Jumbangla Desk: After August 5, there has been a financial loss of approximately 400 million or 400 million dollars due to instability in the garment sector, according to Khandkar Rafiqul Islam, president of the Garment Manufacturers and Exporters Association (BGMEA).

He gave this information at a press conference held at BGMEA Complex in Uttara on Saturday.

The president of BGMEA said, 'Still, the process of determining the amount of damage caused to the garment sector due to the instability is ongoing. However, according to the preliminary information that has come to us, there has been a financial loss of 400 million dollars, which may increase further.

He also said, 'Our industry is not good. Clothing imports are decreasing in the world. During January-August this year, apparel imports in the United States increased by 1.5 percent in terms of volume. But it has decreased by 3.8 percent from Bangladesh.

But China increased by 3.6 percent. Similarly, Vietnam increased by 5.2 percent, India increased by 7.6 percent and Cambodia increased by 7.7 percent. Total imports in Europe increased by 3.3 percent in the January-July period. There is an increase of only 2.8 percent from Bangladesh.

But China has increased by 6.4 percent, India has increased by 5.18 percent, Cambodia has increased by 18.35 percent, Vietnam has increased by 12.61 percent and Pakistan has increased by 14.41 percent. Judging by the comparative export growth, Bangladesh's export growth has been 5.34 percent during July-September this year.

And Vietnam's growth has been 15.57 percent and India's growth has been 13.45 percent. That is, in the third quarter of this year, we have lagged far behind in growth compared to our competing countries, which indicates a shift in export orders to these countries.'

Rafiqul Islam said, 'Recently, our export and production of 250-300 million dollars has been disrupted in September alone due to instability in certain industrial areas.

The rate of cash assistance to the garment industry has been reduced due to transition of LDCs. This has increased unintended risks and disruptions in the industry.

Many middle-income countries have been giving nominal incentives to their industries after transitioning to LDCs, of which we have many examples. Therefore, considering the importance of the garment sector in the overall economy, I demand to consider the issue of reinstating incentives.

"We don't want this situation to repeat itself," he said, pointing out that the garment industry had to pay a lot for the prolonged unrest in the last two months. I am drawing the attention of the concerned government to bring those who play tricks with industry and economy under strict laws.

We always sympathize with our labor brothers and sisters. From that position, we accepted the 18-point demand despite hundreds of challenges. Even after this, if there is anarchy in the garment sector or any untoward incident happens, then everyone concerned will have to take the responsibility.'

In the press conference, it was informed that the growth of Bangladesh's garment exports has been low compared to competing countries during July-September of the current financial year. In this situation, BGMEA has sought to bring down the interest rates of bank loans to single digits and special policy support for small and medium industries in the garment sector.

It was informed in the press conference that due to the unrest in certain industrial areas, many factories are facing uncertainty about the payment of salaries for the month of August. As a result, BGMEA wrote a letter to the financial adviser asking for a loan on easy terms and met with the governor of Bangladesh Bank.

In addition, 39 of the factories affected by labor unrest in Ashulia were unable to pay their workers' salaries in September. BGMEA has requested the Ministry of Finance to take measures to provide loans to these factories on easy terms without interest.

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