Local textile entrepreneurs are actively pursuing a refinancing facility from the central bank to propel the modernisation of the industry.
The president of the Bangladesh Textile Mills Association (BTMA), Mohammad Ali Khokon, recently appealed to the Commerce Ministry, emphasising the need to address this crucial issue.
Khokon highlighted a notable omission in the Export Policy-2021-24, where essential sectors like spinning, fabric manufacturing, dyeing, printing, and finishing within the textile industry were not prioritised, unlike denim, man-made fibre (MMF), home textiles, décor, terry towels, and recycled products.
He underscored the significance of the primary sector mills, which play a pivotal role in achieving export earnings by supplying yarns and fabrics to the country’s apparel sector.
Additionally, these mills contribute significantly to meeting the demand for local clothing.
The BTMA expressed concerns about the regular challenges faced by the textile industry, including readymade garments, due to globalisation even as in response, textile owners are aligning their mills with modern and new technologies to maintain competitiveness in the globalized era.