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
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Source: Google Images
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