Bangladesh provides ample opportunity in the RMG sector. The
apparel industry of Bangladesh is 50 years old and its root for fine garments
production goes back in ancient time. Because of available workforce and raw
materials, the apparel industry has been moving prosperously. For last couple
of years Bangladesh has consistently been in limelight of export growth. And
due to that this small nation opens a lot of opportunities for RMG sector.
Who Will be
benefited?
Because of rapid development in this RMG sector, multiple
opportunities are being created for both the business people and workers. If we
think about the bigger picture, we can see that the RMG sector is creating
employment. Eventually this Readymade garments companies are creating a big
field for unemployed people. Only RMG sector has created more than 50 lakh
employment till March 2019.
Moreover, there are other people who are being benefited
massively including startups businesses. Bangladesh is one of the most
developing nation where new business opportunities are limitless. Every year
several thousands of new business initiatives are taken by young and energetic
people. Because the workforce is cheap and skilled, entrepreneur is somehow
safe to start their business.
Foreign investors are another group of people who are being
benefited from the RMG sector of Bangladesh. From last decade, European and
American brands are rushing to Bangladeshi market for quality products in low
price. Compare to China and other apparel manufacturing nation, Bangladeshi
manufacturers are ensuring better products in reasonable price.
The domestic yarn manufacturers along with fabric and trim manufacturers are
also not away from this huge opportunity. As the export rises, the
opportunities get bigger. Last but not the least, Bangladeshi brands are also
making good impression in other countries with made in Bangladesh products.
Extensive Export
Growth Open Up Opportunities
Most importantly, Bangladesh is becoming an opportunity hub
for RMG sector because of strong export growth. Since China has been shifting
their focus to technology sector and adopting eco-friendly textile, exporters
like Bangladesh and Vietnam are getting massive amount of export orders from
global importers. With this, manufacturer get profit and they can take their
business in new height.
Quality with Low Cost
Bangladesh is the prime location for foreign investor and
this is possible because of quality with low cost. Due to the low cost
workforce, Bangladeshi manufacturers are able to offer quality apparel with a
very reasonable cost. Because Chinese manufactures are charging more cost for
the same quality products, international brands are moving toward Bangladeshi
apparel manufactures. So the opportunity is getting higher.
Flexibility of
Government and Manufactures
Another important factor, Bangladesh is the most flexible
and resilient place where foreign investors can invest to grow their business.
Billions of dollars have been invested in Bangladesh by international
manufactures and brands. The law is also resilient and any one is accepted in
Bangladesh for textile related business initiative.
To conclude, we can say that Bangladesh has wide range of
opportunities for everyone related to this textile and apparel business.
Because of low cost workforce and ensured quality, international brands are
very interested to work with Bangladeshi company and investment flexibility,
strong export growth are some of the influencer.
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