This is the era of
globalization and the Garment
industry of Bangladesh has been known as a brand in the developed countries and the role
of garments sector in Bangladesh is huge. Because there are sufficient
manpower, low cost labor market and the geographic location, Investors from the
developed world are always investing in the Bangladeshi RMG sector. In 1978,
there were just nine factories and 0.069 million dollars in the foreign
exchange. But in 2017-2018, Bangladesh earns more than 30 billion dollars of
foreign currency through the Readymade Garment exports, and the number of
factories in this industry stands more than 6000. Readymade garments exports
saw 8.76% growth last fiscal year. Not only that but also Bangladesh has
demonstrated its immense potential by gaining the world's second-place in
readymade garment exports. Until now in more than 150 countries "Made in
Bangladesh" garment is being exported.
What Role RMG is Playing in
Bangladesh?
The industry is the main non-farm formal sector creating employment opportunities for the poor people. The greater part of the workforce in this sector is female, less educated, and has migrated from rural areas, and Thus, the garment industry is seen as contributing to poverty reduction in Bangladesh by providing employment opportunities with higher wages for the poor who would otherwise be engaged in low-wage economic activities in rural areas.
The industry is the main non-farm formal sector creating employment opportunities for the poor people. The greater part of the workforce in this sector is female, less educated, and has migrated from rural areas, and Thus, the garment industry is seen as contributing to poverty reduction in Bangladesh by providing employment opportunities with higher wages for the poor who would otherwise be engaged in low-wage economic activities in rural areas.
Despite being a
labor-intensive organization, here the majority of workers are working class,
yet there are so many employment opportunities for the educated persons in various
management positions. So employment is very important role of Garment sector in
Bangladesh. This country is full of qualified graduates who are completed their
graduation but remain workless. So, RMG sector is playing an important role
here in the economy by providing their employment opportunity. Graduates have
wide range of opportunities to work for the RMG sector in various sectors such
as Human Resources
Division, Merchandising, Quality Controller, Industrial Engineering, Fashion
Designer, Compliance, Purchase & Procurement etc.
This sector is still in "Growing Stage" today, 10
years ago, many of them who began a career in RMG sector, now they are known as
the well-known entrepreneur. According to experts, RMG sector in Bangladesh has a huge
opportunities for building a thriving career. So anyone who wants to pursue his
career as well as to improve the lives of the country's overall economic
development can join in this sector.
Leading
Garment Sourcing Companies
Bangladeshi RMG
sector is playing an important role in Bangladesh's GDP by contributing about
75% of the total export earnings and 15% of the overall economy. Subsequently
the leading multinational companies are working with Bangladeshi manufacturers
for garments sourcing.
For example, H & M, GAP, Marks and Spencer, TESCO, Lee & Fung, UNIQLO,
YKK Bangladesh Pte. Ltd, Must Garment Corp. Ltd, Wal-Mart, Next Sourcing Ltd.
Including many multinational companies. Where Most of the companies are
mentioned in Fortune magazine's 100 List.
So, garments sector is one of the crucial industry in
Bangladesh and it is continuously playing a vital role in the country’s GDP.
This is even the second largest industry in Bangladesh after agriculture and it
is first and largest source of export earning in Bangladesh for last couple of
decades.
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