Showkat Aziz Russell, President of the Bangladesh Textile Mills Association (BTMA), emphasised that Bangladesh is now in a stronger position to attract investment in the textile sector after successful negotiations with the United States over reciprocal tariffs. He highlighted that the positive developments have resulted in increased inquiries from buyers and a sense of optimism about future business opportunities.
Speaking at an event organised by BTMA in Dhaka, Russell stated, “Now is the high time to invest in the textile sector. We want to attract further investment and create more employment opportunities.” He expressed gratitude to the team that negotiated with the US government, acknowledging their efforts in securing better trade terms.
The BTMA president noted that Bangladesh currently has an investment of approximately US $ 75 billion in the garments and textile industry, with exports valued at US $ 41 billion. He set an ambitious target to increase exports to US $ 50 billion in the near future, emphasising that a conducive investment environment is essential for achieving this goal.
Russell also raised concerns regarding port demurrage charges, citing recent government decisions that impose a 400% demurrage fee on raw material imports. He questioned whether such policies might indirectly favor Indian yarn imports and urged the commerce adviser to address this issue promptly.
During the event, former BTMA president A Matin Chowdhury congratulated the Government on successfully reducing US tariffs from an ambitious target of 20%, which he described as a significant achievement. He emphasised that diversification remains crucial for sustained growth and urged entrepreneurs to focus on expanding their product lines and markets.
The event was attended by Commerce Adviser Sheikh Bashir Uddin, Khalilur Rahman, chief adviser’s high representative, and other officials from the commerce ministry.
