Refayet Ullah Mirdha

Chinese entrepreneurs are increasingly inquiring with Bangladeshi businesses over scope for factory relocations, joint ventures and fresh investments, apprehending that the new Trump administration might further hike tariffs on their exports to the US.

Following the political changeover on August 5, the country’s main export-earnings sector, the garments industry, witnessed a large-scale and drawn-out spell of labour unrest in industrial belts such as Savar, Gazipur, Ashulia, Zirabo and Zirani.

Delayed salary payment from a handful of RMG factory owners triggered the latest bout of labour unrest

Bangladesh has committed to amending its labour law by March next year to align it with international standards and meet the 18-point demand raised by workers in September this year.

A congenial business environment is yet to be restored under the interim government, said Tapan Chowdhury, managing director of Square Pharmaceuticals.

For local business communities, Donald Trump’s victory in the presidential race has been shorthand for the expectation that Western apparel orders and some foreign investments would shift to Bangladesh, with global fashion powerhouse China possibly facing higher import tariffs from the US.

Bypassing the traditional air shipment routes through India or Bangladesh, garment exporters have found the Maldives to be a cheaper as well as faster route.

The demand outlook for locally made denim garments is gradually improving as Western economies rebound, local and foreign businessmen said yesterday.

Exporters say the traditional air shipment routes through Dhaka, Kolkata, Colombo or Singapore had either become too expensive or too slow

As millions of Americans head to the polls on November 5 to vote for either Democratic Vice President Kamala Harris or her Republican rival Donald Trump, apparel business communities in Bangladesh, more than 13,119 kilometres away from Washington, will be watching the results of the presidential election closely.

Bangladesh has been struggling to recover lost work orders in the home textile segment, a significant volume of which shifted to Pakistan nearly two years ago.

Her dream was to enrol in Chattogram University or another reputed institution, but she could not even sit for the admission test as her father fell ill in 1994.

Bangladesh is an inspiring story of economic growth and development. The country became the 35th largest economy globally from almost scratch since its independence in 1971.

Local conglomerates have been growing hand in hand with the economy since independence in 1971, but few have managed to navigate the changing tides over the years.

Bangladesh’s ambitious $100 billion garment export target by 2030 is currently facing a number of challenges both at home and abroad, but local manufacturers and business leaders are still optimistic about achieving the goal.

Creating an environment for free, fair and credible elections is the first priority of the newly appointed administrator of the country’s largest trade body, the Bangladesh Garment Manufacturers and Exporters Association (BGMEA).

Garment exports by Bangladesh’s market rivals like India, Vietnam, China and Cambodia have increased to major Western markets due mainly to the latest spell of labour unrest and political changeover earlier in August in the country.

After more than a month of disruption due to the political changeover and subsequent labour unrest in major industrial belts, international apparel retailers and brands are returning to Bangladesh with work orders for upcoming seasons.

The uphill battle to restore confidence among the business community is progressing slowly as the Prof Muhammad Yunus-led interim government marks its second month in office.

There has been little progress regarding the signing of preferential trade deals by Bangladesh with major trading partners amidst the change in government following the anti-discrimination movement in July.