Square Group chief executive officer Tapan Chowdhury on Wednesday said that a significant number of garment work orders had been relocated from Bangladesh to other countries due to nearly a month of labour unrest in the major industrial zones in Ashulia and Gazipur.
In a discussion with the members of the Economic Reporters鈥� Forum in Dhaka, he said that his company supplied garments to several leading clothing brands, which have transferred some orders to other countries, particularly Sri Lanka, due to current uncertainties affecting the timely supply of products.
Tapan, however, hoped that these brands would return with work orders to his company and to Bangladesh if stability and normalcy are restored in the sector.
He said that the law-and-order situation in major garment-producing areas has improved compared with the early days of the current government.
In response to journalists' questions, Tapan Chowdhury said that the country's transition from a Least Developed Country to a developing nation should be gradual, as the abrupt loss of preferential trade benefits could pose challenges for Bangladeshi businesses.
He encouraged for the continuation of current LDC trade advantages for a few more years.
Tapan said that Square Group has a plan to list more of its companies on the stock market if better opportunities arise.
鈥榃e feel very comfortable because of significant changes,鈥� he said, referring to the political shifts in the country and its impact on the business environment.
He expressed optimism that the interim government aimed to bring about positive changes, noting that advisers to the interim government had indicated that such circumstances might not arise again.
Tapan Chowdhury also said that the chief adviser, during a recent visit to the USA for the United Nations General Assembly, urged major global clothing brands to source more garments from Bangladesh, leveraging his well-established reputation among global leaders and business communities.
He expressed support for the government's actions against corrupt businessmen, acknowledging the numerous media reports highlighting corruption within certain sectors prevailed before the political transition.
鈥業 want to believe that change will come. I hope the interim government will succeed. Political leaders must understand that power is not everlasting,鈥� he said.
Tapan Chowdhury, also managing director of Square Pharmaceuticals, said that normalcy was gradually returning, with confidence slowly being restored in the garment sector.
