Bangladesh Aims for 15% Reduction in Cotton Imports Through Recycled Garment Waste
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- Published: Tuesday, 23 January 2024 08:43
In a groundbreaking move towards sustainability and self-sufficiency, the Bangladesh Textile Mills Association (BTMA) is spearheading efforts to transform garment waste into recyclable materials, with the potential to cut cotton imports by a substantial 15 percent. President Mohammad Ali Khokon envisions this initiative as a pivotal step for the industry.
While strides have already been made, involving 40 factories like Simco Spinning and Beximco, the current recycling of garment waste for export-worthy products stands at a mere 5 percent. The BTMA is determined to escalate these efforts, marking a paradigm shift in the country's textile landscape.
President Faruque Hassan of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has thrown his weight behind this initiative, advocating for a ban on cotton waste exports. The goal is to diminish reliance on imported cotton, which currently accounts for a staggering 98 percent of the country's cotton consumption.
Despite the industry's enthusiasm, significant challenges loom on the horizon. Financing and taxation emerge as major hurdles, with a substantial 22 percent Value Added Tax (VAT) imposed on garment waste collection and recycled yarn sales. Leaders from BTMA and BGMEA are urging the government to provide policy and tax support to incentivize and streamline the recycling process.
A proposed scheme, offering low-cost financial assistance to the industry, emerges as a potential game-changer. By addressing these obstacles head-on and embracing the conversion of garment waste, Bangladesh stands poised to significantly reduce its dependence on foreign cotton. This not only aligns with global sustainability goals but also elevates the country's textile industry to new heights of eco-friendly innovation. As these efforts unfold, Bangladesh's textile sector inches closer to a more sustainable and self-reliant future.