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Bangladesh lifts ban on Indian yarn

In a bid to help bring down the price of the textile raw material, Bangladesh has removed a ban on import of Indian yarn.



Dhaka: In a bid to help bring down the
price of the textile raw material, Bangladesh has removed a
ban on import of Indian yarn.

The National Board of Revenue issued a notification
late yesterday withdrawing the ban on import of Indian yarn
through Benapole land port, said officials, adding four counts
of yarn could be imported through the port.

"Yarn import has been opened for all through the land
port," Textile and Jute Minister Abdul Latif Siddique said.

Earlier, the bonded warehouses alone were allowed to
import yarn.

The decision to lift the ban was taken despite
objections from the country`s spinning mill owners, who were
opposing the import of Indian yarn fearing that they would
fail to sell their products in the local market.

Workers of over 1.3 million handloom and power loom
units across Bangladesh, who were on an indefinite strike
demanding duty-free import of Indian yran though the land
port, today returned to work.

According Bangladesh Handloom and Power-loom Owners`
Association, about 0.6 million looms forced closure and the
remaining 1.4 million looms failed to use their production
capacity due to the high price of yarn.

At present, at least 200 spinning mills in the country
supply yarn to the local weavers and employ nearly 200,000
people directly and one million indirectly.

PTI

From Zee News

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