The Bangladesh airport inferno is estimated at $1 billion in damage

Business leaders in Bangladesh fear losses of more than $1bn (£750m) after a devastating fire ripped through the logistics section of the country’s main airport on Saturday.

Clothing and raw materials are among the goods destroyed, which could put some businesses at risk, according to the country’s export associations.

The cause of the fire, which took 27 hours to extinguish, is still under investigation. The fire forced a temporary suspension of flights and airport operations.

Bangladesh is the world’s second largest clothing exporter after China, supplying global retailers such as H&M and Walmart.

Bangladesh’s apparel sector generates about $40 billion a year, accounting for over a tenth of its gross domestic product.

Local media reported that around 35 people were injured while working to contain the fire.

The airport’s damaged cargo village is among the country’s busiest logistics hubs, especially during the pre-Christmas rush. The center stores fabrics, pharmaceuticals, chemicals and other goods.

Some of the goods destroyed were “core” samples to secure new buyers, meaning affected businesses could lose future opportunities, Inamul Haq Khan, senior vice president of the Bangladesh Garment Manufacturers and Exporters Association, told Reuters.

In an email to the BBC, the International Air Express Association of Bangladesh also estimated the damage at more than $1 billion.

The clothing association has asked all its members to submit a list of damaged goods to determine the full extent of losses.

Saturday’s fire was the third major fire in Bangladesh in a week.

A deadly warehouse fire on Tuesday killed at least 16 people and wounded many others. And on Thursday, another fire gutted a seven-storey garment factory in Chittagong.

While investigations into Saturday’s airport fire are still ongoing, conspiracy theories are circulating online, linking it to the two earlier incidents and claiming that all three were “pre-planned”.

In the past, the causes of such major incidents have been used by political parties to attack each other, with parties accusing opponents of using the tragedies for political gain. Experts say the heightened speculation this time stems from a history of uninvestigated allegations in which no one has ever been held accountable.

Bangladesh’s interim government issued a statement on Saturday saying it would take immediate and decisive action if “credible evidence of sabotage or arson is found”.

Large fires are common in densely populated Bangladesh. They are often blamed for poor infrastructure and lax safety enforcement. Hundreds of people have died in fires in recent years.

Additional reporting by BBC Bangla.