Faruque Hasan, President, BGMEA has urged for 10-year tax exemption for MMF producers in the country. Monsoor Ahmed, Additional Director, BTMA adds, demand for MMF has risen in the country with the use of sophisticated technologies in production of manmade fibers as per Daily Star, Bangladesh imported 45.72 percent more manmade fibers during first five months of this year. Imports reached 99,597 tons compared to 68,348 tons during the corresponding period in 2020, according to Bangladesh Textile Mills Association (BTMA) data.

Of these imports, about 61,693 tons were polyester staple fiber, 32,454 tons viscose staple fiber, and around 5,450 tons tencel and flax fiber. The expenditure on imports also increased 73 percent during the pandemic.

 

Local importers, millers, traders and spinners spent about Tk 1,221 crore during the January-May period this year compared to around Tk 706 crore in the same period the last year, registering 73 percent year-on-year growth.

 

To meet rising demand, local manufacturers are producing significant amounts of manmade fibers alongside cotton fibers. These manufacturers are also maintaining global workplace safety standards spending nearly USD 4 billion as per recommendations of the Accord and Alliance, two foreign agencies working on such upgrades.

 

Source: fashionatingworld.com