Doubling gas price will lead to closure of factories: BTMA president
Showkat Aziz Russell warns such an increase would make the industry unsustainable, hampering new investment and prompting banks to withdraw financing for new projects
A proposed doubling of gas prices could trigger a wave of factory closures in Bangladesh's textile sector, Bangladesh Textile Mills Association (BTMA) President Showkat Aziz Russell has said.
"If the gas price is doubled, Bangladesh's textile sector will never become sustainable. There will be no new investments, and banks will not finance any new projects. One factory after another will be forced to shut down," Russell said at a press conference held at a hotel in Dhaka today (18 February).
The press conference was on the upcoming Dhaka Int'l Textile & Garment Machinery Exhibition (DTG), which is the country's largest textile machinery exhibition.
Keep updated, follow The Business Standard's Google news channel
Starting Thursday (20 February), the four-day event will feature 1,600 stalls from 33 countries.
BTMA Director Abdullah Al Mamun was also present at the press conference.
