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Related Keywords: amid changes in global fashion trend, BTMA, Demand for man-made fibres, durability, higher than cotton-made yarn and fabrics, import of man-made fibre is increasing every year, increasing as a substiture for cotton, longevity of artificial fibres, polyester staple, viscose and tencel

Demand for man-made fibres such as polyester staple, viscose and tencel is increasing as a substiture for cotton amid changes in global fashion trend. The import of man-made fibre is increasing every year, said Monsoor Ahmed, secretary of the BTMA.

According to data from Bangladesh Textile Mills Association (BTMA), Bangladesh imported 78,208 tonnes of polyester staple fibre in 2016, up 11.39 percent from 70,209 tonnes in 2015 and 35.72 percent from 51,729 tonnes in 2014.

Related Keywords: attending inauguration ceremony, Bangladesh State Minister for Finance MA Mannan, boost textile industry, BTMA, business community, Dhaka International Textile and Garments Machinery Exhibition, help government achieve goals, infrastructure support, Textile is the mother of industries

Bangladesh State Minister for Finance MA Mannan, attending the inauguration ceremony of the 15th Dhaka International Textile and Garments Machinery Exhibition, being held at the capital’s Bangabandhu International Conference Center as the chief guest said the Textile is the mother of industries and that the government will do everything possible to boost the country’s textile industry. The state minister also urged for assistance from the business community to help the government achieve these goals.

Related Keywords: Bangladesh garment industry, BGAPMEA, BKMEA, brought about by uncertain global prospects, BTMA, demand withdrawal of source tax, EAB, existing twenty percent, help them sail through choppy waters, need for remediation of structure, on export for at least two years, slashing corporate tax to ten percent

Bangladesh garment industry owners demand withdrawal of 0.7 percent source tax on export for at least two years to help them sail through choppy waters brought about by the uncertain global prospects and the need for remediation of structure .

Siddiqur Rahman, president of Bangladesh Garment Manufacturers and Exporters Association at a pre-budget consultation meeting organised by the National Board of Revenue said that once the situation improves they will start paying the source tax again.

Related Keywords: BTMA, Dhaka international textile and garment machinery exhibition, difficult to remain competitive, four day mega expo, global market, government is going to establish a LNG terminal in Kutubdia Island, increase the production cost, manufacturing units, set to kick off, supply imported gas, Textile Industry, textile machinery

The four-day mega expo on textile machinery Dhaka International Textile and Garment Machinery Exhibition (DTG) 2017 is set to kick off at Bangabandhu International Conference Center (BICC) in the city on Thursday.

Bangladesh Textile Mills Association (BTMA) President Tapan Chowdhury addressing a press conference on the upcoming DTG -2017 in the city on Sunday said that the government is going to establish a LNG terminal in Kutubdia Island to supply imported gas to the industry people as the country fears of finishing its natural gas stock in near future.

Related Keywords: attract more investment, Bangladesh garment and textile markers, BGMEA, BKMEA, BTMA, cost of production increasing every year, Fiscal measures, higher export growth, market diversification, next fiscal year, reduce corporate tax for the garment sector, Textile and RMG sector, urged governement to reduce tax at source

The country’s garment and textile makers have urged the government to reduce tax at source to 0.3 percent for the next fiscal year from the proposed 1.5 percent to attract more investment as the cost of production is increasing every year.

Siddiqur Rahman, president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA), at a press meet at the BGMEA office in Dhaka said that if it is not possible, they have urged the government that source tax should remain at the exiting 0.6% for the sake of the growth of export oriented industries and creating more jobs.

Related Keywords: All limited companies to deduct VAT at source, as per old VAT law, BGAPMEA, BGMEA, BKMEA, BTMA, comes in force next July, National Broad of Revenue, New VAT law allows only public limited companies, withdraw VAT at source from consumers

Currently, all limited companies have to deduct VAT at source while receiving supplies and deposit the money with the exchequer as per the VAT law 1991. But the new VAT law allows only public limited companies to withdraw VAT at source from consumers.

Only public limited companies (PLCs) will have to deduct the Value Added Tax (VAT) at source from supply chain partners under the new VAT and Supplementary Duly Act, officials said.

Private limited companies will not deduct VAT at source from suppliers under the new VAT law that comes in force next July.

Related Keywords: Bangladesh yarn maker, benefit from declining cotton prices worldwide, BTMA, exported millions worth of garments, global market, good supply of cotton at favourable prices, leading garment exporters, mainly knitwear items, Mondol Group, received ample work orders from international retailers, yarn market stable in last one year

The declining cotton prices worldwide have kept Bangladesh yarn market stable in the last one year. About a year ago, cotton was traded at nearly $1 a pound in the global market when yarn was sold for $3.3 to $3.4 a kg in Bangladesh.

Momin Mondol, managing director of Mondol Group, one of the leading garment exporters of Bangladesh said that the domestic yarn market is stable now as the cotton prices declined worldwide.

Related Keywords: Bangladesh cotton association, Bangladesh India Cotton Fest, Bangladesh thinking an alternative, basic raw material for textile industry, better quality, BTMA, due to rapid shipment, India single largest source of cotton import for Bangladesh, Indian Cotton Assoication Limited, price competitiveness, settlement of dispute in relaxed manner

India has become the single largest source of cotton import, the basic raw material for the textile industry for Bangladesh due to rapid shipment, better quality, price competitiveness and settlement of dispute in a relaxed manner, said BTMA President Tapan Choudhury.

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.

Related Keywords: BTMA, CII, garment sector, inadequate production capacity, Indian delegation in Dhaka, looking for investment opportunities in textile sector, opportunity for growth, urged to invest in Banglaodeshi 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.

Related Keywords: Bangladesh readymade garment sector, BGMEA, BTMA, DoT, faces serious shortage of skilled workforce, KBMEA, lack of investment in new machinery, meet demand from global clothin industry, slow down upgradation, technologies, tranformation of garment industry, vocational and technical institutes

The Bangladesh's readymade garments (RMG) sector besides, lack of investment in new machinery and technologies, according to industry sources is facing serious shortage of skilled workforce which is likely to slow down the upgradation and transformation of the garment industry necessary to meet the demand from the global clothing industry.

Such a shortage has emerged as a major constraint to realisation of the sector's true growth potential, in terms of productivity and production of high end apparels.