Iran-Israel war may pose challenge to Bangladesh's RMG sector: BGMEA
The Iran-Israel conflict may pose a challenge to Bangladesh's readymade garment (RMG) sector by raising the cost of doing business, according to the Bangladesh Garment Manufacturers and Exporters Association (BGMEA).
BGMEA's new president Mahmud Hasan Khan Babu said the conflict may trigger a surge in global oil prices, which would, in turn, increase operational expenses for the country's RMG industry.
The Iran-Israel conflict may pose a challenge to Bangladesh's RMG sector by raising the cost of doing business, according to trade body BGMEA. Other challenges include reciprocal US tariffs, India's suspension of transshipment facilities for Bangladesh goods, high inflation, rising wages, elevated bank interest rates and soaring energy costs, BGMEA's new president Mahmud Hasan Khan Babu noted.
Other challenges include reciprocal US tariffs, India's suspension of transshipment facilities for Bangladesh goods, high inflation, rising wages, elevated bank interest rates and soaring energy costs, he noted.
He vowed to advocate for the setting up of a dedicated ministry for the garment sector, domestic media outlets reported.
He announced plans to introduce a digital platform, allowing BGMEA members to apply for various services and lodge complaints regarding the association's operations, and pledged to reduce the cost of BGMEA's services by 25 per cent starting from July 1.
In October last year, the government appointed Mohammad Anwar Hossain as the BGMEA administrator to oversee the election process.
Fibre2Fashion News Desk (DS)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India Today
an hour ago
- India Today
Canada's Mark Carney receives PM Narendra Modi at G7 Summit venue
Canadian PM Mark Carney received Prime Minister Narendra Modi as he arrived at the venue of the G7 Summit in Kananaskis, Alberta. PM Modi is currently on a four-day, three-nation tour covering Cyprus, Canada and Minister Narendra Modi landed in Calgary on Tuesday morning to participate in the 51st G7 Summit amid Israel-Iran tensions. This comes after the PM visited Cyprus and held discussions with Cypriot President Nikos official spokesperson of the Ministry of External Affairs, Randhir Jaiswal, said that PM Modi also met Mexican President Claudia Sheinbaum on the sidelines of the 51st G7 Summit. He wrote on X, "Boosting India-Mexico warm and historical ties. This was the first meeting between the two leaders." "Both sides discussed avenues to further deepen - cooperation in trade, pharmaceuticals, S&T, digital innovation and shared perspectives on key global & regional issues, including the priorities of the Global South," he added.
Time of India
an hour ago
- Time of India
Four heavy US bombers stationed at key Indian Ocean base
Four US Stratofortress bombers are currently stationed at the Diego Garcia base in the Indian Ocean, according to an AFP analysis of satellite imagery, as the conflict between Israel and Iran extended to its fifth straight day. The base, leased to the United States by Britain, is one of its key military facilities in the Asia-Pacific region, and was used as a hub for long-range bombers and ships during the wars in Afghanistan and Iraq. The four B52H Stratofortresses, which can carry nuclear weapons or other precision-guided munitions, were spotted on a southern tarmac at Diego Garcia on Monday at 0922 GMT. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Average Cost To Rent A Private Jet May Surprise You (View Prices) Private Jet I Search Ads Learn More Undo Images provided by Planet Labs indicate they arrived in mid-May. A C-17 Globemaster III troop and cargo transport plane is also at the base, according to the AFP analysis, as well as six jets likely to be KC-135 airborne refuelling tanker. Live Events The Pentagon said Monday that it was sending "additional capabilities" to the Middle East amid an escalation of the Iran-Israel conflict, while the aircraft carrier USS Nimitz cancelled a Vietnam visit to head toward the Indian Ocean according to Marine Traffic, a ship-tracking site. Washington has also redeployed around 30 refuelling planes toward bases in Europe.
Time of India
2 hours ago
- Time of India
Rupee slips on oil spike, falls 30 paise to 86.34 against US dollar, traders cite geopolitical crisis & weak equities
The rupee weakened by 30 paise to close at 86.34 against the US dollar on Tuesday, pressured by a sharp rise in global crude oil prices and growing geopolitical uncertainty in the Middle East. Tired of too many ads? go ad free now A stronger greenback and muted domestic equity markets further weighed on the local unit. At the interbank foreign exchange market, the rupee opened at 85.96 and moved in a range between 85.89 and 86.34 before settling at the day's low. The currency had ended at 86.04 on Monday. 'As the rupee closes below 86.20, we can expect it to fall to 86.70 levels before any recovery,' said Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP, quoted PTI. 'Dollar selling has been restricted for now with the war and is taking a toll on risk, and the greenback is getting bought as the tariff issue becomes secondary. Trump also said pharma tariffs will be coming soon, spooking pharma stocks of India and FPIs selling continuously,' he added. Bhansali noted that multiple global stress factors are dampening sentiment. 'Conflicts in Europe and the Middle East have intensified. The US has an unsustainable debt while there is unrest due to the deportation of illegal immigrants in the US. All negative factors have been helpful in keeping risk assets away, taking the rupee lower as it closed at 86.24,' he said. He expects the rupee to remain in the 85.80–86.50 range on Wednesday. Brent crude futures, the global oil benchmark, jumped 1.60% to $74.40 per barrel in Tuesday's trade, continuing their upward trajectory amid intensifying Israel-Iran tensions. Tired of too many ads? go ad free now Domestic equities also closed lower. The 30-share BSE Sensex dropped 212.85 points to 81,583.30, and the NSE Nifty fell 93.10 points to end at 24,853.40. The dollar index, which tracks the US currency against a basket of six peers, rose 0.20% to 98.19, adding to the rupee's downside pressure. On the macro front, the country's unemployment rate rose to 5.6% in May from 5.1% in April, largely due to seasonal factors, according to data released by the Ministry of Statistics & Programme Implementation. Despite the bearish cues, foreign institutional investors (FIIs) were net buyers on Tuesday, purchasing equities worth Rs 1,482.77 crore, according to exchange data.
