Prospects and barriers of RMG Sector in Bangladesh

Abstract

The export of ready-made garments (RMG) from Bangladesh has experienced stiff competition in recent years from a number of nations. The Covid-19 epidemic has made the problem even more difficult. Covid-19 is a serious danger to the apparel industry of Bangladesh. The endurance of RMG exports is essential for Bangladesh's steady economic evolution. This study tries to pinpoint potential roadblocks for Bangladeshi RMG exports as well as workable fixes. The study employs secondary data. Secondary data is acquired from a variety of publications, including books, websites, journals, and newspapers. RMG industry has faced a variety of difficulties, such as poor infrastructure, political unpredictability, fire adversities, a lack of raw material properties, the epidemic consequence, etc. Since the country's independence in 1971, the readymade garments business in Bangladesh has excelled all other industries in terms of both profits and viability in overseas exchange. By creating a huge number of job possibilities and eradicating poverty through social development, it has a significant impact on the national economy. We have done a survey and based on the responses findings are given. In 2026, Bangladesh will no longer be classified as a least developed country (LDC), posing additional difficulties for the RMG. Moreover, there are some barriers which are dragging the RMG sector behind. Some of the barriers are inadequate product diversity, fire tragedies, backward linkage, lack of R&D facilities, unskilled labor and etc. To overcome the situation, there are some possibilities like ensuring workers’ safety, enhancing productivity through lead time reduction, constructing infrastructure and many other. By catching all the possible ways and overcoming all the barriers, Bangladesh hopes to get the first place in RMG sector.