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President of the Bangladesh Textile Mills Association (BTMA) Showkat Aziz Russell said that around 500,000 new jobs will be created in the country if Indian yarn imports reduce to 50 per cent.
He said this while speaking at a seminar on 'Sustainable Sourcing Seminar of Cotton', organised jointly by Cotton USA and BTMA, held at the Basundhara Convention Centre on Tuesday evening.
Criticising businesses, he said those who are giving opinions in the media that local fabric production is adversely affected by the halt on Indian yarn imports through land ports, he said they are not on the side of the growth of the domestic economy.
The BTMA president said that Indian clothes are imported by paying duty on the prices of clothes, not the weight or KG rate, which is harmful for domestic industries.
He mentioned a report of The Hindu,which mentioned that 45 per cent Indian yarn exported to Bangladesh.
He urged Bangladeshi businesses to keep patient and make policies to favour the country, not favour neighbouring countries.
He said that the immediate past government made a policy to privilege the neighbours, but they could not do any favour from India, so the precious import policy could not be run in Bangladesh now.
He blamed that India was sucking the blood out of Bangladesh's economy, which has to be changed in every sector.
Tracey Ann Jacobson, Charge d'affaires, U.S. Embassy-Bangladesh said the USA is producing the best quality cotton, and the USA can be a sustainable cotton source for Bangladesh.
The USA sought sustainable industrial growth with US collaboration and strong partnerships with businesses, she said.
Ali Arsalan, Representative for Bangladesh, Cotton Council International (CCI), Daniel Wong, of CCI, William Bettendorf Regional Director-South Asia,
Shahana Akter Kiron, Vice President - Head of Customer Engagement, Textile Genesis, Azeezur Rahman Khan,
Country Development Representative, The Woolmark Company, Prof. Muhammad Tausif, Cotton Council International, Technical Consultant, Zoe Keay,
Vice President Sales, Oritain, Daren Abney, Executive Director, U.S. Cotton Trust Protocol have participated in 7 paper presentations in the seminar.
The presentation highlighted the potential of the US cotton market, cotton technol technologies, market survey, cotton tracing system, marketing and supply chain issues.
A number of businesses of Bangladesh and representatives of different US brands were present in the seminar.
Bangladesh imports US cotton as part of its large RMG industry, but faces challenges including concerns about logistics and lengthy shipment times.
BTMA has been advocating for duty-free access to the US market for garments made from US cotton, seeking to further boost this trade. While Bangladesh is a significant importer of US cotton, it's also seeking to diversify its sourcing and increase domestic cotton production.
These issues were also discussed in the seminar.