Knitters jittery over climbing yarn prices
The local knitwear industry is facing problems over the cotton and yarn price hike in domestic and international markets, the commerce minister said in Dhaka yesterday.
Inaugurating a three-day knitting technology and machinery exhibition at Bangabandhu International Conference Centre, Faruk Khan said, "We will examine why the price of yarn is increasing in the local market."
Despite global recession, exports posted growth over 18 percent in October, he said.
The government will complete the construction of a modern exhibition centre at a cost of Tk 275 crore in the next three years, he said. Of the total cost, the Chinese government will provide Tk 210 crore, while Bangladesh government will fund the remaining.
He also said the local export sector smoothly weathered the global financial crisis and witnessed growth over 10 percent.
He hoped that the fair would help local knitters enhance capacity and get a competitive edge in the global market.
A total of 75 exhibitors from 15 countries, including the host country, are showcasing their products and services at the fair -- 2nd Knit+tex Bangladesh 2009 International Expo.
Federation of Bangladesh Chambers of Commerce and Industry President Annisul Huq and BKMEA President Fazlul Haque also spoke at the function.
The knitwear industry has a key position in the export sector of Bangladesh, which is why an exhibition displaying the latest in technology in the field is essential to boost the sector, said Meherun N Islam, group managing director of CEMS Global.
Event management firm CEMS Bangladesh is organising the fair in association with Bangladesh Knitwear Manufacturers and Exporters Association.