Showkat Aziz Russell, president of the Bangladesh Textiles Mills Association (BTMA). Photo: Collected
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Showkat Aziz Russell, president of the Bangladesh Textiles Mills Association (BTMA). Photo: Collected
Highlights:
- Gas and energy crisis forcing factories to close
- Interest rate on loans still too high
- BIDA has failed to bring in a single investor, Showkat claims
- Warns of famine-like situation as more people become jobless
Businessmen in the country are being killed just like the intellectuals in the 1971 Liberation War, Showkat Aziz Russell, president of the Bangladesh Textiles Mills Association (BTMA) has alleged.
Highlighting the prevailing energy and power supply crisis, alongside what he called was a conspiracy against industries, he said, “If I talk about our industry, I will have to go back to 1971. The way intellectuals were killed in 1971, which was a great loss to the country, and now coming to 2025, in the same way industrial entrepreneurs and industries are being killed.”
At a joint press conference to address the ongoing power and energy crisis attended by representatives from the FBCCI, BGMEA, BKMEA, LFMEAB, BCI and ICC-Bangladesh, Aziz, also chamber of Amber group, said most factories had to remain closed due to the crises.
“We don’t know how we will pay bonuses and salaries to workers ahead of Eid-ul-Adha. I think this is a kind of conspiracy against our industry. We are paying gas bills and bank loans too.”
Criticising the high rate of bank borrowing, the BTMA president said, “The interest rate is very high. Why? That’s because we are compensating for those who looted money [from the country].”
He also warned that the country could face a famine-like situation soon.
“There are layoffs everyday in the industry. People will come to the street after a few days. The situation will go out of control. There will be famine if industries are not saved from power and energy crises.”
He said in the last eight months, the Bangladesh Investment Development Authority had failed to bring in a single investor.
“You are inviting foreigners to invest in the country which is a lengthy process. You need five years to establish a factory and come to production. Foreigners know that investment in Bangladesh is not viable. They know Vietnam is more profitable than Bangladesh.”
