Showkat Aziz Russell, President of the Bangladesh Textile Mills Association (BTMA), has said that 50 textile mills in the country have shut down due to multiple crises, resulting in the loss of 200,000 jobs.
Highlighting that one of his own cotton mills has closed, he expressed concern that he could soon become a “textile-less” president. To save the sector, he has requested a government decision within the next 72 hours.
He made these remarks on Sunday (28 December) at a views-exchange meeting organised by BTMA at the Gulshan Club in Dhaka. The meeting was held to “draft recommendations for the government regarding the longstanding problems in the spinning sector and measures to overcome them.”
Russell said the industry, the economy, and the political situation are all facing crises. He added that yarn from India is being dumped in Bangladesh at prices 30 cents lower, leading to the closure of 50 mills and the loss of 200,000 jobs. “Even if we want to, it is not easy to reopen the closed mills. In the past 20 months, we have not seen any government initiative regarding this sector,” he said.
He further stated, “Indian yarn is being dumped in Bangladesh at a price reduction of 30 cents. Our mills are gradually weakening. So far, 50 mills have closed, with investments in these factories ranging from Tk 5–7 billion. The closures have resulted in the loss of 200,000 jobs. Reopening these mills will be extremely difficult. In the past 15–20 months, we have not seen any government initiative. During this period, imports of yarn from India have increased by 137 percent, which is very concerning.”