The Textile sector's entrepreneurs need eight to ten economic zones with speedy completion to set up factory units to manufacture man-made fiber (MMF), said Mohammad Ali Khokon, president of the Bangladesh Textile Mills Association (BTMA).
He added that there has been much talk over the broad usage of MMF and investments in the Bangladeshi textile and apparel industries.
The government is creating roughly 100 special economic zones to entice investment.
"We want all kinds of rewards for investment across the mentioned economic zone in the shortest amount of time," he said.
He was speaking at the pre-event press conference regarding the 17th Dhaka International Textile and Garment Machinery Exhibition (DTG) 2023 in the capital on Sunday.
“In 2021 and 2022, the textile sector attracted investment of worth $6060.08 million and $4148.14 million respectively. We think there would have been more investment if we had adequate gas, electricity and infrastructure facilities,” he added.
Responding to a question, he said that there are about 20 recycled fiber factories which produce cotton from garment jhut and textile waste.
“But production is at risk as garment jhut and textile waste are exported or smuggled although we've about five mills that are recycling various plastic products into fiber, 50 mills are manufacturing yarns from polyester fibre, viscose staple fibre, flux fiber and lyocell,” he added.
He also said that the amount of MMF being used in the country is very insufficient considering the future.
“In view of this, I request the government to stop the export of any garment jhut, textile waste used in the manufacture of recycled fiber,” he urged.
The textile industry is a capital-intensive industry and within the next two or three years, the global MMF clothing demand will exceed 70% though Bangladesh has only a stake of $10 billion in the $700-billion market.
“Our entrepreneurs have no shortage of passion and courage. However, factors currently discouraging investment include the Ukraine-Russia war, disruptions in global supply chains, abnormal hike in energy and power prices and the dollar crisis,” he added.
The government has already hiked the price of gas to ensure uninterrupted gas supply but the situation is yet to improve.
“We have doubts about new investment in the textile sector unless uninterrupted and quality supply of energy and power is ensured,” he added.
He is also positive regarding the government's decision to purchase LNG from the spot market to solve the energy crisis.
“I am requesting the honorable prime minister that all concerned in the power sector take the initiative to implement this step quickly. Otherwise, the current condition of our mills will worsen,” he added.
The four-day event of the 17th DTG is going to be held from February 15-18 by the BTMA in association with Yorkers Trade and Marketing Co Ltd, Hong Kong at the ICCB of the capital after a three year pause due to the Covid-19.
The objective of organizing this exhibition is to display the overall subject of the primary textile sector and the success or failure of the sector.
This year, about 1200 renowned textile and garment machinery companies from 35 countries are participating in 19 halls of ICCB with 1600 booths.
DTG brings the textile and RMG sector under the same platform with world-renowned buyer brands, helping them to export their products by adapting to the ever-changing technology.
