Concerns among foreign buyers are arising due to the ongoing turmoil in the readymade garments (RMG) sector, leading to a temporary halt in new orders.
This is as per reports, which cited Faruque Hassan, the President of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) in this regard.
Addressing the issue at a press conference recently, Faruque emphasised that the damage incurred is evident in buyers refraining from placing fresh orders until the situation stabilizes.
Despite efforts to reassure buyers by highlighting that only 5 per cent of factories are affected by the unrest, he acknowledged the necessity of finding a resolution to restore confidence.
Faruque also advocated for the timely implementation of the new wage board before the general election to prevent any interference in the process.
He mentioned plans to officially communicate this concern to the government.
Furthermore, he disclosed that 130 garment factories had temporarily shut down as of the latest update.
Acknowledging potential challenges, Faruque suggested that redistributing workload among factories could help balance the increased pressure, resulting in a mitigation of the overcapacity issue.
