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Bangladesh: Lower Import Tariffs And Increase Imports Of Textile Machinery
In accordance with the financial budget for the 2008~2009 fiscal year of Bangladesh, the import tariff of main machinery was reduced from 5% to 3%, while the import formalities were simplified, which promoted the import of machinery products, including textile machinery.
According to the Bangladesh Textile Industry Association, Bangladesh imported 175 textile machinery (mainly spinning machines) in July 2008, amounting to 4 billion 500 million Tucca.
It is reported that Bangladesh's textile industry has developed rapidly in recent years, and many textile mills and garment factories have increased machinery imports to expand their production capacity.
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