The Bangladesh Government plans to reduce the import duty on 18 types of non-cotton fibers from the current 10 per cent-31 per cent to 1 per cent to help the local textile millers to diversify their export basket.
In line with BTMA’s recommendations, the government plans to include some raw materials related to the import of machinery, spare parts and textile raw materials in the duty plan.
Abul Hassan Mahmood Ali, Finance Minister also proposes to increase the minimum value of imported cotton from $3 to $4 per kg, and minimum value of imported polyester and synthetic fabrics from $3 to $4.5 per kg.
The National Budget for the 2024-25 fiscal was unveiled by Mahmood Ali recently in the national parliament.
