The terrorist attack in Bangladesh caused panic and may severely damage its textile industry
According to a British Reuters report on July 3, Bangladesh’s textile industry is worth up to US$26 billion and is one of the country’s economic lifelines. After 18 foreigners were attacked at a restaurant in Dhaka, the capital of Bangladesh, some leaders in the local textile industry believe that the attack may cause Western retailers to review their relationship with Bangladesh, the world’s second largest textile exporter.
According to reports, Bangladesh is one of the poorest countries in the world. About 80% of its exports rely on the textile industry, which provides about 4 million job opportunities. Bangladesh is second only to China in exporting clothing to developed countries such as Europe and the United States.
On July 1, local time, militants killed 20 foreigners in a high-end restaurant in Dhaka, the capital of Bangladesh, including 9 Italians, 7 Japanese, 1 Indian, and 1 American. people. Afterwards, security forces launched a storm on the restaurant, ending the 12-hour standoff.
The extremist organization “Islamic State” claimed responsibility for the terrorist attack, but this claim has not been confirmed.
Reports pointed out that Bangladesh’s textile industry was hit hard three years ago when a factory collapsed and more than 1,100 workers were killed. This incident led to the closure of many factories, a reduction in exports, and an increase in unemployment. But the textile industry gradually recovered after that.
However, the terrorist attack on July 1 sent a more terrifying signal to foreigners. The building targeted by the terrorists houses two high-end restaurants and is popular with foreigners. In addition, several of the hostages killed were Italian clothing entrepreneurs.
Over the past decade, Italy’s textile exports from Bangladesh have more than tripled, reaching a transaction value of $1.31 billion last year, thanks to the low cost of producing clothing in the country.
But people in other industries say safety concerns continue to grow and can be managed. Manufacturers could hold more meetings with Western customers in Asian cities such as Singapore or Hong Kong. At least two European textile retailers that source goods from Bangladesh said their business operations were not immediately affected. Workers at these companies have not been affected and are monitoring the situation at all times. The terrorist attack in Bangladesh caused panic and may severely damage its textile industry
AAA
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