Home / Knowledge / News / Apparel/Garments / BGMEA demands Tk 649-cr loan waiver for 133 sick factories

BGMEA demands Tk 649-cr loan waiver for 133 sick factories

31
Oct '19
Pic: Shutterstock
Pic: Shutterstock
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) recently demanded exemption from repayment of at least Tk 649 crore in principal amount of loans and interests for 133 ‘sick’ readymade garment (RMG) units. BGMEA president Rubana Huq requested finance minister AHM Mustafa Kamal for 1 per cent special cash incentive without any condition.

In the budget for fiscal 2019-20, the government had announced 1 per cent cash incentive for RMG exporters, but the Bangladesh Bank imposed some conditions to avail the benefit.

BGMEA president’s charter of demands included rescheduling facility for small and medium garment enterprises and allowing factories to cancel or renew their licences with the waiver of all outstanding taxes.

She also demanded compensation for the sector through additional provision of Tk 2-5 against each dollar on the value they retained and retrospective effect of 0.25 per cent source tax from July.

She urged the minister to set the maximum interest rate for packing credit and to allow higher advance payment for defined category and also demanded a special fund for innovation to ensure product diversification to remain competitive in the world market.

Fibre2Fashion News Desk (DS)


Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 28th Feb 2020

Cambodian PM urges PRC to export raw materials by air, sea

Prime Minister Hun Sen recently urged Chinese ambassador to Cambodia...

Pic: Shutterstock

Textiles | On 28th Feb 2020

Pak govt urged to help clear consignments from China

The Sindh Industrial Trading Estate (SITE) Association of Industry...

Pic: Shutterstock

Textiles | On 28th Feb 2020

Coronavirus an opportunity for Indian textile industry?

While scientists across the world are busy developing vaccine and...

Interviews View All

Sunil Kumar Sharma, Loknayak JPNSSSG Ltd

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Evelyne Cholet, UCMTF

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Smarth Bansal, Colorjet India Limited

Smarth Bansal
Colorjet India Limited

We would like to venture more companies into the Indian market

Sugandha Bhardwaj,

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Ken Butts,

Ken Butts

The mission of Swiss company Datacolor is to empower its customers to make ...

Zennure Danisman,

Zennure Danisman

Since its inception in 1953, Orta Anadolu has been weaving a denim...

Frank Heislitz, Freudenberg

Frank Heislitz
Freudenberg

Freudenberg Performance Materials is a leading global manufacturer of...

Thomas Ong P S, NanoTextile

Thomas Ong P S
NanoTextile

Malaysian company NanoTextile Sdn Bhd taps into the potentials of...

Lynda Kelly, Suominen Corporation

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Aditi Somani, Aditi Somani

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Sandeep and Sarah Shaikh Gonsalves, SS Homme

Sandeep and Sarah Shaikh Gonsalves
SS Homme

SS Homme celebrates the craft of traditional tailoring through the bespoke ...

Karan Arora, Karan Arora

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


February 2020

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


Advanced Search