SHANKAR 6 COTTON FIBERS (P) LIMITED, India based Cotton and Yarn export house, organized India-Bangladesh Cotton Co-operation Meeting in Dhaka on 17 September to boost their cotton export towards Bangladesh. They committed to withstand a strong relationship with different stakeholders of Bangladesh RMG sector. The main theme of the program was “Make healthy and safe environment in cotton Business” to persuade bilingual relationship in the field of cotton business.
Delegate of SHANKAR 6 COTTON FIBERS (P) LIMITED, Mr. Tushar Sheth delivered welcome speech in this program where he said, “Owing to strong RMG sector in Bangladesh, we are committed to build strong relationship by means of providing good quality with right price cotton towards Bangladesh. This is our first step to create strong relation with Bangladesh RMG Stakeholders which paves the way of ensuring sustainable cotton business.”
Representative of COTSEED CORPORATION, Mr Shantilal Ostawal presented two presentations on this program. The first presentation was about India & Bangladesh’s Importance for cotton and textile business with coming session production, consumption estimates that revealed about current scenario of cotton business and created clear conception about Indian cotton production, quality and capacity towards the delegates of the program. Another presentation was about Challenges & Opportunities between India and Bangladesh where Mr Shantilal highlighted strength of Indian cotton and fibres.
He said that the second largest cotton producing country have own cotton crop and surplus stock for Export market. India has cotton future exchange like china and USA for buying and selling cotton in spot or future market hedging for domestic and international buyer and supplier. We can give you support for hedging in Indian cotton exchange, storage cotton in warehouse and direct delivery in Ex.Ginning factory terms, F.O.B port terms and C.L.F Terms from India.
Mr Shantilal pointed out some challenges between India and Bangladesh cotton trade. He talked about Indian cotton quality and weight shortage issues, Bangladesh payment and banking system, Bangladesh land route high congestion (Traffic), India-Bangladesh logistic cost, Indian quality cotton procurement issues and Indian cotton procedures literacy problem in international business transaction and due to more traders are involved.
He also mentioned the issue of India-Bangladesh Cotton arbitration support in case of default in delivery, Payment as well as nonpayment of quality and weight shortage claim and timely commission payment.
Joint Director of Bangladesh Bank, Md Nazrul Islam said, “Trade and trade finance is very important for us. We have many regional challenges such as China, Vietnam. If we cannot compete, we will be left behind”.
“We take the challenges properly. We have to remove different types of bilingual mistrust to face the global challenges. Regarding operational efficiency, IT capacity and automation are included in our central banking system for eradications of allegations in payment procedure”, he added.
An innovative open discussion session with constructive interpretation was held on issues and solution for long term business between India and Bangladesh. In the open discussion session, Managing Director SINCOT (BD) LTD., Mr. Kazi Azmal Haque said, “We had a lot of bad experience in the issues of cotton procurement such as desired quality with competitive price, contamination and weight. Due to the business policy and practice of new cotton supplier create a bad imperfection about Indian cotton towards Bangladesh cotton supplier and traders. We should work together with Bangladesh Cotton Association (BCA) and Indian cotton association (ICA) to resolve this burning issue to be counterpart of cotton business development of both countries”.
Delegate of The cotton trade India Co. & CTI shipping & Logistic Mr. Vijay, Delegate of KRISHNA Natural Fibers limited Mr. Haresh Jani, Delegate of GAJANAND COTTEX Mr. Ashok Monsara, Delegate of SIRDI SAI ENTERPRISE Mr. Sunku Radesh Kumar, Secretary of all GUJRAT spinning Association Mr. Bhavesh Thakar, Delegate of BHAVANI COTSPIN, Mr. Tapan Ghelani and the delegate of JAI MALA SPINTEX Mr. Bharat Patel introduced their respective business towards audience.