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Textile millers of Bangladesh request govt support

Aug 20, 2021
Textile millers of Bangladesh request govt support

Bangladesh 

Bangladesh industry leaders are tensed over the government’s permit of yarn imports through all land ports across the country and partial imports of the readymade garment industry's key material.

They worry that such facilities under the same letters of credit (LCs) will be misused to bring a large quantity of yarn into the country under false declarations, which in turn will flood the domestic market and will impact the local textile mills.

The Bangladesh Textile Mills Association (BTMA) has launched an effort to reach out to the National Board of Revenue (NBR) and ministries concerned in a bid to prevent such a scenario, and the decision came following a meeting of the association's senior leaders. An insider who attended the meeting said that they will soon reach out to the government to showcase the impact local textile industry will suffer.

RMG owners have been expressing their concerns for some time over the unusual rise of yarn, especially in the local market. Last week, leaders of both sectors held a meeting on the issue, and the BTMA assured the RMG leaders that the yarn prices will not increase for now.

After only a few days of that meeting, the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) wrote to the commerce ministry seeking permission for importing yarn through all land ports across the country, and for partial imports of the key material under the same letters of credit (LCs).

Source: The Business Standard

Image Source: Google Images

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