Commerce Minister Tipu Munshi has sought duty free facilities in importing cotton from the USA.
“If the USA provide us duty free trade facility in importing cotton for using in the RMG industry the industry will be hugely benefitted”, Minister said. He was addressing the ‘4th Global Cotton Summit Bangladesh 2023” as the chief guest at Hotel Radisson Blue Water Garden in the capital on Friday.
He mentioned that Bangladesh needs 9 million belt of Cotton every year in RMG industry to import products across the globe, but of which only 1.5 Lakh Belt is produced in the country which is 1.6 % of total demand. We have to import the rest huge quantity of Cotton from different countries of the world.
Minister said the government has undertaken all-out initiatives to increase the production of cotton, mentioning that if the country could double its production then also it will need to import a huge quantity from abroad. Bangladesh Cotton Association President, Mohammad Ayub presided over the summit while US Embassy Charge d Affairs in Dhaka Helena La Fave, Ambassador of Brazil in Bangladesh, Paulo Fernando Daias Feris were present in the event as the guests of Honor.
Commerce Minister, while addressing, also said Bangladesh will need more quantity of Cotton if wish to reach it’s apparel export to $ 100 billion in the next two years. Bangladesh will take more initiative in further increasing cotton production and if needed it will have to decide convening inter-ministerial meeting.
“ Huge quantity of lands remain un-cultivated in many countries across the globe including Cambodia, they need not to cultivate them because of having no demand so if we can take move to take lands on lease for producing cotton in those countries, this can be a way of meeting the demand”, Minister added.
President of the Federation opf Bangladesh Chambers of Commerce and Industries (FBCCI), Md. Jashim Uddin, BTMA President Mohammad Ali Khokon, BGMEA President Faruk Hasan also spoke on the occasion as the special guests.
