Bangladesh Farmers Will Expand Cotton Production

Bangladesh officials said the state has taken measures to encourage its cotton production to protect spinning mills, textiles and clothing manufacturers because they have been hit hard in the global cotton market volatility.

Because of the soaring price of cotton in the international market, many

Since January this year, cotton prices have risen by more than 40% due to soaring demand in China, poor cotton harvest in Pakistan and limited cotton exports in India, resulting in a sharp shortage of supply.

"We have taken steps to promote domestic cotton production in order to protect local industries from future fluctuations in the global cotton market," a senior official of the Ministry of Agriculture said.

The official said 19000 farmers will be the next year's farmers.

The country will set up 90 demonstration zones, each of which is a large hectare designed to expand the most advanced production technology. The government will provide 80% subsidy to farmers' seeds and other means of production, including pesticides and fertilizers.

According to the government's initiative, the Ministry of Agriculture plans to sign a contract with farmers to produce 220 tons of high-quality cotton seeds on 200 hectares of land.

The government will provide 50% seed subsidy for cotton growers in experimental fields.

In addition, the national cotton development board has 40 million 620 thousand Taka funds, which are usually used to subsidize small-scale farmers who grow crops on the ground and help them purchase various production materials.

Bangladesh spinning enterprises from CIS countries, Turkey and the United States

Bangladesh produces only 70000 bales of cotton, while the country's annual demand is 5 million packs. The demand gap has prompted spinning enterprises to import large quantities of raw cotton from abroad.