According to World Bank May 2004 report, Bangladesh is one country that achieved faster progress on social indicators - such as increasing life expectancy, reducing gender gap in education - than most countries at similar income levels.
Bangladesh has also almost achieved food sufficiency in spite of its population growth. There has been impressive growth in all sectors – industrial sector's output has almost doubled in the last few years and there has also been strong growth in the service sector.
Bangladesh has a strong human resource base, fertile agricultural land and a high reserve of natural gas. Two-thirds of its labor force is engaged in agricultural work, and the sector accounts for 25% of the GDP. Dependence on the agricultural sector leaves the country vulnerable to natural disasters like floods and cyclones which are frequent. Bangladesh has been attempting to diversify its economy away from agriculture and has made industrial development a priority.
Bangladesh moved towards a market-oriented economy in the mid-1970s which created an investment friendly regime. The market economic reforms enacted since the late 1980s have brought results and are especially visible in the manufacturing and telecom sectors, where foreign direct investment has been the highest.
There are a lot of business opportunities for the practical business person who holds realistic expectations about the business climate. Garments Sector
The Country of world famous muslin fabric and the Great Royal Bengal Tiger has now emerged as a apparel manufacturing giant in the world textile and apparel market, The country exports its apparel products worthy nearly 5billion US$ per year to the USA, EU, Canada and other countries of the world. Bangladesh is currently the second largest apparel exporter to US market.
Readymade Garment Industry is the biggest industrial sector in Bangladesh. Apparel exports is US$ 4584 Million in 2002 and contributes 75% of the total Exports and employs 1.8 Million workers. Bangladesh has 5000 factories producing garments and Fabric Mills producing 25% Woven fabrics and 70% Knit fabric for captive consumption. Balance fabrics are sourced from India, China, Taiwan, Korea. Production like Padding, Quilting, Embroidery, Printing, Seam sealing, Washing etc., are also undertaken.
Production prices here are competitive on account of high productivity and low wages. As a Least developed Country it enjoys Quota and Duty Free status provided by Canada, European Union, Japan and Norway.
We are specialized in Knit products, Bottoms, Shirts, Dresses, Work Wear, Hunting Wear, Uniforms, Military Uniforms etc. Have approval of leading brands on factory compliances. Bangladesh currently enjoys duty free access to Canada Europe and Japanese Markets under generalized system of preference (GSP).
The success of readymade garment exports from Bangladesh over the past 25 Years has surpassed the most optimistic expectations. Today the apparel export sector is a multi-billion-dollar manufacturing and export industry in the country. The sector now dominates the modern economy in export earnings, and employment generation. Although in gross terms the sector's contributions to the country's export earnings is around 74 percent, in net terms the share would be much less partially because the backward linkages in textile have been slow to develop.
The industry is one hundred percent export-oriented and therefore insulated from domestic demand shocks; and historically, apparel exports have grown at an average rate of more than 20 percent annually, roughly doubling every three years since 1984.
Today more than 2600 small and medium scale privately owned garment factories, registered with BGMEA (Bangladesh Garments Manufacturer and Exporters Association), spread in cluster over the EPZ and urban areas of Dhaka, Chittagong and Khulna, are manufacturing ready-made garments of varied specifications as per size and designs stipulated by the overseas buyers. Starting with a few items, the entrepreneurs in the RMG sector have widely diversified the product base ranging from ordinary shirt, T-shirt, trousers, shorts, pajama, ladies' wear and children's wear to sophisticated high value items like quality suits, branded jeans items, jackets-both cotton and leather, sweaters, embroidered wear etc.
Fetching only US $ 6.4 million in 1981, garment sector of the country has now become an over 5 billion-dollar-foreign-exchange-earner, enjoying the status of 5th largest garment exporter and largest shirt and T-shirt exporter to the EU and 6th largest apparel exporter to USA. Bangladesh now exports ready-made garments to as many as 30 countries of the world with EU as the major importer, followed by USA, the largest importing country. Ancillary industries producing cartons, polybags, woven labels, buttons, sewing thread, strapping band, gum tape etc. have emerged in large number with the growth of the sector. The RMG industry has helped the growth of the sectors like banking, insurance, shipping, hotel, tourism, road, transportation and railway container services etc. Presently, around 80% of required accessories like elastic, collar band, price ticket, metal clip, zipper, plastic clip, cellophane tape, carton, hangers etc. are being supplied from local sources, and the share is increasing very rapidly.
FAZLAR RAHMAN MILON
AL MUSAUBIR TEX DESIGN
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Address : House No. 23, Road No. 21, Rupnagar, Mirpur, Dhaka-1216