Bangladesh Spinning Enterprises Are Hit By Cotton Price Fluctuations And Bank Cut Loans.
Industrial banks in Bangladesh said on Thursday that commercial banks restrict spinning mills.
Bankers said they did not intend to continue to textile enterprises.
Some spinning factories don't even have one.
Abdul Martin Chaudhry Matin Chowdhury, former chairman of the Bangladesh Textile Enterprises Association (BTMA), said that India textile mills took advantage of it and India dumped the yarns to Bangladesh clothing factories by cutting throat prices. (Abdul)
Mr. Chowdhury, chairman of the spinning board of Malik, said that my turnover last year was 3 billion Taka. In the past two months, my business has dropped by about 75%.
The former BTMA executive is worried about the future of the spinning industry in Bangladesh. He said yarn production has dropped by about 50% in the past 6 months. Who is willing to lend us money like this?
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