Specialised textile mills seek govt support
Thursday, 21 January 2010
FE Report
Specialised textile mills owners Tuesday urged the government to solve their problems immediately and ensure adequate funds for the once prospective sector.
The leaders made the appeal at a meeting with Bangladesh Bank governor Atiur Rahman at his office in the city.
"This sub-sector can play an important role in meeting requirement if the existing industrial units are modernised and provided with government and bank support," Sharif M Afzal Hossain, president of Bangladesh Specialised Textile Mills and Powerloom Industries Association (BSTMPIA) said.
BSTMPIA president said: "The woven cloth supply shortfall will reach 3,210 million metres in 2012, but the sub-sector can produce an additional 2,000 million metres, if just Tk 9 billion is invested in the sector, which will also more create jobs for 1.12 million people."
He said the 1,400 industrial units in the country produce 1,260 million metres of cloth and the annual average turnover is Tk 37.8 billion.
Tk35 billion industry has provided employment to over 560,000 people, he said.
He said that a parliamentary committee has already identified some 108 problems the sub-sector is facing and made recommendations to solve them.
He said a friendly industrial policy, cooperation of financial institutions such as banks and modern machineries are needed to revive the previously prospective sector.
He also urged the Bangladesh Bank to make 70:30 as the debt equity ratio of investment in the financial institutions to promote rapid investment.
The central bank governor gave a patient hearing to the team and assured them of giving his support to solve the existing problems of the sector.
BSTMPIA senior vice president Abdus Sattar, vice presidents Faizuddin Ahmed Lavlu and Kazi Rafiqul Alam among others, were present at the meeting.
Specialised textile mills owners Tuesday urged the government to solve their problems immediately and ensure adequate funds for the once prospective sector.
The leaders made the appeal at a meeting with Bangladesh Bank governor Atiur Rahman at his office in the city.
"This sub-sector can play an important role in meeting requirement if the existing industrial units are modernised and provided with government and bank support," Sharif M Afzal Hossain, president of Bangladesh Specialised Textile Mills and Powerloom Industries Association (BSTMPIA) said.
BSTMPIA president said: "The woven cloth supply shortfall will reach 3,210 million metres in 2012, but the sub-sector can produce an additional 2,000 million metres, if just Tk 9 billion is invested in the sector, which will also more create jobs for 1.12 million people."
He said the 1,400 industrial units in the country produce 1,260 million metres of cloth and the annual average turnover is Tk 37.8 billion.
Tk35 billion industry has provided employment to over 560,000 people, he said.
He said that a parliamentary committee has already identified some 108 problems the sub-sector is facing and made recommendations to solve them.
He said a friendly industrial policy, cooperation of financial institutions such as banks and modern machineries are needed to revive the previously prospective sector.
He also urged the Bangladesh Bank to make 70:30 as the debt equity ratio of investment in the financial institutions to promote rapid investment.
The central bank governor gave a patient hearing to the team and assured them of giving his support to solve the existing problems of the sector.
BSTMPIA senior vice president Abdus Sattar, vice presidents Faizuddin Ahmed Lavlu and Kazi Rafiqul Alam among others, were present at the meeting.