President seeks integrated policy support to address textile sector challenges

Special Correspondent: President Mirza Fakhrul Islam Alamgir on Monday called for realistic and integrated policy support to address the longstanding problems of Bangladesh’s textile industry and help the sector compete effectively in the global market.“To take the country’s textile sector forward, it is necessary to ensure realistic and integrated policy support for Bangladesh’s industrial enterprises, like those in competing countries,” he said.The President made the remarks when a 22-member delegation of the Bangladesh Textile Mills Association (BTMA), led by its President Shawkat Aziz Russell, met him at Bangabhaban today.President’s Press Secretary Sarwar Alam briefed reporters about the meeting.The President appreciated the significant contribution of the textile sector to Bangladesh’s economy, particularly its role in generating employment and earning foreign currency.“The textile sector plays a very important role in the country’s economic development and employment generation,” he said.He assured the BTMA leaders of providing necessary support and advised them to raise the sector’s problems and demands with the government’s policymakers with due importance.Referring to the country’s economic challenges, Mirza Fakhrul said Bangladesh had not yet been able to take its economy to the desired level even after 55 years of independence due to various factors, including political instability.He said the assumption of responsibility by a democratic government had created a new opportunity to rebuild and strengthen different sectors of the economy.The President urged the country’s business leaders to work together to make the best use of the opportunity and contribute to economic development.He also expressed concern over the impact of the ongoing conflict in the Middle East on developing economies like Bangladesh.“The energy crisis has emerged as the biggest problem at present,” he said, noting that no significant initiative had been taken in the past to explore and extract the country’s own gas and energy resources and ensure long-term energy security.He said the government was continuing its sincere efforts to address the country’s energy crisis.During the meeting, BTMA President Shawkat Aziz Russell highlighted the textile industry’s contribution to the national economy and briefed the President on various initiatives taken for the development of the sector.He also apprised the President of the initiatives taken for the textile sector during the tenure of Shaheed President Ziaur Rahman and former Prime Minister Begum Khaleda Zia, alongside the current problems and challenges confronting the industry.The BTMA delegation also discussed issues related to the import of cotton yarn and protection of domestic textile mills.The association leaders emphasized maintaining the National Board of Revenue’s decision to withdraw bond facilities for the import of 10–30 count cotton yarn and allowing such yarn imports through bank guarantees.They argued that the measures were important for protecting domestic textile mills amid the challenges facing the industry. The President’s secretaries and senior government officials were present at the meeting.