Apparel industry losses put at $14mn in recent violence
30 May '06
1 min read
Bangladesh' apparel industry has incurred a financial loss of $14 million due to recent damage to factories, informed Bangladesh Garment Manufacturers and Exporters Association (BGMEA).
BGMEA is concerned about losing business as many buyers have shown reluctance to place orders due to procrastinated shipment.
Abdus Salam Murshedi, a Senior leader of the BGMEA said, "We are worried that business during the fall might decline significantly buyers are found to be a bit reluctant to place orders,"
Some unofficial sources have estimated loss of $357 million in apparel industry which is almost 5 percent of total annual earning target of $7500 million.
Association has also conducted survey to estimate damage caused to the apparel industry due to recent violence.
Leaders of BGMEA will request to Prime Minister to establish friendly industrial environment.
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