Refayet Ullah Mirdha

A lack of safety in foreign manufacturing and industrial units in Bangladesh, stemming from the debilitating law and order situation and labour unrest, has become a cause of major concern for foreign investors, denting their confidence.

Bangladesh aims to increase its merchandise and service exports by about 12.74 percent year-on-year to $57.5 billion in the fiscal year 2024-25, according to Finance and Commerce Adviser Salehuddin Ahmed.

The latest spell of unrest in the garment industry of Bangladesh will negatively impact its apparel exports as many international buyers are cancelling their trips to the country to finalise work orders for the coming seasons.

The central bank has just reconstituted the board of United Commercial Bank (UCB) for financial wrongdoings, but it has a darker past – a takeover at gunpoint by a politically influential family over a quarter of a century ago.

Bangladesh will become a major export market for soybean products as the changing dietary habits of its growing middle-income population are boosting demand, according to an expert on the industry.

Bangladesh’s dependence on the US for soybeans has been increasing, particularly after the outbreak of the Russia-Ukraine war, with local traders, millers and conglomerates diversifying their sourcing for uninterrupted supply of edible oil and animal feed.

The priorities of newly appointed finance adviser Salehuddin Ahmed should be to make key financial institutions functional immediately, control inflation, and present accurate data on exports, imports, GDP and important economic indicators, economists said.

Almost all garment and textile mills have reopened after staying in limbo for four days as fears of vandalism and arson gripped the nation, industry leaders said yesterday. 

More than 200 garment exporters yesterday submitted a memorandum to the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), seeking significant reforms within the trade body.

Garment factory owners yesterday decided to reopen their production units from today to ensure timely shipments as they are facing pressure from international clothing retailers and brands.

Garment exporters are expecting a strong recovery in exports and business as normalcy is being gradually restored with the changing political scenario.

The executive committee members of the trade body will took part in the meeting

Out of fear of vandalism and subsequent losses amid the current spell of violence, Bangladesh Garment Manufacturers and Exporters Association (BGMEA) yesterday instructed all the factory owners to keep their units shut until further notice.

The deepening political crisis in the country has exacerbated the woes of apparel industry, with exporters facing difficulties in operating factories, shipping goods, and booking work orders.

The European Union’s (EU) postponement of the first round of negotiations with Bangladesh on a new agreement will impact trade, investment and development cooperation with the country’s largest trading partner..“In light of the prevailing situation, the first round of negotiations on the P

The garment and textile millers kept factories open on last Friday in an effort to meet the sharp deadline set by their international retailers, as the latest weeklong countrywide violence ate up four vital days of their peak production season.

Local apparel exporters are in a frantic race to recover the losses they incurred during the latest spell of violence centring the quota reform movement and nationwide curfew, with international retailers and brands pressuring them to ensure timely delivery of goods.

DBL Group, a leading garment exporter, usually ships apparel worth around $50 million each month.

Production and shipments are dependent on strict lead times set by international clothing retailers and brands, yet the factories have had to be kept shut for the past three days

Garment factories kept production suspended on July 20 and decided to keep the units closed  on July 21 as well considering the safety of the workers and the factories amid ongoing countrywide violence and curfew imposed by the government