Swift resolution to dollar, gas crises expected with good exports, remittances: Salman
Dhaka international textile, garment machinery expo kicks off
The government is addressing issues like the dollar crisis, and gas and electricity shortages, and with positive trends in exports and remittances, a swift resolution is expected, prime minister's Private Industry and Investment Adviser Salman F Rahman said Friday (1 February).
Salman also emphasised phasing out export subsidies and encouraged entrepreneurs to engage with the finance minister to discuss these concerns.
He was speaking at the inauguration ceremony of the 18th Dhaka International Textile and Garment Machinery Exhibition at the International Convention City Bashundhara.
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The four-day expo, jointly organised by the Bangladesh Textile Mills Association (BTMA) and Yorkers Trade and Marketing Service Co Ltd.
It will remain open to visitors from noon to 8pm until 4 February.
Salman emphasised the value of the exhibition in showcasing new technologies, stating, "It provides a vital platform for local entrepreneurs to access advancements previously only available abroad. However, factory modernisation remains crucial."
He highlighted the need to diversify Bangladesh's exports, noting, "While we currently export 90% cotton products, global demand for man-made fibres exceeds 70%. Embracing the non-cotton sector presents a $20 billion export opportunity."
Expressing confidence in Bangladeshi entrepreneurs, Salman stated that they are capable of overcoming challenges, requiring only a supportive business environment. The government has provided this, enabling growth across industries and paving the way for LDC graduation by 2026.
He also advocated for tax net expansion and lower tax rates for sustainable economic growth.
Bangladesh Knitwear Manufacturers and Exporters Association Vice President Mohammad Hatem, FBCCI Senior Vice President Amin Helaly along with other business and expo leaders also spoke at the event.
The expo features textile machinery and parts from 33 countries across 1,600 stalls.
Asia Pacific Rayon (APR), a major viscose staple fibre producer, is one of the returnee participants at the expo.
"Bangladesh is a cornerstone of APR's growth and a key market," said APR Vice President (Product and Business Development) Tapan Sannigrahi.
"In just five years, it has become APR's second-largest market outside Indonesia. We currently hold a 55 per cent share in Bangladesh's viscose fibre market and we are actively introducing lyocell as a sustainable alternative," he added.
