Bangladesh, which used to compete with China, has sunk! These are the options left

Bangladesh Crisis / Bangladesh, which used to compete with China, has sunk! These are the options left

Bangladesh Crisis - Bangladesh, which used to compete with China, has sunk! These are the options left

Bangladesh Crisis: Bangladesh's textile industry, which had been the main pillar of the country's economy in the last three decades, is now facing a serious crisis. Under the leadership of Sheikh Hasina's government, Bangladesh had not only succeeded in transforming its economy, but it was also in a position to challenge a giant country like China. However, at present, due to the policies and decisions of the government, this industry is facing many challenges.

Clouds of crisis on textile industry

Bangladesh's textile industry has played an important role in changing the fate of the country. With the help of this industry, Bangladesh made its economy dependent on exports and set a target of $ 100 billion garment exports by 2030. But in the current situation, achieving this target seems extremely difficult. The textile industry is an important part of the country's economy, and its exports are facing a mix of competition in the global market and local challenges.

Impact of political instability

The decisions taken by the government of Mohammad Yunus have served to please the fundamentalists and Islamists, but these decisions are not for the good of the general public and the country. For this reason, the textile industry is facing a serious crisis. Industrialists now hope that if the government implements appropriate policies in time, the target of 2030 can be achieved.

Competition from China

Currently, China is the world's largest country in garment exports. China's textile and apparel exports are expected to reach $ 30 billion in 2023-24. While Bangladesh exported $ 36 billion in the same period. Although Bangladesh has maintained its position in second place after China, it is facing serious challenges due to domestic problems.

Domestic challenges

Bangladesh's textile industry is being badly affected by domestic problems. Power crisis and lack of gas supply have slowed down the pace of this industry. Industrialists need policy support from the government to address production and safety issues. Besides, the poor trade and investment environment is also a major challenge, reducing trust in Bangladesh's textile industry globally.

Future prospects

However, Farooq Hasan, former president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), believes that buyers are returning to Bangladesh, which shows a ray of hope. But for this, it is necessary that the government fixes electricity and gas supply and ensures a stable political environment.

Conclusion

Bangladesh's textile industry is currently facing serious challenges, but if the right steps are taken in time, the industry can revive. It is necessary for Bangladesh to take its policies and structures in the right direction to achieve the 2030 goal. This is not only important for the country's economy, but it also questions the future of millions of workers.