Dhaka: Businesses in impoverished Bangladesh, hard hit by the global downturn, have urged the government for $877 million in support to help them weather the slump, an industry leader said Monday.
Bangladesh Chamber of Commerce and Industry president Annisul Huq said a 40-strong delegation had held talks with Prime Minister Sheikh Hasina to ask for the subsidies package.
“The government should be ready with the fund. Many of our industries, including jute goods, leather goods and shrimps need this support now,” he said.
Bangladesh’s exports have nosedived after growing 42% in the July-September quarter as orders from Europe and the US — the two markets accounting for 90% of the country’s overseas sales — have fallen.
The Bangladesh Jute Spinners Association said last month 25,000 people had lost their jobs in the industry as exports plunged 18 percent in the six months to December on lower demand from European markets.
Bangladesh is one of the poorest nations on the planet with 40% of its 144 million people living on less than a dollar a day.