Power tariff hike worries RMG owners

RMG (readymade garment) factory owners voiced deep concern Sunday over the recent power tariff hike, reports UNB.
A statement issued by Bangladesh Garment Manufacturers and Exporters Association (BGMEA) said the 6.96 per cent increase in power tariff will result in the reduction of competitiveness of the export-oriented industry.
Factors such as the increase in the RMG production cost by 13 per cent over the recent past and the rise in the value of the Taka by 8.0 per cent against the dollar have already constricted the export profit, it added.
The RMG sector is also under a tremendous pressure, both at the national and the international levels, to invest in the remediation and retrofitting of the factory buildings, particularly after the tragic incidents of Tazreen fire and Rana Plaza collapse, said the statement.