Extending the cash incentive will align with the World Trade Organisation's (WTO) decision to maintain least developed country (LDC) trade benefits for graduating countries until that year, they noted.

Leaders from the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), the Bangladesh Textile Mills Association (BTMA) and the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) addressed a joint post-budget press conference.

"India has been providing some incentives—30 per cent on land price, 40 per cent on worker payment and 5 per cent on bank interest. We want such alternative incentives after LDC graduation," BGMEA president SM Mannan Kochi was quoted as saying by domestic media outlets.

The industry leaders requested the government to withdraw 1-per cent duty on import of capital machinery and construction materials by factories located in economic zones.

Import facilities at concessional rates have been given for 17 different textile products in the budget, and the total tax incidence on importing chillers with a capacity of 50 tonnes or more for factories has been reduced from 104.68 per cent to 10 per cent, Kochi said.

However, the concessional import rate for chillers was previously set at 1 per cent and Kochi requested the government to put it at the same rate again.

He said the special allocation of Tk100 crore in the FY25 budget to encourage renewable energy sources would help the industry.

"The government also reduced the import duties on two raw materials used in the production of polyester fibre (PSF) and PET chips (textile grade) from 10 per cent and 25 per cent to 1 per cent, which will undoubtedly aid the industry," he added.

Fibre2Fashion News Desk (DS)