Commerce Minister Tipu Munshi said on Friday that the readymade garments industry in Bangladesh would be benefited if the USA approves duty-free facilities in cotton import.
At an event titled “4th Global Cotton Summit Bangladesh-2023”, the minister said, “Bangladesh is the second largest RMG exporter in the world and imports a huge amount of cotton every year from different countries. On the other hand, the USA is the largest cotton exporter. It is also the largest export market for our garments.”
Chargé d’affaires of the US Embassy in Dhaka Helen LaFave was present at the event organised by Bangladesh Cotton Mills Association in cooperation with Bangladesh Textile Mills Association at the Hotel Radisson Blu Water Garden, Dhaka.
The commerce minister said that Bangladesh needs around 9 million bales of cotton every year for RMG exports. But the country produces only 1.50 lakh bales of cotton annually, which is only 1.6% of the total demand.
“Bangladesh is trying to increase cotton production in the country. However, even if this production doubles, Bangladesh will have to import a huge amount of cotton from abroad,” Tipu Munshi said.
He also said that Bangladesh could lease lands in other countries to cultivate cotton to meet the demand of the RMG sector.
“There are huge amounts of uncultivated land in many countries in the world like Cambodia. We have skilled manpower in our country. If we can cultivate cotton with our workforce by leasing lands, we would be able to meet the demand for cotton,” the minister said.
President of Bangladesh Cotton Association Mohammad Ayub, Paolo Fernando Dias Feres, ambassador of Brazil in Dhaka, Jeremy Bruer, Australian high commissioner in Bangladesh, and FBCCI President Md Jasim Uddin were also present at the event among others.
