Ha-Meem Group MD hints at laying off 10000 employees amid cost pressures and global competition

AK Azad, Managing Director of Ha-Meem Group, has announced plans to reduce manpower as buyers in the US and Europe are not willing to increase product prices and production and labor costs are increasing in the country.

In a recent interview with a media outlet, he said, “I will reduce 10,000 employees”—maintaining competitiveness in the international market has become a big challenge in the current situation.

He said that currently, about 75,000 employees are working in their organization. However, even though prices in the global market have not increased, the country is experiencing an average inflation of about 9 percent every year, as a result of which workers’ salaries and increments have to be increased.

According to AK Azad, even though production costs have increased, buyers in the US and Europe are not interested in paying extra prices. Rather, they are emphasizing production with less manpower through technology-based production and the use of artificial intelligence (AI).

In this situation, he said, plans are being made to reduce about 10,000 employees to control costs and survive in the competition.

Calling on the government, he said long-term and realistic policies are needed to sustain the industrial and export sectors. Otherwise, it will be difficult to survive in global competition and maintain employment.