BTMA threats to close all factories from 1 February

Showkat Aziz Russell, president of the Bangladesh Textile Mills Association (BTMA), on Thursday threatened to close all factories from 1 February if 10% incentives are not provided for them.

He made the warning at a press conference at BTMA Auditorium in the capital.

“We have no capacity to pay bank loan even. Now a national crisis goes on as the textile industry is at the risk of destruction,” he said.

He also urged the government to give $1 billion annually to survive the textile industry.

He added that 50 textile mills have been shut. And other factories are operating at 50% capacity.

He also urged the government to take an initiative immediately to survive the industry.

If the recommendations of the Ministry of Commerce are not implemented within the next seven days, all spinning mills will be declared closed for an indefinite period starting from 1 February, he warned.

If any labour unrest arises as a result of this decision, the responsibility and liability will rest with the government.

It will no longer be possible for us to settle any outstanding liabilities with banks and financial institutions. Consequently, the government will have to bear full responsibility for any ensuing crisis in the banking and financial sector, he cited.

The sense of patriotism recently demonstrated by the government in matters related to cricket is not reflected in any way in efforts to protect the domestic textile industry, which we find difficult to understand. It is necessary to examine whether some larger conspiracy is at play behind this, he said.