There is plenty of room for investment in Bangladesh’s textile industry

Bangladesh’s textile industry has room for investment of Taka 500 billion due to rising demand for local textiles in both domestic and international markets, the Daily Star reported on January 8. At present, local textile enterprises provide 85 percent of the raw materials for the export-oriented knitting industry and 35 to 40 percent of the raw materials for the weaving industry. In the next five years, local textile makers will be able to meet 60 percent of demand for woven fabrics, which will reduce dependence on imports, especially from China and India. Bangladeshi garment manufacturers use 12 billion meters of fabric every year, with the remaining 3 billion meters imported from China and India. In the past year, Bangladeshi entrepreneurs invested a total of 68.96 billion Taka to set up 19 spinning mills, 23 textile mills and two printing and dyeing factories.