Industrialization of the Ready-Made Garment in Bangladesh...

Context: The readymade garments (RMG) industry of Bangladesh has been growing constantly from 1990s. The country is prominent in exporting high quality apparels at low cost. As a result the foreign exchange earnings, industrialization, GDP improved within a short span of time. The contribution of RMG in the GDP is almost 15%. In 2012-13, almost 80% of the total exports of that year came from exporting apparels of approximately $21515.73 billion. Inspite of the postponement of the MultiFibre Agreement (MFA) quota system in the United States from 2004, the RMG exports of Bangladesh has experienced a high-rise since then. Both small and large firms are expanding their export network and improving production capacities and export apparels to†¦show more content†¦Among the micro environmental factors, suppliers and competitors are vital for the garments industry. Bangladesh lacks a notable production of raw materials by themselves; the manufacturers need to import artificial fibers, cotto n from India, China, Thailand etc. who are again the competitors of Bangladesh in garments industry. Hence there is a risk of higher expenditure on importing the raw materials. Since the Bangladeshi importers are renowned for timely payment and continuous import a strong relationship has grown up between the two sides which can be advantageous to the garments industry of Bangladesh. Government approved the back to back LC method which enables the local companies to import the raw materials on behalf of the manufacturing factories. Thus the local firms are getting chances to enter the supply chain and to initiate the importing process. External Environment Analysis (PEST): Political factors: Historically the governments of Bangladesh most of the time were not stable enough to complete their tenure of 5 years. Specially before and after national elections political unrest spreads throughout the country which hampers trading and transportation of apparels. But the governments used to be submissiveShow MoreRelatedIndustrialization And Poverty1445 Words   |  6 Pagesdeveloped countries. Industrialization is one of the effective ways to reduce poverty. Poverty can be reduced by economic growth and equality. Industrialization is a process where primary goods are used to produce manufacturing goods, sometimes human labor is replaces by machines and robots. Income per capita increases because of industrialization. The industrial revolution of 18th and 19th century has occurred because of major industrial shift in western economy. 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