Latest news with #BangladeshEconomy
Malay Mail
2 days ago
- Business
- Malay Mail
Bangladesh seeks Malaysia's backing for Asean membership during meeting with Nurul Izzah
NEW DELHI, July 28 — Parti Keadilan Rakyat (PKR) deputy president Nurul Izzah Anwar called on Bangladesh interim leader Muhammad Yunus in Dhaka on Sunday. Yunus, during the meeting, sought Malaysia's support for Bangladesh to join the Association of South-east Asian Nations (Asean). 'We want to become a part of Asean, and we will need your support,' he told Nurul Izzah, according to a Bangladesh Sangbad Sangstha report. Bangladesh applied to become an Asean sectoral dialogue partner in 2020. Yunus also invited Malaysian companies to invest in Bangladesh's growing economy. 'Asia is ageing rapidly, but Bangladesh has a lot of young people. Half of our population is under the age of 27. Set up your industries here and export from Bangladesh. It will help both our economies,' he said. The interim government's chief advisor informed the PKR deputy chief about Bangladesh's political reforms following last year's uprising, which ended Sheikh Hasina's nearly 16-year rule. Nurul Izzah spoke at Dhaka University on Sunday at a conference marking the first anniversary of the July Revolution. She also offered her condolences during the meeting with Yunus and at the conference over the loss of lives in the recent fighter jet crash at Milestone School in Dhaka. — Bernama
Yahoo
09-07-2025
- Business
- Yahoo
After US tariffs, jobs hang by a thread in Bangladesh's garments sector
By Ruma Paul and Fatima johora ASHULIA, Bangladesh (Reuters) -The fear of job losses is rippling through Bangladesh's garment hubs as U.S. President Donald Trump's 35% tariff on the South Asian nation threatens orders from its main export market and crimps the country's biggest industry. The readymade garments sector accounts for more than 80% of Bangladesh's total export earnings, employing 4 million people and contributing roughly 10% to its annual GDP. Raimoni Bala, who operates an industrial sewing machine at a garments factory in Ashulia, a satellite town on the outskirts of Dhaka, says she fears losing her job every day. "For the past few months, everyone is talking about cuts," said Bala, 32. "Whenever anyone visits the factory, my chest aches. I feel like they've come to tell me I've lost my job." In a letter to Bangladesh Chief Adviser Muhammad Yunus, Trump said a 35% levy will be imposed on Bangladeshi imports from August 1 - slightly lower than the 37% tariff he announced in April but more than double the previous average of around 15%. Trump has said he will impose a 20% tariff on major apparel exporter Vietnam while levies on India and Sri Lanka - also big American suppliers - are yet to be announced. Lower tariffs for these competitor nations will make apparel from Bangladesh costlier in comparison. Bangladesh and the U.S. Trade Representative will kick off second round of negotiations on Wednesday to conclude a trade agreement, Dhaka said. While there was still time for Dhaka to reach a trade deal, the fear of disruption due to higher U.S. tariffs is pervasive on factory floors. Reuters spoke to more than a dozen workers in the garments industry like Bala. All shared the same fear - that under the weight of higher tariffs, cancelled orders and factory closures, their livelihoods were under threat. Suppliers in Bangladesh's garments industry, which counts Gap Inc and Vans parent VF Corp as clients, told Reuters that many brands have adopted a "wait-and-see" approach and are placing few new orders. "The burden of this tariff hike will fall heavily on garment manufacturers and the millions of workers they employ, a majority of whom are women, raising the risks of slower growth, job losses and a rise in poverty," said Selim Raihan, an economics professor at the University of Dhaka. Bala's story is similar to many of the workers in the teeming capital. She left her village in northern Bangladesh with the bare minimum, determined to give her sons - now 15 and 13 - a better future. Her husband's poor health only allows him to work sporadically as a day labourer, she said, making her job at the garments factory crucial to the family's survival. During the pandemic, Bala said her factory shut down. She said she continued to receive reduced wages under a government stimulus programme, but her family was forced to almost go hungry. Every rumour of new tariffs or reduced orders rekindles the fear of losing her job, she said. She said she clings to the hope that her job, though exhausting and low-paid, will keep her sons in school and provide food on the table. "I have confidence in my work. I work with respect," Bala said. "As long as I have this job, my sons can dream. Without it, I don't know what will happen to us." Sign in to access your portfolio
Yahoo
30-06-2025
- Business
- Yahoo
Strike shuts down Bangladesh's biggest port
