Sunday, June 4, 2023

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Brandix Group Shuts Down 5 Factories; Investors Turn to Bangladesh for Investments

It is reported that 05 garment factories of the Brandix group have been closed and the investors have invested them in Bangladesh, showing signs of a severe collapse in the garment industry sector in this country.

Accordingly, the main factory located in Katunayake, and the factories located in Welisara, Avissawella, Rakwana and Habaraduwa zones have been shut down.

Those factories have had to be closed due to the foreign exchange crisis in Sri Lanka and the fact that orders are not being received from them.

Another reason for this is the fact that Bangladesh has an easier business environment than Sri Lanka.

Accordingly, it is a serious problem that the people who worked in the factories in Sri Lanka have lost their jobs.

Due to the ability to procure workers from Bangladesh at a lower salary than the workers in Sri Lanka, the possibility of the employees of those institutions in this country to join the Bangladeshi factory has also been blocked.

It is said that the fact that the factory does not need to provide food to the Bangladeshi workers has also provided another reason for these investments to go to Bangladesh.

However, due to the economic crisis in the country, the industrial sector is collapsing day by day and yesterday the opposition leader Sajith Premadasa questioned the government in the Parliament.

It will also be difficult to address the socio-economic crisis, especially with the closure of garment factories and the unemployment of thousands.

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