Home / Knowledge / News / Textiles / Finance Minister promises to address textile industry's woes
Finance Minister promises to address textile industry's woes
Sep '11
Bangladesh Finance Minister AMA Muhith has promised the ailing textile mills of the country that the Government would raise their cash incentives that they get on sales.

Uncertainty in international cotton prices and relaxation of Rules of Origin (RoO) by the European Union has hard hit the textile mills, which are witnessing a fall in their sales turnover over the past few months.

The Minister met representatives of Bangladesh Garment Manufacturers and Exporters Association (BGMEA), Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) and Bangladesh Textile Mills Association (BTMA).

Members of the three associations contribute to around 80 percent of the country's overall exports and around 30 percent of imports.

The three associations sought a ten percent rise in current cash incentives that they get on their sales, and demanded that it should be hiked to 15 percent from the present five percent.

The Minister assured the textile millers and garment producers that the Government would consider increasing cash incentives on sales in order to pull them out of the ongoing adversities.

Mr. Muhith said that the majority of the demands raised by the textile industry were legitimate and the Government would adopt a sympathetic view in considering these demands as the sector is currently confronted with several issues.

He said that after consulting the other ministries an immediate solution will be worked out to address the issues of the sector, after the Eid holidays.

Leaders of the three associations raised a demand for several stimulus benefits from the Finance Ministry which includes a demand for capping yarn (up to 60 counts) imports for six months and conversion of textile mills' working capital loans into term loans.

BTMA President Jahangir Alamin stated, if a substantial rise is not granted in the cash incentive, majority of the 300 textile and spinning mills in the country would be compelled to close down as it would become impossible for them to withstand competition from low cost import of yarn from countries like China, India and Pakistan.

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 23rd Jun 2017

Textile ministry organises training workshop on GST

The ministry of textiles had organised training workshop on GST which ...

Apparel/Garments | On 23rd Jun 2017

Uware Brands into licensing agreement with Polaroid

Uware Brands has entered into a licensing agreement with Polaroid for ...

Textiles | On 23rd Jun 2017

Ralph Lauren ex-president Tiger of Sweden's new CEO

Hans-Christian Meyer, former president of Ralph Lauren Corporation,...

Interviews View All

Subhashini Srinivasan
The S Studio

Ethnicwear market will see an upward trend if uniqueness and quality are...

Md Hanifur Rahman
Aman Group

The level of understanding the job role and organisational requirements...

Mandeep Nagi
Shades of India

Women value something that is unique and has a flavour of India

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Sonam & Paras Modi

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Rupa Sood and Sharan Apparao

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Igor Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


news category

Related Categories:
June 2017

June 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Browse Our Archives


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search