Announcement: BTMA declares indefinite closure of textile mills from February 1

PNN News Desk, Dhaka

In protest of the ongoing crisis in the domestic yarn and textile industry, the Bangladesh Textile Mills Association (BTMA) has announced that all textile mills will remain closed indefinitely starting February 1. The organization has claimed that the government has so far failed to take any effective measures to sustain the domestic yarn-producing mills.

At a press conference held on Thursday at the BTMA office in Karwan Bazar, the organization’s president Shawkat Aziz Rasel announced this decision. He said, “From February 1 onwards, the factories will be kept closed. Under the current circumstances, we do not even have the capacity to repay bank loans.”

During the press conference, he highlighted the financial crisis faced by owners in the textile sector, stating that most owners have already faced significant losses. According to him, “Our capital has fallen to nearly half. Even if we sell all assets, it will not be enough to repay bank debts.”

BTMA’s president also alleged that despite repeated communication with various government offices to resolve the issues, no tangible results have been achieved. He said that concerned ministries and departments are only passing responsibility from one office to another, but no one is taking responsibility to resolve the crisis.

BTMA has demanded that without prompt policy support and financial incentives, the country’s yarn and textile industry will face severe disaster, which will impact employment and export revenue. The organization has called for urgent government intervention.