These products could serve as import substitutes and significantly contribute to the economy by generating foreign exchange through exports, said Showkat Aziz Russell, president of the Bangladesh Textile Mills Association (BTMA), in a letter to the country’s chief adviser.
Allowing import of recyclable plastics and textile waste with a specific 5-per cent duty for use in the recycling textile industries could add an additional $40–$50 billion annually in export earnings, he noted.
BTMA requested safeguarding the legitimate interests of the domestic industry by facilitating the import of all types of textile waste that serves as a key raw material for mills producing recycled fibre.
The letter also called for revising the notification issued by the Ministry of Environment, Forests, and Climate Change on August 27, 2024, and for a meeting with stakeholders to determine the appropriate policy, domestic media outlets reported.
Bangladesh imports around 1,200 tonnes of PSF annually. Domestic production of PSF could save $150 million in foreign exchange.
ALCHEMPro News Desk (DS)
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