The country’s primary textile millers called on the government to provide cash incentive for exporters of readymade garment (RMG) items made from man-made fibre (MMF) only after ensuring that they use locally produced yarn and fabric……….
Bangladesh Textile Mills Association (BTMA), in a letter to the commerce minister on July 16, made the plea after the ministry backed the RMG makers’ demand that they be provided five per cent cash incentive on exports of non-cotton apparel items.
In response, the commerce ministry has recently written to the finance ministry about this issue.
Welcoming the move, the BTMA in the letter said a 5.0 per cent cash incentive will help increase RMG exports and ensure the growth of overall textile and clothing sectors.
“Larger share of exports of non-cotton RMG items is made using the imported fabrics and thus little value addition takes place, resulting in low foreign currency retention against exports,” BTMA president Mohammad Ali Khokon said in the letter. Related news published in the The Daily NEWAGE also. Read more….