A two-day global cotton summit begins tomorrow in the capital city Dhaka with an aim to deepen the buyer-seller relationship and improve the understanding of the global cotton market trends.
Foreign minister Abul Hassan Mahmood Ali will inaugurate the ‘Global Cotton Summit 2017’, organised by the Bangladesh Cotton Association in association with the Bangladesh Textile Mills Association, at Radisson Hotel.
Local business people engaged in spinning mills and cotton trading and delegates from a number of countries including India, the UK, the USA, Singapore, Switzerland, Turkey and Iran will be present at the summit, said organisers at a press conference in Dhaka on Wednesday.
BTMA vice-president Md Ali Khokon said although 430 spinning mills of Bangladesh were not running with full capacity, the country was now the world’s largest cotton importing nation.
Bangladesh imports 99 per cent cotton of its annual demand of about 6.2 million bales. ‘If all the mills run with their full capacity, the annual demand of cotton would increase to 10 million bales, said Khokon.
Because of import dependency the ups and downs of cotton prices on international market hamper the growth of textile sector, he said.
Khokon, however, said that because of timely accumulation of cotton at competitive prices from various source, the
textile sector could supply the clothing industry
with yarn and fabric uninterrupted and in short time.
By ensuring the sourcing and supply chain stable, Bangladesh could reach its goal of export earnings of $50 billion from textile and clothing materials by 2021, he said.
When asked whether Bangladesh was too dependent on India, from where the majority of cotton comes to Bangladesh, Bangladesh Cotton Association general secretary Mehdi Ali said that they were trying to diversify the sourcing of cotton.
We will focus on African cotton mainly and look for USA and Australian cotton as well, he said.
The summit will play a vital role in handling 1.5 million bales of demand in future because of spinning power rise in Bangladesh, Ali said.
This summit will focus on crafting partnership opportunities between the spinners, traders, agents, growers, ginners, controllers and international associations with an intention to get together all people engaged in the cotton industry, he said.