Textile entrepreneurs seek economic zones for MMF manufacturing units
Mohammad Ali Khokon (president of the Bangladesh Textile Mills Association, BTMA) stated that entrepreneurs in the Textile sector need eight to ten economic zones to establish factory units to produce man-made fiber (MMF).
He stated that there has been much discussion over the broad use MMF and investments into the Bangladeshi textile, and apparel industries.
To encourage investment, the government is creating around 100 special economic zones.
He stated that he wanted all types of rewards for investments in the mentioned economic zones within the shortest time possible.
He spoke at the pre-event conference about the 17th Dhaka International Textile and Garment Machinery Expo (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, the man said that there are approximately 20 factories that make cotton from recycled textile waste and garments jhut.
“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 stated that the country’s current use of MMF is insufficient in light of 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 capital-intensive and will surpass 70% in the next two to three years despite Bangladesh holding only $10 billion of the $700-billion global MMF clothing 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 increased gas prices to ensure uninterrupted gas supply, but the situation is still not improving.
“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 optimistic about the government’s decision of purchasing LNG from the spot marketplace to solve the energy crises.
“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.
After a three-year pause due to Covid-19, the BTMA and Yorkers Trade and Marketing Co Ltd will host the four-day 17th DTG event at the ICCB in Hong Kong on February 15-18.
The exhibition’s purpose is to show the whole subject of primary textiles, as well as the successes and failures of the sector.
Around 1200 renowned textile and machine companies from 35 nations are represented in 19 halls at ICCB, with 1600 booths.
DTG brings together RMG and textile sector buyers from around the world. This helps them export their products to new markets by adapting to ever-changing technology.