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PM asks mill owners to produce cotton locally

25
May '10
Recently, Prime Minister, Sheikh Hasina, made an appeal to the textile mill owners to discover means to produce cotton domestically, so as to diminish the excessive dependence on foreign sources for the prime input.

She further said that, they will have to locate regions within the country wherein, they can cultivate cotton, as the country still depends on imports for raw materials required to manufacture yarn.

This statement was given during her speech at the inaugural function of 'TEXBANGLA 2010', a three-day trade fair, organized by Bangladesh Textile Mills Association (BTMA) at Dhaka Sheraton Hotel in the capital city. All-together, 26 spinning and textile firms are partaking in the fifth biennial exhibition.

These statements came in as yarn prices increased by two-fold to 90 cents per pound in April in the domestic market. This rise was steered by the rising international demand, which pushed the yarn prices to its all-time 10-year high and a ban on exports of cotton by the second largest producer of cotton in the world, India, further added to the increment.

Bangladesh, the country, which almost manages its entire cotton requirement by means of imports, consumes around four million cotton bales per year.

Further Hasina stated that, the government support and stimulus package that are being provided to the country's textile sector, would continue in the same manner, as the sector had generated the second highest number of employment, after the agriculture sector. A stimulus package amounting to Tk 35 billion has already been announced to help the sector combat the adverse impacts of the world economic crisis.

Speaking on the power crunch, she said that, they have identified power as an emergency sector and as a short-term solution, they have initialized steps to establish a number of rental power plants. She added that, by the year end they intend to put in 1,000 megawatt power to the national grid.

More so, in order to trim down the gas crisis they needed to emphasize on capacity building to discover newer gas fields and for this purpose, the government has decided to procure, latest equipments, informed the Prime Minister.

Fibre2Fashion News Desk - India


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