'Bangladesh, India can collaborate to compete globally found in textile sector'

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During the last ten fiscal years, local cotton production had remarkably increased from 70,000 to 177,887 bales

Express Minister for Foreign Affairs M Shahriar Alam on Saturday said that Bangladesh and India can join hands to give stiff competition to other folks found in the global textile sector, considering India's clout seeing as a respected cotton exporter.

The Point out Minister was addressing the next Bangladesh-India Cotton Fest 2020 at a hotel in the capital, where Primary Minister's Adviser Salman F Rahman also attended as chief guest. 

Shahriar said that during the last 10 fiscal years, beneath the leadership of Prime Minister Sheikh Hasina, cotton development had remarkably increased from 70,000 to 177,887 bales. 

However, domestic development was still inadequate in comparison to annual demand of around 8 million bales, he as well said.

He said Bangladesh aimed to double its apparel exports more than the next five years and laid focus on the value of maintaining secure and quality cotton imports from its best supplier. 
 
"We know that India generates cotton in diverse varieties--coarse to fine; brief, long and extra-longer staple; organic and colored cottons--producing India a crucial person in the global cotton marketplace," Shahriar said. 

The state minister said cotton stood as a lifeline of Bangladesh's export economy. 

As the second most significant exporter of readymade garments, he said, Bangladesh is among the top cotton importing nations. 

"We have to import over 98% of the cotton expected from almost 42 countries leading to 6.1 million bales of cotton imported in the FY 2019-20. Our exorbitant dependency on the cotton import now warrants a proper address in cotton production and sourcing," explained the state minister.

A lot more than 30 Indian corporations participated at the fest.

"It will help to cast an impression on the visitors that India is ideally positioned to provide top quality cotton to Bangladesh at competitive rates, with lower costs of transport and easier usage of suppliers," said the Status Minister. 

President of Federation of Bangladesh Chambers of Commerce and Sector (FBCCI) Sheikh Fazle Fahim, President, BTMA Mohammad Ali Khokon  President, IBCCI Abdul Matlub Ahmad, President, ICAL (Indian Cotton Association Ltd) Mahesh Sharda, President, BCA (Bangladesh Cotton Association) Sultan Riaz Chowdhury were also present. 

Bangladesh Cotton Association (BCA) jointly organized the next Bangladesh-India Cotton Festival 2020, on cooperation with Bangladesh Textile Mills Association (BTMA), Indian Cotton Association Ltd. (ICAL), India-Bangladesh Chamber of Commerce and Industry (IBCCI).

Source: https://www.dhakatribune.com

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