The Bangladesh Textile Mills Association (BTMA) has announced that textile mills across the country will shut down indefinitely from 1st February, citing the government’s failure to implement effective measures to safeguard domestic yarn producers.
The decision was announced by BTMA President Shawkat Aziz Russell at a press conference held at the association’s office in Kawran Bazar, Dhaka, attended by senior industry representatives.
Russell said the decision to close mills had been taken under compulsion, as mill owners were no longer in a position to service their bank liabilities under prevailing conditions. He said the industry’s financial position had deteriorated sharply, with capital levels declining by more than half, leaving no viable pathway to repay outstanding debts.
He added that even the liquidation of all available assets would be insufficient to clear existing liabilities, underscoring the severity of the financial crisis facing the sector.
Russell also said that repeated attempts to seek relief through discussions with various government ministries and departments had not yielded results. He alleged that responsibility was being passed between authorities, with no concrete policy decisions forthcoming, further aggravating uncertainty for the industry.
BTMA leaders present at the press conference warned that the absence of immediate policy support and industry-friendly interventions could push the textile sector into a deeper and more prolonged crisis, with wider implications for employment and the broader manufacturing ecosystem.
