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140 textile factories shut down in Bangladesh in the last seven months; One lakh people lose jobs

  • Consequences of chaos in Bangladesh begin to surface

  • Factory owners start fleeing the country

Dhaka (Bangladesh) – The impact of the chaos that erupted after the overthrow of Sheikh Hasina’s Government in Bangladesh is now becoming evident. The textile industry, which is the backbone of Bangladesh’s economy, is facing a crisis. Over the last seven months, more than 140 textile factories, which play a crucial role in the country’s export sector, have shut down. This has resulted in over 1 lakh workers losing their jobs. In Gazipur, Savar, Narayanganj, and Narsingdi, more than 50 factories have completely shut down, while approximately 40 factories have temporarily ceased operations. It is feared that more factories will close after Eid. Several textile establishments have not paid workers’ wages for 2 to 14 months, leading to protests and demonstrations on the streets.

1. Due to the closure of factories, 20% of the demand has shifted to other nations, including India, Vietnam, Sri Lanka, Indonesia, and Pakistan.

2. The main causes of sudden factory shutdowns are economic recession and political instability. Most of the closing factories are linked to leaders of the Awami League, the party of former Prime Minister Sheikh Hasina. Among them is Hasina’s foreign investment advisor, Salman F.

3. Labour leader Mohammad Mintu said that Beximco, a giant in the textile sector, has shut down, worsening the crisis.

4. According to sources, many major textile traders have fled the country, further aggravating the problem of factory closures.

5. The Government claims that production has halted due to a lack of market demand. However, Khairul Mamun Mintu, the legal affairs secretary of the Garment Workers Trade Union Centre, refuted this claim, saying that demand still exists but the remaining factories are under excessive pressure.

Textile industry contributes 84% of foreign exchange earnings

The textile industry generates 84% of Bangladesh’s foreign exchange earnings annually. It directly employs 50 lakh people and indirectly supports 1.5 crore individuals. Especially, women constitute a significant portion of this workforce.

Military denies opposition’s allegations of Sheikh Hasina’s return to power

A dispute is escalating in Bangladesh between the military and the newly formed National Citizen Party, led by student leaders. The party’s leaders, Hasnat Abdullah and Sarjis Alam, have alleged that the military might rebrand the Awami League under a new name to facilitate Sheikh Hasina’s return to politics. However, the military has denied this claim, saying that no such plans exist.

Editorial Perspective

Since the textile industry contributes 84% of Bangladesh’s foreign exchange earnings, its decline signals a severe economic downturn. This situation is pushing Bangladesh towards an economic crisis similar to Pakistan’s. If the current trend continues, Bangladesh, like Pakistan, may be forced to seek international aid—a scenario that seems inevitable !

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