Now is the high time to invest in the textile sector: BTMA president
Showkat Aziz Russell, president of the Bangladesh Textile Mills Association (BTMA), has said that following the successful negotiation with the United States regarding reciprocal tariffs, Bangladesh is now in a stronger position. As a result, the country's exporters are receiving more inquiries from buyers and there is optimism about future business.
"We want to invest further... now is the high time to invest in the textile sector," he said at an event held at the Gulshan Club in Dhaka yesterday evening. The programme was organised by the BTMA to express gratitude to the team that negotiated with the US government.
Addressing the gathering, he said, "You should look at us for investment. We will create employment."
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Showkat mentioned that there is currently an investment of $75 billion in the garments and textile sector. Bangladesh's exports stand at $41 billion, and the target is to raise this to $50 billion soon.
"Everything will be possible if you keep a close eye on us and ensure an investment-friendly environment," he added.
In this context, he cited the example of a recent government decision on port demurrage charges, pointing out that if there is a 400% demurrage at the raw material import stage in the port, then it raises the question of whether the policy is indirectly promoting Indian yarn. He urged the commerce adviser to address this issue and find a quick solution.
Participating in the discussion, A Matin Chowdhury, former president of BTMA, congratulated the government team that negotiated with US representatives.
He said, "It was a very ambitious target to reduce it to 20% percent, and you have achieved it." At the same time, he emphasised that no matter how positive the government's policy, it will not succeed without diversification. He urged entrepreneurs to focus on diversifying their products and markets.
Commerce Adviser Sheikh Bashir Uddin, Khalilur Rahman – chief adviser's high representative – and other officials from the commerce ministry attended the event.
