Prospects of Readymade Garments (RMG) Industry in the Development of Bangladesh (A Study on KP International, Uttara EPZ, Nilphamari

Abstract

The paper attempts to identify the prospects of Readymade Garments (RMG) Industry in the development of Bangladesh. It highlights MFA, post-MFA period by analyzing the current scenario, strength and weakness of Bangladesh’s RMG and potential competitiveness in the world market in the coming years. This paper views the emergence of RMG industry and the effect of it in the economy of Bangladesh. The Ready-Made Garments (RMG) industry occupies a unique position in the Bangladesh economy. It is the largest exporting industry in Bangladesh, which experienced phenomenal growth during the last 20 years under the quota system of MFA. The abolition of quota system thus brings new challenges for Bangladesh’s apparel industry to continue its current status and enhance it in a free flow of apparel trade era. In this paper, | am going to explore these possibilities. In order to do so, in first and second section, | will discuss the emergence and structure of the RMG industry in Bangladesh. The third section will discuss the post-MFA era, fourth and fifth section will be devoted for the prospects, challenges and strategies for Bangladesh’s RMG in new world trade order in apparel. The future of Bangladesh will become more effective by the contribution of RMG industry in our country.