Indian businesses urged to invest in Bangladeshi weaving sector

Indian delegation that is in Dhaka looking for investment opportunities in the textile sector has been urged to invest in the Bangladeshi weaving sector as there is an opportunity for growth said Fazlul Hoque, vice-president of Bangladesh Textile Mills Association who led the Bangladeshi team at a discussion with the leaders of the Confederation of Indian Industry (CII) at the BTMA office in Dhaka.

Another reason is that spinners are able to supply 90 percent of the yarn needed for the knitting sector, while weavers can meet only 40 percent of the demand for fabric in the garment sector due to inadequate production capacity.

The garment sector would be benefitted if Indian entrepreneurs set up weaving factories in Bangladesh, as the local businesses have to import fabrics at present, which is time consuming, Hoque added.

The Indian delegation lead by CII, has 7,900 registered members from both the public and private sectors, is the apex trade body in the Indian industrial sector. The CII delegation also expressed interest in exporting cotton to Bangladesh.

India supplies 35 percent of Bangladesh’s total demand for cotton in a year. The prices of cotton have declined significantly worldwide due to stockpiling in China, the largest cotton consumer in the world.