Finance Minister AMA Muhith on Friday underscored the need for increasing the production of cotton to meet its growing demand in the country's ready-made garment (RMG) sector.
"Now, the raw materials of the RMG sector are imported. We can meet only three percent of cotton demand from local sources. The rest of the cotton must import," he said while speaking at the inaugural session of the two-day 'Global Cotton Summit-2018' at Radisson Hotel in the capital.
State Minister for Textiles and Jute Mirza Azam, President of Bangladesh Textile Mills Association Tapan Chowdhury, International Cotton Association President Mirza Salman Ispahani and President of Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) M Shafiul Islam also spoke on the occasion.
Mirza Azam said the government is working to announce a law on the textile sector as there is no law to develop the country's textile industry.
"Cabinet has approved the proposed Textile Act. The proposed act is likely to place before the Jatiya Sangsad as a bill in the next session," he said.-BSS