Prospects of Garments Industries & Opportunities in Bangladesh

It has been surveyed that there are almost three thousand factories in Bangladesh and uncountable mini factories. It’s all known that the garment industry is the country's top export earnings. This sector is playing an important role in maintaining Bangladesh's GDP by contributing about 75% of the total export earning and 15% of the overall economy and it is inflating as time goes.

Those factories exported two thousand and 449 million US dollars of clothing. The local currency stands at the one lakh 95 thousand 920 crore, which is the highest in the country's export income. The industrial sector which was employed 40-42 lakh illiterate and poorly educated men and women, as a well as the educated people are working here. They are paid a huge amount of salary with many other facilities.

African countries are going up in the worldwide apparel business, but it will take no less than ten years for them to turn out to be our opponents as they are now in the very primary junctures. We have an extra improvement now as the Accord and Alliance have qualified more than 98% of our factories to be secure after the inspection. In this time, Sub-Saharan Africa has only a 0.56% share or USD 2.6 billion, of the total global capacity of apparel exports. Published last week, the report talked to the chief purchasing officers (CPOs) of retailers from US and the Europe, whose joint resourcing stands at USD 70 billion. While asking to grade their most vital prospect sourcing targets, the CPOs notified Bangladesh, Vietnam, Myanmar, and Ethiopia.