Violence costs Bangladesh garment sector $900m

Political violence has cost the garment industry an estimated Tk. 7,200 crore ($900m) and it could face virtual collapse if the turmoil doesn't stop immediately, local media reported Tuesday (January 14th).

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According to the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), some 700 small- and medium-sized factories could face permanent closure by June, the Bangladesh Protidin reported.

"Political unrest is not uncommon in Bangladesh, but what has really caused this huge loss this time is the continuing violence and blockade at a stretch for the past three months," said BGMEA director Arshad Jamal Dipu.

Bangladesh needs to ensure political stability and create a congenial atmosphere for rebuilding global buyers' confidence for the sake of maintaining a sustainable export growth trend in the coming days, former BGMEA president Abdus Salam Murshedy, told the Dhaka Tribune.

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