India has become the single largest source of cotton import, the basic raw material for the textile industry for Bangladesh due to rapid shipment, better quality, price competitiveness and settlement of dispute in a relaxed manner, said BTMA President Tapan Choudhury.
According to the latest data from Bangladesh Textile Mills Association (BTMA), Bangladesh imports 49% cotton from India to meet its demand. Last year, it imported 6.10 million bale cotton, of which 2.99 million bale or 49% came from India.
Tapan briefing the media on Bangladesh India Cotton Fest 2016, the first ever event jointly organizing by the Bangladesh Cotton Association and Indian Cotton Assoication Limited to be held on March 12 at Raddission Blu in the capital said that dependency on a particular country is not good for them. They are thinking an alternative.
Commerce Minister Tofail Ahmed is expected to inaugurate the fest as the chief guest.
Tapan said that settlement of dispute, quality claim and other claims are being resolved through friendly and flexible ways.
In the last fiscal year, RMG sector contributed 81% to the country’s total export earnings. This has been possible only due to smooth supply of yarn and fabrics within short time. Sourcing raw materials at comparative prices help the sector achieve the smooth supply chain.
To ensure uninterrupted sourcing of cotton and as a trade-based country, they are going to organize the Bangladesh India Cotton Fest.
Bangladesh should be the member of International Cotton Advisory Committee (ICAC) as it will help get latest information of the cotton across the globe, BCA former president Muhammad Ayub said, urging the government to take initiate.
As the Indian Cotton dominates the cotton market, the fest is organized to equal the dominion. The fest creates a friendly environment to exchange views in order to create trade relationship among the importers and exporters and help resolve trade dispute.
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