"If the gas price is doubled, Bangladesh's textile sector will never become sustainable. There will be no new investments, and banks will not finance any new projects. One factory after another will be forced to shut down," Russell told a press conference in Dhaka this week.
Doubling the price will also discourage both local and foreign investment, especially those who want to be relocated from China, he was cited as saying by domestic media reports.
Banks have not financed any new projects in the last six months, he said.
The press conference announced the upcoming Dhaka International Textile & Garment Machinery Exhibition. Starting on February 20, the four-day event will feature 1,600 stalls from 33 nations.
ALCHEMPro News Desk (DS)
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