Rmg Sector in Bangladesh
Industry Background
The industry of RMG is one of the most potential and revenue earning sector of Bangladesh. The standing of the RMG market is known worldwide. It was started in the late 1970s. Soon it became one of the major economical strength for Bangladesh. The RMG sector has added very much in earning foreign exchange, balancing export and import, huge unemployment problem for the country and empowerment of women along with giving them financial support.
The main markets of the Bangladeshi RMG products are North America and countries of Western Europe. The prices of the products are reasonable. Some 85 percent of Bangladeshi production was sold to North American customers, and virtually overnight Bangladesh became the sixth largest supplier to the North American market. Business prospered right from the start; many owners made back their entire capital investment within a year or two and after that continued to realize great profits.
The Primary stage of RMG sector in Bangladesh
The early stage was not so good for this industry. Pre independence and for a while after independence, the backbone of this country was totally depended on agriculture and a very little industry which is also related to agriculture. As the policymakers of that time were trying hard to progress the agriculture sector to make it a source of revenue, Industrialization was coming up rapidly. In the year of 1970, the East-Pakistan government saw the opportunity that they can have a future in the textile and garment industry and that was the start of it. On that particular year, a new law came has been announced so that the new opportunity can be grabbed and the process can be governed. Entrepreneurs of this country took the opportunity and made the best out of it.
After that the growth continued with new industries, investments, exports and revenue earnings. After the liberation war, the progress started in a new level. Some places in big cities were selected as industrial area
The industry of RMG is one of the most potential and revenue earning sector of Bangladesh. The standing of the RMG market is known worldwide. It was started in the late 1970s. Soon it became one of the major economical strength for Bangladesh. The RMG sector has added very much in earning foreign exchange, balancing export and import, huge unemployment problem for the country and empowerment of women along with giving them financial support.
The main markets of the Bangladeshi RMG products are North America and countries of Western Europe. The prices of the products are reasonable. Some 85 percent of Bangladeshi production was sold to North American customers, and virtually overnight Bangladesh became the sixth largest supplier to the North American market. Business prospered right from the start; many owners made back their entire capital investment within a year or two and after that continued to realize great profits.
The Primary stage of RMG sector in Bangladesh
The early stage was not so good for this industry. Pre independence and for a while after independence, the backbone of this country was totally depended on agriculture and a very little industry which is also related to agriculture. As the policymakers of that time were trying hard to progress the agriculture sector to make it a source of revenue, Industrialization was coming up rapidly. In the year of 1970, the East-Pakistan government saw the opportunity that they can have a future in the textile and garment industry and that was the start of it. On that particular year, a new law came has been announced so that the new opportunity can be grabbed and the process can be governed. Entrepreneurs of this country took the opportunity and made the best out of it.
After that the growth continued with new industries, investments, exports and revenue earnings. After the liberation war, the progress started in a new level. Some places in big cities were selected as industrial area