Numerous industrial facilities throughout Bangladesh, catering to both local and international markets, are facing a financial crisis.
This is as per reports, which added in addition to the prevailing issues of currency devaluation and a sharp decline in global demand, a broader financial crisis has emerged, fuelled by sluggish global demand, soaring production costs, and intricate banking complexities even as these factors collectively contributed to the closure of factories.
According to data from the Industrial Police, a total of 313 factories under its jurisdiction have ceased operations from January to mid-August in the current calendar year even as among these closed units, 60 were reportedly affiliated with the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), 16 were listed with the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), nine were textile mills registered with the Bangladesh Textile Mills Association (BTMA), and five were under the purview of the Bangladesh Export Processing Zones Authority (BEPZA).
The remaining 223 units were reportedly non-readymade Garment (RMG) establishments, primarily comprising cottage industries, according to official records.
