April 20, 2024
Machinery

BTMA Seeks Refinancing For Spinning To Printing Segments

The Bangladeshi textile industry is seeking a refinancing facility to modernise or refurbish textile technologies in various segments like spinning, weaving, etc from the central bank of Bangladesh.

Mohammad Ali Khokon, who is the President of the Bangladesh Textile Mills Association (BTMA), has urged the Bangladesh Commerce Ministry to look into the issue.

“He said that while denim fabrics, manmade fibres, home textiles and recycled products have been given priority in the Bangladesh Export Policy 2021-24,” a media report stated.

The Bangladesh Bank, which is the central bank had introduced a refinancing scheme in 2021 totaling to Taka 10 billion for modernising export-oriented sectors.

Khokon pointed out that priority segments like spinning, weaving, dyeing and printing have not been included in the Export Policy.

He said these segments of the industry have been instrumental by providing fabrics to the garment export industry, thereby saving on valuable foreign exchange, while also exporting yarns and fabrics.

The BTMA President added that it is imperative for textile mills to modernise by adopting new technologies and remain competitive.

Khokon also requested the Commerce Ministry to include the spinning, weaving and printing and dyeing segments in the new Export Policy 2024-26 being currently drafted by the Ministry.

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