If someone says that Bangladesh economy is highly dependent on Garments business, this will certainly be accepted fact. The biggest part of GDP is from Garments Business in Bangladesh. Although Bangladesh Garments Business is second largest in the world, still it is more labour intensive instead of capital-intensive except the bigger groups.
Modernization of Garments Business in Bangladesh:
Investments in Bangladesh Business in Garments sector is now moving towards Automation. As the world witness towards Artificial Intelligence, Bangladesh is also moving towards more on Capital Intensive than labour intensive. This step definitely increases the Production Capacity and also movement will boost very fast growth.
Government Policies Review:
To attract the Investment in Bangladesh, Government has liberalized many policies. The biggest step is that they have provided numerous benefits if the production in Bangladesh used to Export from Bangladesh to Rest of the World. Currently, Bangladesh is exporting to all over the world.
Compliance requirement at Bangladesh Factories:
As in Bangladesh Garments Manufacturer are more dependent on Labours, the compliance related to Labour laws, Industry Law, Fire and Safety Law, Factory Registration, Minimum wages, minimum medical and Healthcare requirements etc. are very high. This is more important as the quantum of female workers is considerably high, so in addition to basic and common compliance pertaining to workers, Bangladesh Factories are also required to comply specific laws. These laws are basically for women safety, child care, limitation on a number of working hours, sexual harassment policy compliance etc.
Growth Prospects of Garments Industry:
Garments Industry in Bangladesh is at change scenario and moving from manual to more towards automation mode. This change will undoubtedly bring a faster and immense growth in the Garments sector. China is the key competitor of Bangladesh in Garments but to keep this pace going, Bangladesh will require a very fast adoption of new technologies. If Bangladesh succeeded in automation, the world will evident a rapid growth in Bangladesh Garment Business.
Also Read: FRANCHISE BUSINESS IN BANGLADESH