BTMA urges Finance Minister to save textile sector
02 Jul '05
2 min read
Finance minister M. Saifur Rahman was appealed by Bangladeshi textile players to take some short-term action to develop the textile sector to take stand on a global platform with India and Pakistan.
Chairman of the Bangladesh Textile Mills Association (BTMA) MA Awal explained that it will be thorny to keep going and will loose its global market share to its main competitors India and Pakistan in this quota free era. To avoid this critical situatuation the government should provide some competitive packages to help up hold textile sector.
To boost the textile sector, BTMA members urged to ease loan facilities for the entrepreneurs, and to minimize fixation of bank interest, which is double digit now and fix the equity for the bank loan to 80:20.
Pakistan has put scissors the bank interest rate to 3.5 percent from 17.14 and started giving subsidy on textile export at 1.5 percent rate, whereas India has pull down the bank interest rate to six percent from 17.
In a letter, the association to the Finance Minister on June 29, expressed regression that the national budget did not concentrated on any steps regarding implementation of any decision suggested by National Co-ordination Council (NCC), especially to set up a textile park outside Dhaka.
marketing@alchempro.com
