Bangladesh Textile Mills Threaten To Close
The People's Republic of Bangladesh
Textile manufacturers say they may be forced to close their factories unless the government provides them with more cash incentives to restrict imports of cotton yarn and fabrics from India.
"Without these measures, we would not be able to survive," said Jahangir Alamin, President of Bangladesh textile factory Association, Gil.
He told reporters that due to natural gas and electricity
shortage
Manufacturing companies cannot start production.
Gil said: "we have no choice but to stop production, September.
Muslim
After the start of Eid, half of the manufacturing companies have lost production capacity.
He said, if the government does not export cash to textile manufacturers.
Excitation
From the current 5% to 15%, they will be very difficult to survive and it will be difficult to maintain their competitiveness in the international market.
Bangladesh's textile sector has more than 1300 major textile manufacturing plants with a total investment of over US $4 billion, helping the country save huge foreign exchange.
Now we can provide 80% and 40% fabrics for the export oriented knitwear and weaving industry respectively, he said.
Ready-made garments are the main export earning industry in Bangladesh, and also the largest job creation industry, next only to agriculture.
Due to the lack of electricity and natural gas, the start-up rate of textile factories is about 35%.
At present, Bangladesh has a power gap of 2000 megawatts per day, while natural gas has a shortfall of 500 million cubic feet.
Recently, India announced that it will provide 7.67% export cash incentives for knitted and woven fabrics and yarns from April 1, 2011.
The new measures are a severe blow to Bangladesh.
The Bangladesh spinning mill has 2 million 500 thousand tons of unsold yarn stock valued at $121 million.
In the first half of 201 years, Bangladesh imported 287 million kilograms of yarn and fabric, an increase of 25% over the same period last year.
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