Bangladesh to help the textile industry through the period of economic turmoil

Bangladesh jute textile newly appointed minister of Mr Abdul Latif Siddiqui recently said that the Government will actively search for and implementation of four textile industry organizations, the recommendations made to help the textile industry through the period of economic turmoil.

He was a three-five days of the seminar called on Bangladesh textile enterprises to actively seek alternative sources of procurement of cotton. Bangladesh is the world’s third largest cotton importing countries, behind China and Turkey after.

Bangladesh Garment Manufacturing and Exporters Association, Bangladesh Knitwear Manufacturers and Exporters Association, Bangladesh Textile Mills Association and Bangladesh Association of special textile factories are submitted to the Government to deal with crisis.

Their recommendations, including the cash incentive from 5% to 15%, textile enterprises to repay loans was delayed 2 years until December 31, 2010.

The main objective of the seminar is to find African cotton direct purchase channels, bypassing the agent of African countries, because agents tend to raise prices first, and then sell cotton cotton importer in Bangladesh. Bangladesh annually imports about three million bales of cotton.

The seminar will be beneficial to African countries and Bangladesh, because the African cotton producing countries have also participated in the seminar, Benin, Kenya, Malawi, Tanzania, Mozambique, Uganda and Zambia to sell cotton directly to the Bangladesh importers, they can get better prices, while import prices of Bangladesh importers will also be profitable.