Investments worth Tk 6,000 crore were made in the country’s yarn sector during COVID-19. This money has been invested in setting up 26 new factories. Investment in yarn is increasing in line with the demand of the garments industry in the country, said the people involved with this sector.
Various sectors that had come to a standstill in COVID-19 have started functioning again. At the same time, export orders are also increasing. Bangladesh is on the path of self-sufficiency in yarn production, one of the major components of the garments sector. The export of readymade garments is increasing amid various political and economic instabilities in the world, so the yarn market is also expanding. Due to increasing demands, about 26 new factories were set up in 2021 with an investment of around Tk 6,000 crore. With this, there are more than 500 factories in this sector.
90% of the demand in the knitwear sector is fulfilled by the local yarn companies. Annual production is about 2 million tonnes. This is why, in addition to natural yarns, entrepreneurs also pay attention to yarns produced from synthetic fibres. The hope is to further strengthen our position in the future export market. The goal is to increase investment to 20 billion dollars by 2025.
The country will be able to become self-sufficient in yarn production quickly by utilising the potential. However, the biggest challenge, for the time being, is to cope with the impact of Omicron.
