DHAKA: Bangladesh is highly dependent on India for cotton, the basic raw material for the textile industry, due to comparative price, shorter lead time and smooth supply. 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.
“India has become the single largest source of cotton import for Bangladesh due to rapid shipment, better quality, price competitiveness and settlement of dispute in a relaxed manner,” BTMA President Tapan Choudhury said at a media briefing yesterday.
“Dependency on a particular country is not good for us. We are thinking an alternative,” he said. Tapan was briefing the media on Bangladesh India Cotton Fest 2016 to be held on March 12 at Raddission Blu in the capital.
Bangladesh Cotton Association and Indian Cotton Association Limited are jointly organising the first ever “Bangladesh India Cotton Fest 2016”. Commerce Minister Tofail Ahmed is expected to inaugurate the fest as the chief guest. Tapan said 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, Tapan said, adding that sourcing raw materials at a comparative prices help the sector achieve the smooth supply chain.
“To ensure uninterrupted sourcing of cotton and as a trade-based country, we are going to organise 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.
The fest is to create a friendly environment to exchange views in order to create trade relationship among the importers and exporters and help resolve trade dispute, said Ayub. “The Indian cotton dominates the cotton market. We are going to organise the fest so that dominion could be equal,” said Tapan. BTMA Vice-President Md Fazlul Hoque and Abdullah Al Mahmud, BCA President Badsha Mia and general secretary Mehdi Ali were present at the briefing.
