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Political unrest raises fears of job cuts

Companies mull extreme measures to stay afloat

Sajjadur Rahman
Industries will be forced to cut back on jobs if the political leaders fail to resolve the crisis to keep up economic activities, sector leaders said yesterday.
With no new employment generated in the last few months because of the strikes and blockades, economic activities such as exports, imports and investments dropped significantly.
"I have asked my department heads to make a list of the employees under them and find what can be done to cut costs," said Mahmud Hasan Khan, managing director of Rising Group of Industries that has operations in woven, textiles and spinning sectors and employs 7,000 people.
There were no new recruits in his companies in the last three months, which Khan said was unprecedented.
Industry estimates show that the garments
sector in Bangladesh, both woven and knitwear, employs around four million people. Yarn and fabric makers and the related backward linkage industries have created another two million jobs in Bangladesh.
Other industries such as jute and jute goods, ceramics, glass, pharmaceuticals and tobacco employ several millions.
All these sectors have badly been affected by violent politics throughout 2013, with many running under capacity for the over 75 days of strikes and blockades that barred the supply of raw materials and delivery of finished goods.
"1 cannot sell the finished products and so, I am not getting enough cash to pay employees' salaries," said Nasiruddin Biswas, chairman and managing director of Nasir Group of Industries that has a diversified business employing around 20,000 people.
"I am eagerly waiting for the deadlock to pass, which will allow us to work normally," said Biswas. "Otherwise, I'll be forced to cut costs for my survival."
Bengal NFK Textile, which always pays its workers by the first week of the month, will fail to maintain its practice this month. "How will we pay if we cannot produce and sell?" asked Director Imam Hossain Patwary.
The company's imported cotton reached Chittagong Port on Friday last but it is unable to bring it into
the mill to make yarn and fabrics, Patwary said.
Meghna Innova Rubber that makes bicycles, tyres and parts is concerned about a decline in export orders.
"Job cuts will depend on the drop in export orders," said Lutful Bari, director (operations) of Meghna Innova Rubber. "Generally, our European buyers give us a forecast on orders by January 10 of a year, but this time, they are dilly-dallying."