Garment exporters in Bangladesh have sought a 10 per cent cash incentive on non-cotton apparel export in the budget of next financial year 2023-24.
This is as per reports, which underlined the garment makers have made this demand with the aim to remain competitive on the global market as the demand for man-made fibre-based products continues to rise even as the President of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), Faruque Hassan in a recent letter written to Finance Minister AHM Mustafa Kamal reportedly maintained if cash incentive was provided by the Government for the diversification of fibres, it would help open up a new era of exports for the industry.
As per the garment makers’ body, the share of MMF-based apparel stood at 75 per cent of the total global textile consumption whereas only 26 per cent of Bangladesh’s total RMG exports is MMF based, which has been primarily due to Bangladesh’s increased dependency on cotton based apparels.
