Bangladesh Garment Factories Reopen after Sheikh Hasina’s Flight

Garment factory workers break for lunch, in Dhaka on August 7, 2024 (AFP)
Garment factory workers break for lunch, in Dhaka on August 7, 2024 (AFP)
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Bangladesh Garment Factories Reopen after Sheikh Hasina’s Flight

Garment factory workers break for lunch, in Dhaka on August 7, 2024 (AFP)
Garment factory workers break for lunch, in Dhaka on August 7, 2024 (AFP)

Garment factories in Bangladesh, forecast to account for 90% of the country's exports, reopened on Wednesday hoping to swiftly resume full operations after production was disrupted by violent protests that ousted Prime Minister Sheikh Hasina this week.

Hasina resigned and fled the country on Monday after around 300 people were killed and thousands injured in a crackdown on student-led protests since July.

Garment and textile factories which supply major western brands such as H&M, Zara and Carrefour had been forced to shut under curfews imposed during the unrest.

"We lost a total of four days, it is too early to make an estimate of the loss. There was little physical damage to factories," Miran Ali, vice president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), told Reuters.

"I am hopeful that in the next few days, we will see complete normalization," he said. "I'm confident our buyers will stand by our side."

He added that H&M, which sources garments from about 1,000 factories in Bangladesh, had already said it would not seek discounts due to the delays. The world's second largest fashion retailer had said it was concerned about developments in Bangladesh.

At a factory belonging to apparel maker Urmi Garments in Dhaka, the mainly female employees were back operating sewing machines.

"We went out of work, sitting idle at home. We were scared. We are poor people depending on daily wages and overtime. If we sit back home, how can we run our families?" 38-year old Razia Begum, an employee at the factory, told Reuters.

Factory manager Emdadul Haq said the factory had lost 228,000 pieces of production worth $107,000. In all, Urmi, which counts H&M, Japan's Uniqlo and Britain's Marks and Spencer among its clients, had lost about $2.2 million across three units, he said.

The International Monetary Fund expects the ready-made garments industry will account for 90% of Bangladesh's $55 billion annual exports in the financial year 2024.

Bangladesh was the third-largest exporter of clothing in the world last year, after China and the European Union, according to the World Trade Organization. Nearly half of its exports in the July 2023-May 2024 period were to the EU, worth $21.65 billion.



Saudi Arabia, Italy Sign MoU to Strengthen Collaboration in Renewable Energy

The MoU focuses on key areas such as energy transitions and security, renewable energy and electricity interconnection. SPA
The MoU focuses on key areas such as energy transitions and security, renewable energy and electricity interconnection. SPA
TT

Saudi Arabia, Italy Sign MoU to Strengthen Collaboration in Renewable Energy

The MoU focuses on key areas such as energy transitions and security, renewable energy and electricity interconnection. SPA
The MoU focuses on key areas such as energy transitions and security, renewable energy and electricity interconnection. SPA

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz has met in Riyadh with Italian Minister of Environment and Energy Security Gilberto Pichetto Fratin to explore avenues for cooperation across various energy sectors.

The two sides signed on Tuesday a memorandum of understanding (MoU) to strengthen collaboration between Saudi Arabia and Italy, serving their shared interests.

The MoU focuses on key areas such as energy transitions and security, renewable energy, electricity interconnection, energy efficiency, geothermal energy, methane emissions reduction, advancing energy storage solutions, petroleum, natural gas, and conventional and transitional fuels.

It also addresses enhancing the stability and reliability of petroleum and natural-gas markets, reducing market volatility, and improving energy supply security and supply chains.
The agreement highlights innovation and technology, such as hydrogen project development, climate-change mitigation solutions, the circular carbon economy, and carbon capture, utilization, and storage. Additionally, it emphasizes digital transformation, cybersecurity, and artificial intelligence in the energy sector while fostering joint initiatives to support engineering and construction projects in energy. These efforts align with the Paris Agreement and the 2030 Agenda for Sustainable Development.