Prospects of Garments Industries for the Economic Development of Bangladesh

Nasif Chowdhury and Moinul Ahsan

MPRA Paper from University Library of Munich, Germany

Abstract: The significance of the material business in the economy of Bangladesh is high. The articles of clothing assembling area earned $19 billion in the year to June 2012, one of the bankrupted country's greatest commercial ventures. At present this industry is confronting awesome difficulties in its development rate. The significant purposes behind these difficulties can be the worldwide subsidence, unfavorable exchange strategies, interior security concerns, the high cost of creation because of expansion in the vitality costs, diverse well being issues uniquely fire, and so forth. Devaluation of Bangladeshi Taka that fundamentally raised the expense of imported inputs, ascend in swelling rate, and high cost of financing has likewise affected truly the development in the material business. Thus neither the purchasers can visit much of the time Bangladesh nor are the exporters ready to travel abroad for viably promoting their items. With a top to bottom examination it was found that the Bangladesh material industry can be brought on top winning track if government and others people takes genuine activities in evacuating or normalizing the aforementioned obstacles. Furthermore, the legislature ought to give endowment to the material business, minimize the inward question among the exporters and pull back the withholding and deals charges and so forth. Acquiring new apparatus or improving the nature of the current hardware and presenting new innovation can likewise be exceptionally helpful in expanding the innovative work (R and D) related exercises that in the advanced period are vital for expanding the modern development of a nation.

Keywords: Economic growth; industrial challenges; market competitions; garments industries; Bangladesh (search for similar items in EconPapers)
JEL-codes: O1 (search for similar items in EconPapers)
Date: 2016-03-27
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