Operations at Bangladesh's biggest port were suspended on Sunday as a strike by customs officials brought shipping activity to a halt. The shutdown at Chittagong Port is part of an ongoing dispute between tax authority employees and the government, which is trying to overhaul the body. "The port typically handles around 7,000 to 8,000 containers daily... But since this morning, there has been no movement in offloading or onboarding of goods," said Mohammed Omar Faruq, secretary of the Chittagong Port Authority. "This is having a huge impact on the country's economic situation," he told AFP. Bangladesh is the world's second-largest garment manufacturer, while textile and garment production accounts for about 80 percent of the country's exports. Mahmud Hasan Khan, president of the Bangladesh Garment Manufacturers and Exporters Association, said the halt in port operations would cost the industry $222 million. "The cost of recovery will be staggering -- beyond comprehension -- and many factories risk going bankrupt," he told AFP. Staff at the National Board of Revenue (NBR) have been striking on and off for weeks over plans to split the authority into two separate bodies. Bangladesh's interim leader, Nobel Peace Prize laureate Muhammad Yunus, urged them to end the walkout. "We hope NBR's staff will report back to work setting aside their unlawful programme that goes against the national interest of the country," his office said in a statement. "Otherwise for the sake of the people of this country and safeguarding the economy the government will be left with no option but to act firmly," the statement added. NBR staff were prevented from entering their offices on Sunday after a government order sought to stop them from protesting within their building premises. Meanwhile, 13 business chambers held a press conference on Saturday urging the government to resolve the issue as soon as possible. sa/asv/rsc
Reuters
29-06-2025
- Business
- Reuters
Bangladesh orders striking tax officials back to work; port operations hindered
DHAKA, June 29 (Reuters) - The Bangladesh government ordered tax and customs workers to return to work immediately on Sunday and end a two-day nationwide strike that has brought tax operations to a standstill, including customs operations at major trade hub Chittagong Port. 'Officials and employees must return to work at once and refrain from activities that harm national interests. Otherwise, the government will be compelled to take strict measures to protect the people and the national economy,' the statement said, without giving details of what such measures might entail. Import-export operations must continue uninterrupted to protect the economy, the interim government of Muhammad Yunus said in a statement, adding that all jobs at the National Board of Revenue (NBR) were deemed essential services. The protests began after the government issued an order on May 12 dissolving the NBR and creating new revenue divisions. The government has said the changes are needed to modernise and streamline revenue collection, reduce overlaps, and improve efficiency. But many officials in the department fear job insecurity and a loss of institutional independence and are demanding reforms in the new structure and the resignation of the NBR chairman. They launched a full nationwide shutdown on Saturday to press their demands. Business leaders have voiced concern over the situation, warning that a prolonged deadlock could severely disrupt supply chains, squeeze revenue collection, and deal another blow to investor confidence already shaken by macroeconomic pressures. Yunus' administration, which came to power after student-led protests forced then Prime Minister Sheikh Hasina to flee to India, has faced growing discontent in recent weeks.
Yahoo
29-06-2025
- Business
- Yahoo
Strike shuts down Bangladesh's biggest port
Operations at Bangladesh's biggest port were suspended on Sunday as a strike by customs officials brought shipping activity to a halt. The shutdown at Chittagong Port is part of an ongoing dispute between tax authority employees and the government, which is trying to overhaul the body. "The port typically handles around 7,000 to 8,000 containers daily... But since this morning, there has been no movement in offloading or onboarding of goods," said Mohammed Omar Faruq, secretary of the Chittagong Port Authority. "This is having a huge impact on the country's economic situation," he told AFP. Bangladesh is the world's second-largest garment manufacturer, while textile and garment production accounts for about 80 percent of the country's exports. Mahmud Hasan Khan, president of the Bangladesh Garment Manufacturers and Exporters Association, said the halt in port operations would cost the industry $222 million. "The cost of recovery will be staggering -- beyond comprehension -- and many factories risk going bankrupt," he told AFP. Staff at the National Board of Revenue (NBR) have been striking on and off for weeks over plans to split the authority into two separate bodies. Bangladesh's interim leader, Nobel Peace Prize laureate Muhammad Yunus, urged them to end the walkout. "We hope NBR's staff will report back to work setting aside their unlawful programme that goes against the national interest of the country," his office said in a statement. "Otherwise for the sake of the people of this country and safeguarding the economy the government will be left with no option but to act firmly," the statement added. NBR staff were prevented from entering their offices on Sunday after a government order sought to stop them from protesting within their building premises. Meanwhile, 13 business chambers held a press conference on Saturday urging the government to resolve the issue as soon as possible. sa/asv/rsc Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
