There are ample logical reasons why Bangladesh is called the "Golden Bengal." From ancient times, Bengal was a prosperous region. It was renowned for its trade, commerce, and handicrafts.
As early as the fifth century, the largest port city of Bengal maintained commercial relations with South India, Sri Lanka, Burma, Malaya, the Persian Gulf, and the Far East.
During that period, the principal industries included textiles, sugar, salt, ivory, and metalwork. In the eighth century, Arab merchants played a significant role in establishing Chattogram (Chittagong) as an important center of international trade.
Boatbuilding had flourished in Bengal since ancient times. The muslin of Dhaka gained worldwide fame. Bengal was once a leading exporter of textiles, sugar, salt, and ornaments.
Around the year 600, handicrafts also reached a high level of prosperity. During the Mughal period, production activities in Bengal expanded rapidly. The participation of foreign traders in the export market provided fresh impetus to industrial development.
Therefore, it is deeply distressing when we read in newspapers that various industrial establishments in that very country are being shut down.
According to a newspaper report published yesterday, 457 industrial establishments in the country have been permanently closed over the past two years. As a result, thousands of workers have suddenly become unemployed.
This situation is an alarming signal for the national economy. Bangladesh is a densely populated country, and creating employment opportunities while reducing unemployment is one of the state's foremost responsibilities.
To strengthen the country's economic foundation and improve the standard of living of its people, there is no alternative to establishing new industries. However, instead of building new industrial enterprises, even the existing ones are gradually closing down, which is extremely unfortunate.
The closure of many well-established factories is primarily due to a combination of global and domestic crises. Recently, a shortage of international orders, geopolitical instability, and rising raw material prices have pushed the country's industrial sector toward severe hardship.
On the domestic front, the prolonged energy crisis—particularly the inadequate supply of gas and electricity—has become the principal obstacle to maintaining production.
Although uninterrupted gas and electricity supply has long been demanded, those appeals have largely gone unheeded. The issue has not received the priority it deserves, causing industries to become increasingly weak and unproductive.
Added to this are the complexities of bank loans, widespread instability in the banking sector, corruption and financial mismanagement, all of which have created severe financial difficulties for entrepreneurs.
Owing to a lack of capital, production in many promising factories has been permanently suspended.
To overcome this grave crisis, the government must adopt farsighted, practical, and effective measures. First, the conditions attached to the funds announced by Bangladesh Bank for reviving closed and partially operational factories should be reviewed and relaxed without delay.
Complications related to collateral should be removed, and the strictness of Credit Information Bureau (CIB) reports should be eased temporarily so that small and medium-sized entrepreneurs can obtain working capital loans at a concessional interest rate of 7 percent under simple terms.
Second, uninterrupted supplies of gas and electricity must be ensured in industrial zones so that production is not disrupted by energy shortages. Third, the down-payment requirement for bank loans should be reduced to a minimum, and special opportunities for loan rescheduling should be introduced.
Fourth, the government should intensify diplomatic efforts and seek new buyers in international markets to maintain a steady flow of export orders.
We believe that if the government promptly considers the reasonable demands and recommendations of entrepreneurs and provides effective financial and policy support, the closed factories can resume operations.
At present, Bangladesh has tremendous potential in industries such as glass, fertilizer, cement, paper, sugar, iron, steel, pharmaceuticals, and leather. What is needed is the government's sincere commitment and the proper implementation of its policies.
