Warning that the country’s leading textile export sector is nearing a crucial point, the Bangladesh Textile Mills Association (BTMA)urged the government to ensure a stable energy supply and improve factory security in the sector.
Despite being a key contributor to foreign exchange earnings, the textile industry receives insufficient government support, said BTMA leaders during a meeting at the BTMA office in Dhaka.
Presided over by Showkat Aziz Russell, President, BTMA, the meeting was also attended by the newly elected Vice Presidents Shamim Islam, Managing Director, Jamuna Group, and Abul Kalam.
Expressed concern over the lack of attention for the textile sector, Russell said, the government prioritises the energy sector with incentives and subsidies, while largely overlooking the textile industry.
Even asmall portion of the energy sector’s incentives could unlock new growth opportunities for textiles, a sector that already generates $22 billion in exports and adds45 per cent value, Russell pointed out. Revival of the textile and garment sectors is crucial for the revival of the economy, he stated, further emphasising, the government needs to take immediate steps to ensure an uninterrupted energy supply, access to foreign currency for bank loans and letters of credit (LCs), and to address labor unrest.
To address these issues, Russell called for dialogue between the government and relevant agencies. He emphasised on the important of incentives for local industry in creating jobs and generating foreign currency.
Shamim Islam, Managing Director, Jamuna Group and newly elected Vice President, BTMA highlighted the textile sector’s significant contribution to the economy. Despite contributing13 per cent to GDP, amounting to BDT 6.56 trillion, the sector needs new policies to save it from perishing, he said.
Abul Kalam, Managing Director, Chaity Group and newly elected Vice President, BTMA urged the government to restrict yarn imports to sea routes rather than allowing them by road, suggesting that neighboring countries are taking advantage of the current challenges in Bangladesh.
