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Fibre2Fashion Blogs
August 08, 2008 (Bangladesh)
Following a reduction in duties on import of capital machinery and spare parts and the introduction of 1 percent procedural fee, Bangladesh imported textile machinery worth Tk450 crores in the month of July.
Replacing the earlier indemnity bond system, the Government reduced duty on import of capital machinery from 5 to 3 percent, which was a great relief to the textile industry.
According to Bangladesh Textile Mills Association (BTMA), in the month of July alone, a total of 175 units of machinery were imported by the country, 90 percent of which were for the spinning mills.
Sources informed Fibre2fashion that reforms in procedural policies and import duties have tremendously helped increase the import of machinery most of which are being bought by the new industrial units being set up to meet the growing international demand for local textile products.
For instance, Noman Group has decided to set up new dyeing, weaving, spinning, and finishing units as well as a fashion house. Likewise, a number of other enterprises are importing machinery for supporting their respective expansion plans, especially since appreciation of Chinese currency against US dollar has thrown open new opportunities for domestic industrialists.
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Following a reduction in duties on import of capital machinery and spare parts and the introduction of 1 percent procedural fee, Bangladesh imported textile machinery worth Tk450 crores in the month of July.
Replacing the earlier indemnity bond system, the Government reduced duty on import of capital machinery from 5 to 3 percent, which was a great relief to the textile industry.
According to Bangladesh Textile Mills Association (BTMA), in the month of July alone, a total of 175 units of machinery were imported by the country, 90 percent of which were for the spinning mills.
Sources informed Fibre2fashion that reforms in procedural policies and import duties have tremendously helped increase the import of machinery most of which are being bought by the new industrial units being set up to meet the growing international demand for local textile products.
For instance, Noman Group has decided to set up new dyeing, weaving, spinning, and finishing units as well as a fashion house. Likewise, a number of other enterprises are importing machinery for supporting their respective expansion plans, especially since appreciation of Chinese currency against US dollar has thrown open new opportunities for domestic industrialists.
Read Full News Click Here
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