BGMEA says 319 factories to close down in Bangla - sportstextiles: Lea SportsTextiles

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BGMEA says 319 factories to close down in Bangladesh

18/05/2016
Over 300 factories in Bangladesh are set to close due to global competition and challenges like the devaluation of the US dollar, according to the Bangladesh Garment Manufacturers and Exporters Association (BGMEA).

BGMEA president Siddiqur Rahman expressed his concern over the imminent closure of 319 garment factories in the country which comes in spite of booming garment exports.

“It is a matter of concern that 618 factories shut down in past three years after their productivities dropped due to various reasons. 319 more factories are also going to close down,” he said.

According to Mr Rahman the garment sector in Bangladesh is facing various challenges including a gas a power crisis, high interest rates and a fall in the price of its products. He called for the halving of tax at source for the sector to 0.3% and suggested that garment accessories should be exempt from VAT.

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