The Bangladesh Textile Mills Association (BTMA) on Thursday announced that all textile mills across the country will be shut down indefinitely from February 1, citing the government’s failure to take effective measures to protect local yarn-producing mills.
BTMA President Shawkat Aziz Russell made the announcement at a press conference held at the association’s office in Kawran Bazar, Dhaka, in the presence of senior BTMA leaders.
“We have decided to close the factories from February 1 out of sheer compulsion,” Russell said. “Under the current circumstances, we do not have the capacity to repay bank loans.”
Describing the financial crisis facing mill owners, he said their capital had fallen by more than half, leaving no realistic way to settle outstanding liabilities. “Even if we sell all our properties, it will not be possible to repay the debts,” he added.
Russell also alleged that repeated efforts to seek a solution from different government offices had failed. “I have gone to all the ministries and relevant departments, but everyone is shifting responsibility to others. No concrete decision is coming,” he said, referring to bureaucratic complexities.
BTMA leaders at the press conference warned that without immediate policy support and industry-friendly decisions, the textile sector could slide into a deeper crisis.
