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He said this at a workshop on the potential of cotton cultivation in saving foreign currency organised jointly by the Economic Reporters Forum (ERF) and the Bangladesh Cotton Association.
"The US government has imposed tariffs on various countries since Donald Trump took office. While Bangladesh has already been exporting with tariffs in place, there is always uncertainty regarding additional tariffs. By importing cotton from the US and exporting garments made from it, we aim to create a situation where they hesitate to impose higher tariffs on us," he was quoted as saying by a domestic media outlet.
To boost domestic cotton production, the government will soon recognise cotton as an agricultural product and introduce subsidies for its cultivation. A decision regarding this is expected within the next three months.
He directed National Board of Revenue member (customs, export and information technology) Mohammad Moazzem Hossain, who was present at the workshop, to take immediate steps for removing the existing 4-per cent advance income tax on cotton produced in the country.
Fibre2Fashion News Desk (DS)