Salman F Rahman, advisor of the prime minister on private industries and investment suggested that local entrepreneurs invest more in manmade fibre.
He also said that 70% of the world’s total clothing commerce is composed of man-made fibre, yet 90% of Bangladesh’s clothing is made of cotton and cotton-blend fibre.
He also advised local businesses to make investments in the production of machinery, possibly through joint ventures.
He was speaking as the chief guest at the inauguration ceremony of the 17th Dhaka Textile and Garment Machinery Exhibition (DTG) 2023 at the ICCB of the capital on Wednesday.
He also ensured that the government is working to resolve the customs and taxes related issues regarding import of mmf raw materials.
According to him, Bangladesh’s investment in the textile and apparel industries is being hampered by the rising cost of energy but due to the global scenario since the Ukraine war, there are no alternatives.
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) president, Md Jashim Uddin, stated that Bangladesh has set an aim to export goods worth $300 billion by 2041.
He stated that cutting-edge and environmentally friendly clothing will aid in reaching the goal.
President of the Bangladesh Textile Mills Association Mohammad Ali Khokon praised the government for taking action to alleviate the nation’s energy problems by importing LNG.
The four-day event (February 15-18) had 1200 companies from 35 different nations attending, according to Judy Wang, executive director (overseas) of Chan Chao International.
As the nature of productivity in various industries changed over the past several years, she added, the expo featured primarily high technology and modern machinery with high productivity.
The fact that so many businesses are interested in investing in Bangladesh is the reason why international retailers and brands are drawn to the country.