PM directs formation of high-level committee to resolve textile sector challenges

Prime Minister Tarique Rahman has directed the formation of a high-level committee comprising ministers, the governor, and other relevant stakeholders to address the existing challenges facing Bangladesh's textile sectors, which sectors investment amounts worth approximately $23 billion.

The committee has been instructed to convene within one week, identify the sector's key challenges, and submit recommendations outlining possible solutions. The government will take necessary measures based on the committee's recommendations.

The decision was made during a meeting between the Prime Minister and leaders of the Bangladesh Textile Mills Association (BTMA) today (22 July) at the Prime Minister's Office in the Bangladesh Secretariat, according to a BTMA press release.

The release stated, "The Prime Minister assured that the government would take appropriate steps to address the existing challenges facing the textile sector based on the committee's report."

According to the press release, BTMA raised five key issues during the meeting, including formulating policies for the textile and export-oriented ready-made garment (RMG) sectors in line with competing countries; setting a 5% interest rate for the textile sector; Relaxing Credit Information Bureau (CIB) assessment requirements to facilitate the swift implementation of the government's announced working capital support; Introducing a Fast Track Service Mechanism to ensure quicker and more effective delivery of government utilities and other public services.

The BTMA delegation was led by its President, Showkat Aziz Russell, and was joined by other senior BTMA leaders. Government senior officials also attended the meeting.