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Saturday, July 20, 2024

BTMA seeks refinancing for core segments of the textile sector

The Bangladesh Textile Mills Association (BTMA) has sought a refinancing facility to modernize textile machinery in segments like spinning, weaving, etc from Bangladesh Bank, the central bank of Bangladesh.

“BTMA urges the Commerce Ministry as well the Bangladesh Bank to seriously look into the issue,” Mohammad Ali Khokon, President of BTMA said.

According to Khokon, manmade fibres, home textiles, and denim fabrics are eligible for refinancing under the Bangladesh Export Policy 2021-24.

“However, segments like spinning, weaving, dyeing, and printing have not been included for refinancing in the Export Policy,” media reports quoted Khokon as saying.

Khokon stated that apart from exporting yarn and fabrics, these segments were supplying fabrics to garment exporters, which helped in saving foreign exchange.

“It is important for textile mills to replace older textile machinery and modernize by replacing them with new technologies to stay competitive,” the BTMA President noted.

Khokon urged the Commerce Ministry to include segments like spinning, weaving, dyeing, and printing dyeing segments in the new Export Policy 2024-26.

Under the Policy, the Bangladesh Bank introduced a refinancing scheme in 2021 amounting to Taka 10 billion to modernize exporting units.

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