Sugarcane land should be used for cotton cultivation- Muhit

Finance Minister Abul Maal Abdul Muhith

As the sugar industry in Bangladesh has been piling up historic losses, the vast lands used in cu.tiv lands should use for cotton cultivation, said Finance Minister Abul Maal Abdul Muhith on Friday.

Finance Minister Abul Maal Abdul Muhith

He made this remarks while delivering his speech as the chief guest at a two day-long Global Cotton Summit held at Radisson Blu Dhaka Water Garden of the city.

Bangladesh Cotton Association (BAC) in cooperation with Bangladesh Textile Mills Association (BTMA) organized the summit for the third time in Bangladesh which is scheduled to run between 23 and 24 February.

The Minister said the sugar industry is being subsidized for a long period which is very much unprofitable for country’s economy.

Muhit also said there are at least 6,500 garment factories and presently Bangladesh is producing only three per cent of its total demand of cotton and the rest have to import. Now Bangladesh is the height cotton importing country that imports at least 61 bells of cotton this year which was 30 bells in 2015.

The spinning mills capacity is increasing gradually for the technological advancement for this the demand of cotton is also increasing.

The State minister for Textile and Jute, Mirza Azam, Federation of Bangladesh Chambers of Commerce & Industry (FBCCI), Md Shafiul Islam Mohiuddin, International Cotton Association President, Mirza Salman Ispahani, BTMA president Tapan Chowdhury, among others, addressed the programme.

Delegates from United States of America, United Kingdom, and other countries of Asia and Africa are attending the summit.