DHAKA: Bangladesh’s garment industry, a vital economic pillar, is facing a severe crisis due to a volatile mix of political unrest, including violent protests, and catastrophic flooding, threatening to unravel years of rapid growth and global prominence.
The textile and garment industry, which accounts for over 80 per cent of Bangladesh’s total export earnings and contributes approximately 11 per cent to the nation’s GDP, has been hit hard.This industry contributes significantly to export earnings and employs millions.
Following the unprecedented anti-government protests, which reached a crescendo on August 5, Sheikh Hasina resigned as prime minister and fled the country. She landed in India on August 5 and is currently staying there.The two-month-long anti-quota protests have led to widespread demonstrations, curfews, and violence. This unrest has not only disrupted factory operations but has also caused significant economic losses.
Factories were forced to close, and with the peak season for Christmas shipments and the booking of next season’s orders upon us, the timing of the unrest has exacerbated the crisis.
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) recently has reported substantial financial losses, estimating a shortfall of Tk 6,400 crore (approx Rs 4,500 crore) due to the shutdowns and communication breakdowns.
Khandoker Rafiqul Islam, the newly elected president of the BGMEA, mentioned that the goal of reaching nearly USD 45 billion in export’s this year may not be achieved
