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Seminar to source African cotton at remunerative prices
02
Feb '09
The newly appointed Textile and Jute Minister Mr Abdul Latif Siddiqui, while addressing members of a business delegation said that, the government would positively look at and implement the proposals put forth by the four trade bodies to enable the industry to withstand the economic turmoil.

Mr Siddiqui was speaking at a five day seminar organised jointly by the Bangladesh Textile Mills Association (BTMA) and International Trade Centre (ITC), Geneva called the 'ITC-Bangladesh-Africa Seminar' at the BTMA premises to look for alternative sources for purchasing cotton. Bangladesh is the third biggest importer of cotton in the world after China and Turkey.

The leading associations from the textile and garment sector like Bangladesh Garment Manufacturers and Exporters Association (BGMEA), Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), Bangladesh Textile Mills Association (BTMA) and Bangladesh Specialised Textile Mills Association (BSTMA) are in the final stages of submitting proposals to face the crisis.

From amongst some of the proposals, the trade bodies are expected to put up are, increasing cash incentives from 5 percent to 15 percent, and a moratorium on payment of interest on loans taken by companies for a period of two years, i.e. till December 31, 2010.

The main objective behind holding the seminar is to look for direct cotton sources in cotton producing countries of Africa, rather than procuring it through agents who source their requirement from these African countries, but increase their prices before selling it to the Bangladeshi cotton importers. Bangladesh imports around three million bales of cotton each year.

This seminar is expected to help both the African countries as well as Bangladesh as the African cotton producing countries who are participating in the seminar like Benin, Kenya, Malawi, Tanzania, Mozambique, Uganda and Zambia are expected to get better prices by selling directly to Bangladeshi importers, while their Bangladeshi counterparts will get the cotton at remunerative prices.

Fibre2fashion News Desk - India

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