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The proposed factory will produce a wide range of apparel and luggage accessories, including bra cups, bra wires, hooks and eyes, webbing tapes, elastics, drawstrings, sliders, snap buttons, logos, bags, luggage hardware and ribbons.

The zone will operate as an offshore customs territory, allowing goods to be imported, stored, processed and re-exported without the imposition of customs duties.

The proposed facility will manufacture handbags, backpacks and luggage, along with a broad range of knit and woven garments. The product portfolio will include polo shirts, T-shirts, padded and down jackets, trousers, sportswear and undergarments.

BTMA President Shawkat Aziz Russell said the decision to close mills had been taken under compulsion, as mill owners were no longer in a position to service their bank liabilities under prevailing conditions

Labour and Employment Adviser Brigadier General (retd) Dr M Sakhawat Hossain stated that the decision to sell assets was taken in compliance with court orders, with proceeds to be used to pay legally due wages and other benefits to workers across the group’s establishments.

The country’s existing tax structure, combined with a heavy dependence on imported fossil fuels, is constraining progress towards a more secure, resilient and environmentally sustainable energy system.