A couple of years ago, Bangladesh’s narrative was positive: here was a country taking advantage of China’s move up the value chain with an international manufacturing industry boosting the country’s economic growth. But industrial accidents, violent protests and the fear of political instability have threatened Bangladesh’s reputation in the eyes of the international community. On the domestic front, financial frauds have exposed serious governance failures, while the banking industry grapples with the introduction of Basel II standards.
The collapse of the Rana Plaza factory in Dhaka in April 2013, killing more than 1000 garment workers, put Bangladesh in the international spotlight. One banking executive describes the accident as a “hiccup” – albeit a major and tragic one – in the context of Bangladesh’s progress as a relatively young and developing country.
