Foreign buyers moving away from Bangladesh due to instability in garment industry: Tapan Chowdhury

The instability in Bangladesh's ready-made garment (RMG) sector is currently a significant challenge, causing many foreign buyers to move away, said Tapan Chowdhury, former adviser to the caretaker government and CEO of Square Group. 

Chowdhury made these remarks today (9 October) during an event titled "Conversation with ERF Members," organised at the Economic Reporters Forum (ERF) auditorium. 

"External influences are often behind the instability in the garment sector," Chowdhury said, adding that this sector is frequently used to create unrest centring various political agendas. 

"For the sake of the nation, we must move beyond this situation."

He emphasised the need to maintain a stable environment in the sector under any circumstances, mentioning the importance of the industry, which directly employs around 45 lakh workers, the majority of whom are women.

Responding to a question, he noted that due to the current instability, several buyers are now returning to Sri Lanka, a market they had initially left because of the country's own unstable conditions. 

"Some buyers who came to Bangladesh during Sri Lanka's instability are now going back because of our situation," he said.

Chowdhury, however, expressed optimism, stating that although the sector experienced instability earlier in the government's term, recent measures are slowly improving the situation. 

"I believe we will achieve stability soon," he added.