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Saturday, July 20, 2024

Bangladesh textile industry not seeing any new investments

The Bangladesh textile industry did not see new investments in 2023 due to various reasons, which primarily included a severe energy shortage and a global economic slowdown.

Bangladesh Textile Mills Association (BTMA) President Mohammad Ali Khokon revealed this at a press conference held on the eve of the DTG 2024 textile machinery exhibition.

“The Bangladesh textile sector is facing a shortage of gas for the past several years and production in the industry has fallen by 50 percent,” Khokon said.

According to the BTMA President, in just January 2024, textile manufacturing declined 40 percent as gas supply remained suspended in many industrial areas of Bangladesh.

“The government is inviting foreign investors to make investments but has failed in providing adequate gas supplies. If this continues, new investments will not happen,” he added.

Khokon further said that the government had promised to ensure a nonstop supply of gas, but the gas supplier had breached its commitment, due to which the gas crisis has intensified.

“Shortage of gas has led to textile manufacturing staying almost suspended in textile mills in various areas of Bangladesh,” he stated.

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