Shawkat Aziz Russell, President of the Bangladesh Textile Mills Association (BTMA), has warned that the country’s industrial sector is on the verge of collapse, comparing the current crisis to the systematic killing of intellectuals in 1971.
Speaking at a joint press conference held at the Gulshan Club on Sunday, Russell said, “In 1971, intellectuals were hunted down and killed. In 2025, it’s not just industries that are being destroyed—entrepreneurs themselves are being eliminated.”
He criticized government advisors for remaining oblivious to the ongoing industrial crisis, stating, “There is no gas in the industrial sector, factories are shutting down one after another. But the advisors seem to have buried their heads in the sand like ostriches—completely blind to what’s happening.”
Russell also expressed grave concerns about the country’s economic future, warning, “There will be famine in the country. People will take to the streets.”
Highlighting the twin crises of a gas shortage and lack of working capital, he said, “Factories are in such a critical condition that it’s uncertain whether they will be able to pay salaries and bonuses during the upcoming Eid.”
The joint press conference was organized by the country’s leading business and industry organizations, including the Bangladesh Textile Mills Association (BTMA), Federation of Bangladesh Chambers of Commerce and Industries (FBCCI), Bangladesh Garment Manufacturers and Exporters Association (BGMEA), Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), Bangladesh Chamber of Industries (BCI), International Chamber of Commerce Bangladesh (ICCB), and Bangladesh Plastic Goods Manufacturers and Exporters Association (BPGMEA).
Speaking at the event, BCI President Anwar-ul-Alam Chowdhury Parvez outlined the severity of the crisis, stating that rising interest rates and the gas crisis have resulted in over 60% of industrial production being disrupted.
He further alleged, “Banks are declaring businesses as loan defaulters if they miss interest payments for just three months. Meanwhile, the government is threatening legal action if salaries are not paid on time.”
Industry leaders collectively called for urgent intervention and reforms to prevent a looming economic disaster and safeguard the future of Bangladesh’s industrial base.
