Bangladesh launches new textile policy

In order to cope with competition from other countries, the Bangladesh government has proposed a new textile policy.
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The new textile policy proposes some measures to maintain the competitiveness of Bangladeshi clothing products in the world market, including updating backward industry technologies and increasing the use of domestic raw materials in exported garment products. Bangladesh’s primary textile industry provides 80% of raw materials for the knitting industry and 35% of raw materials for the woven industry. The new textile policy proposes to provide 10% cash subsidies to garment exporters to replace the current 5% ratio.