BTMA, CottonConnect sign MoU to promote domestic cotton production

FE Report
The Bangladesh Textile Mills Association and CottonConnect Limited (CCUK) held a meeting and signed a memorandum of understanding (MoU) on Wednesday, at the BTMA office in Gulshan to promote domestic cotton production, develop a sustainable and traceable cotton supply chain, and strengthen market linkages for locally produced cotton.
The meeting was led by Showkat Aziz Russell, president of BTMA, while the CCUK delegation was headed by Alison Ward, chief executive officer of CottonConnect Limited, said a press release on Thursday.
During the meeting, the parties discussed key issues relating to the development of Bangladesh's cotton sector, including the government's target of producing 0.5 million bales of cotton by 2030, the existing 1 per cent tax at source on the supply of domestic cotton to export-oriented industries, and other policy-related challenges affecting the sector.
BTMA urged the government to withdraw the existing tax at source on cotton to encourage local cotton production and utilisation.
Under the MoU, BTMA and CottonConnect Limited will collaborate on domestic cotton production, regenerative farming practices, traceability systems, ESG reporting, capacity building, policy advocacy, and international cotton supply chain linkages.
The meeting observed that increased domestic cotton production would reduce import dependency, shorten production lead times, save foreign currency, and enhance the confidence of international buyers in Bangladesh's textile and apparel sector.
BTMA directors Mohd. Khorshed Alam, Syed Enayat Kabir, and Rubaiyat Haider attended the meeting. From CottonConnect Limited, Abou Bakar, country representative for Bangladesh and Pakistan, and Farid Uddin, consultant, were also present.