Dhaka, Jul 22 (V7N) – Prime Minister Tarique Rahman has formed a committee comprising the Finance Adviser and the Commerce Minister to address the long-standing challenges facing Bangladesh's textile sector, according to the Bangladesh Textile Mills Association (BTMA).
BTMA President Shawkat Aziz Russell disclosed the development after a courtesy meeting with the Prime Minister at the Secretariat on Wednesday (July 22).
Speaking to reporters, Russell said the textile industry has been struggling with structural problems for many years that successive governments failed to resolve. He noted that even if the current government takes appropriate and practical measures, it could take around one and a half years to fully address the sector's challenges.
He expressed hope that textile entrepreneurs would give the government sufficient time to implement the necessary reforms.
Russell said discussions with the Prime Minister focused on the industry's financial difficulties as well as persistent shortages of gas and electricity, which have significantly affected production. He added that the government is already providing a 5 percent incentive to support the sector.
The BTMA president said the textile industry could recover if the government remains committed to resolving its key challenges.
He also expressed optimism that the government's initiative to reopen closed textile factories could generate employment for around 1.5 million people in a relatively short period.
However, Russell stressed that addressing unfair dumping practices in the market would be essential for the successful reopening and sustainable operation of those factories, saying domestic manufacturers must be protected from unfair competition.
END/SMA/AJ
