Bangladesh Government proposed reducing import duty on 18 types of non-cotton fiber from 10%-31% to 1% to aid local textile millers in diversifying their export offerings.
Finance Minister A H Mahmood Ali announced, “Following the recommendations of the Bangladesh Textile Mills Association (BTMA), I propose to include certain raw materials related to the import of machinery, spare parts, and raw materials for the textile industry.”
He also suggested raising the minimum value of imported cotton from $3 to $4 per kg and increasing the minimum value of imported polyester and synthetic fabrics from $3 to $4.5 per kg.
Finance Minister Abul Hassan Mahmood Ali presented a proposed national budget of Tk 797,000 crore for the 2024–25 fiscal year in the national parliament on 6th June, 2024.
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