills, a concern of Akij Group, for procuring two Malaysian companies — Robin Resources Malaysia SDN BHD and its subsidiary Robina Flooring SDN BHD. Among the rest six, three from the health sector, have invested $9.1 million in six countries between 2013 and March 2016.