President Mirza Fakhrul Islam Alamgir on Monday assured the Bangladesh Textile Mills Association (BTMA) of necessary government support in resolving the problems of the country’s textile sector, stressing its vital contribution to the economy, employment generation and foreign exchange earnings.
He gave the assurance when a 22-member delegation of BTMA, led by its President Shawkat Aziz Russell, met him at Bangabhaban.
President's Press Secretary Md Sarwar Alam briefed reporters after the meeting.
The President said the textile sector plays a vital role in the country’s economic development and employment generation.
He said Bangladesh needs to ensure practical and coordinated policy support for its industries, similar to that provided by competing countries to help the country’s textile sector move forward.
“Even after 55 years of independence, we have not been able to take our economy to the desired level due to various reasons including political instability,” he said.
He said the assumption of office by a democratic government has created a new opportunity to rebuild different sectors of the economy.
The President urged business leaders to play an effective role in utilising this opportunity.
Identifying the energy crisis as the biggest challenge facing the country at present he said no significant initiative taken in the past to explore and extract the country’s own gas and energy resources or to ensure long-term energy security.
Referring to the ongoing war in the Middle East, he said developing economies like Bangladesh are being affected more severely.
He said the government’s sincere efforts to address the energy crisis are continuing.
During the meeting, BTMA President Shawkat Aziz Russell highlighted the contribution of the textile industry to the country’s economy.
He also outlined initiatives taken for the development and expansion of the textile sector during the tenures of late president Ziaur Rahman and former prime minister Khaleda Zia and briefed the President on the sector’s current problems and challenges.
The BTMA leaders stressed the importance of maintaining the National Board of Revenue’s decision to withdraw bond facilities for imports of 10-30 count cotton yarn and to allow such yarn imports against bank guarantees in order to protect local textile mills.
The President’s secretaries and senior officials concerned were present at the meeting.