Bangladesh Textile Mills Association on Sunday demanded that the government should reduce the insurance premium for textile mills considering their contribution in the export industry.
A delegation of BTMA met the Insurance Development and Regulatory Authority chairman M Shefaq Ahmed on the day and placed their demand, said a IDRA press release.
BTMA leaders said about 1,370 mills, registered with the association, are importing cotton, machineries, dyeing and chemical materials for production at a high import insurance rate.
They said the textile mills industry is working as backward linkage for the export oriented garments sector affiliated with Bangladesh Garment Manufacturers and Exporters Association and Bangladesh Knitwear Manufacturers and Exporters Association.
They said these mills also produce and export knit and woven good besides spinning, fabric dyeing and washing.
As the factories under BGMEA and BKMEA are enjoying reduced insurance premium because of their contribution in export earnings, the BTMA factories should also get such benefits, they said.
IDRA chairman Shefaq Ahmed informed the BTMA delegation that the government was working on tariff restructuring for all sectors.
‘It is a time consuming process and we will consider the proposal of the BTMA with priority,’ he said.
IDRA senior consultant AKM Iftekhar Ahmed said the assessment requires huge data and asked the BTMA to provide those to the IDRA.
IDRA member Nobo Gopal Banik, consultant Razia Begum, BTMA presient Jahangir Alamin and vice president Abdul Mannan Mia, among others, were present in the meeting.
-With New Age input
