2013-14 Bangladesh will cut import tariffs on non-woven fabrics by 20%

In order to greatly promote the ready-made clothing industry in Bangladesh, Bangladesh Finance Minister Abu Abdul Muhit (abulmaalabdul) announced that the 2013-14 fiscal budget will cut non-woven import tariffs by 20%.　　 However, no new funds have been allocated in the budget for the clothing industry to be re-established in a safer cluster.　　 As more than 1,100 people died due to the collapse of the Rana frog square building, the industry hopes that the minister will allocate a lot of funds to solve workplace safety issues.　　 On the contrary, the minister only gave a guarantee that the government will take all possible steps together with stakeholders.　　 Mr. Muhit, Member of Parliament of Bangladesh, said: 'In order to prevent incidents like Rana Plaza in the future, we promise to take all possible measures to work with all stakeholders to improve the working conditions and safety standards of the factory. '　　 In the current fiscal year that ends on June 30, Bangladesh's GDP growth rate is likely to be around 6%, dropping to the lowest level since 2009-10.　　 This budget aims to bring the growth rate of 2013-14 back to the track of 7.2%, and increase spending next year by 16% to Tk2.22 trillion.