ITFC hosts first African-Asian cotton meet in Bangladesh

11 Apr '17

2 min read

At the first African-Asian Cotton B2B meeting hosted in Bangladesh by the International Islamic Trade Financing Corporation (ITFC), emphasis was laid on the development of the Bangladesh textile industry, which is the source of employment and export earnings for its economy. Bangladesh is currently the largest cotton importing country in the world.

Bangladesh spends more than $3 billion to import cotton a year -- more than half of it comes from India. "The demand for cotton in the local textile sector is here to stay as RMG will lead our export sector for another twenty to twenty five years," said Bangladesh finance minister AMA Muhith who had inaugurated the programme.

African countries are cost-effective alternative source of raw cotton, said Muhith adding that this will reduce the burden on the local farmers who are unable to meet the huge demand for cotton due to infrastructural problems.

At present, Bangladesh grows around 180,000 bales of cotton a year, which is just 1.0 per cent of the annual demand. However, the local producers have set a target to meet 10 per cent of the demand by the end of 2025, according to Bangladesh media.

During the event, Mohammad Shahidullah, Bangladesh Cotton Association president, talked the challenges of importing cotton from India and China. (RR)

Fibre2Fashion News Desk – India

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