PM forms high-level committee to resolve textile sector crisis

Prime Minister Tarique Rahman has formed a high-level committee comprising the Finance Adviser and the Commerce Minister to address long-standing crises in the country's textile sector. Leaders of the Bangladesh Textile Mills Association (BTMA) shared this information following a meeting with the Prime Minister.

Speaking to journalists at the Secretariat following a courtesy call with the Prime Minister, BTMA President Shawkat Aziz Russell stated that the textile industry's various issues have persisted for a long time, and no previous government had been able to reach a permanent solution on Wednesday morning (July 22).

He disclosed that a coordination committee led by the Finance Adviser and the Commerce Minister has been constituted to resolve the sector's ongoing crisis. The newly formed committee will meet next week to discuss effective steps toward addressing these challenges.

Shawkat Aziz Russell noted that implementing various government initiatives and resolving complex issues may take approximately one and a half years. However, he emphasized that entrepreneurs are prepared to grant the government that time in the broader interest of the industry.

He further added that detailed discussions during the meeting covered gas and electricity supply alongside financial difficulties facing the textile sector. He expressed optimism that if the government's sincere cooperation continues, the country's textile industry will be able to turn around once again.

The BTMA President highlighted that the government is currently offering a 5 percent incentive to the industrial sector, which is playing a positive role for entrepreneurs. Additionally, he remarked that if the government's initiative to reopen currently closed factories succeeds, employment opportunities for nearly 1.5 million people will be created.