New BTMA President takes stride to enhance textile sector

26 Dec '06

2 min read

At the 23rd annual general meeting (AGM) of the Bangladesh Textile Mills Association (BTMA) held in the city on Sunday, the newly elected president Abdul Hye Sarkar has taken the charge.

In the meeting the president swore to play a positive role in development of textiles of the country and on the smooth functioning of recently established Research and Training Institute and National Institute for Textile Training, Research and Design.

The BTMA leaders maintained the need to implement the recommendations placed by an inter-ministerial Task Force.

The recommendations included fixation of equity capital at 70:30, providing financial help to dyeing-printing and weaving sub-sector by banks while evaluating investment proposal and balancing the foreign exchange rate for textile sector.

The rate of interest to be fixed at nine percent, duty-free import of spares, dyes and chemicals, imparting training for skilled workforce, establishment of high-tech/industrial parks.

The task force also stressed on development of human resources through education and training, establishment of textiles and apparel parks, invitation of foreign direct investment (FDI) in primary textile sector (PTS) and provision of land at export processing zones, strengthening Bangladesh Institute of Foreign Trade, reduction of corporate tax for textile sector and check illegal entry of yarn and fabrics to protect investment made in PTS.

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