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Textile mills at risk of closure if govt raises gas price: BTMA prez

Published : Wednesday, 19 February, 2025 at 12:00 AM  Count : 413
Business Correspondent
Bangladesh Textile Mills Association (BTMA) President Showkat Aziz Russell claimed that if the price of gas per unit in the industrial sector is set at Tk 70, factory will face closure one after another.

Doubling the price will also discourage both local and foreign investment, especially those who want to be relocated from China.

The BTMA president made the remarks while speaking at a press conference on Tuesday held in a city hotel.

The President said, "If the price of gas is Tk 70, it will not be sustainable in any way. No new investor will invest in it.

The bank is not financing any new projects. Currently, the price of one cubic meter of gas is Tk 30. It has been proposed to increase it to Tk 70 for new investors."

"If the gas price is doubled, Bangladesh's textile sector will not be sustainable. And there would be no new investments," he said.

Banks have not so far financed any new projects during the last six months, the BTMA president said.

He said, investment is not done with consciousness. A suitable environment is needed for investment. Chinese industries are closing down one after another but Bangladesh being one major choice, Chinese investors are not coming up to utilize the opportunities.

He said increase in prices of gas, electricity and other utilities and moreover over workers unrest, high interest for bank loans impacting new loans. In this situation, new investments are going to other countries.

He said, there has been no investment in the country in the last six months in an uncertain situation. All domestic and foreign entrepreneurs want guarantees. No one will invest if they do not get guarantees.

Yorkers Trade & Marketing Service Co. Ltd. Overseas Director Akai Lin, BTMA Director and Fair Committee Chairman Abdulla Al Mamun were present at the press conference.

The Dhaka International Textile and Garment Machinery Exhibition (DTG) has been organizing this fair since 2004. In continuation of this, the three-day 19th fair of DTG will be held on February 20 at the International Convention City, Bashundhara (ICCB), Dhaka.

The fair, jointly organized by Bangladesh Textile Mills Association (BTMA) and Yorkers Trade and Marketing Service Co. Ltd., will continue till February 23.

Over 1600 stalls and more than 1100 leading brands from 33 countries are taking part.

They include China, Germany, India, Italy, Japan, South Korea, and Turkiye to jointly exhibit at the exhibition. In addition, the latest technologies in the textile and garment sector will be displayed.

Textile machinery, fabrics, filaments, chemicals, dyeing technology and accessories will be exhibited at the fair. In addition, seminars on sustainable production and modern technology will be held. Along with this, the DTG fashion show will be the center of attraction. The fair will run from 10 am to 7 pm every day. The fair is open to visitors.

In response to a question, Showkat Aziz Russell said the newly elected government will encourage investment in the country.


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