Bangladesh economy under severe threat

SOURCES : The apparel industry in Bangladesh, which has turn-over of more than US$ 19 billion every year has visibly fell victim of certain vested interest groups inside and outside Bangladesh during the recent days. Syndicated media propaganda is continuing against Bangladeshi readymade garment industry, which employs approximately 2.7 million workers, mostly women from the unprivileged segments of the society. It is believed that, ever-flourishing status of the Bangladeshi textile industry enable the women in not only attaining self-sufficiency but also has greatly contributed in their empowerment. Most of the top ranking international brands already prefer Bangladesh as their priority choice because of cheap labors. It was also reported in the international media that, the Chinese giant exporters and manufacturers of apparel and textile products were already considering shifting their plants and orders to Bangladesh with the hope of keeping their business alive, as due to significant increase in labor wages in China, cost of production went hugely high, which already has caused buyers from feeling discouraged in buying their products from China. Bangladeshi factories make clothes for brands including Tesco, Wal-Mart, JC Penney, H&M, Marks & Spencer, Kohl’s and Carrefour. The garments manufacturing sector earned US$19-billion in the year to June 2012, one of the impoverished nation’s biggest industries. Bangladesh is the world’s biggest exporter of clothing after China. Ready-made garments make up 80 per cent of the country’s US$ 24-billion in annual exports. Consultancy firm McKinsey & Company has said Bangladesh would double its garments exports in the next 10 years.

While Bangladeshi apparel industry are at the footstep of golden opportunity, there is visible sign of extreme conspiracy against this most prospective sector in the country, by some vested interest groups, which are seeing creating crisis in the sector as a “potential” way of pushing the current government in Bangladesh towards dire economic catastrophe. The syndicate campaign against Bangladesh’s most prospective industrial sector include broadcast of documentaries as well as publication of editorial comments almost on a regular basis, since past six months, which is a bad signal for the people of Bangladesh in general and the government in particular. The campaign is continuing everywhere, from Washington to London to Singapore to Kuala Lumpur to Manila to almost all other major cities in the world. The situation went even worst when a trade unionist in the apparel sector, Aminul Islam allegedly became victim of enforced disappearance and murder, which rocked top policymakers in the world, including US Secretary of State, Hillary Clinton, although according to some critics, Mrs. Clinton picked up the Aminul Islam issue as a potential ‘weapon’ to put pressure on the Bangladesh government in making them compelled in stepping back from the recent actions taken by the government led by Prime Minister Sheikh Hasina, against the founder of Grameen Bank, Dr. Mohammed Yunus, as the Nobel prize laureate is a long-time family friend of the Clintons.

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