Home / Knowledge / News / Apparel/Garments / RMG industry's role integral to Bangladesh's economy: ADB
RMG industry's role integral to Bangladesh's economy: ADB
02
Sep '16
courtesy: ADB
courtesy: ADB
Readymade garments (RMG) industry in Bangladesh has played an important role in accelerating the economic growth. This growth can be increased by diversifying its economy, improving the infrastructure, enhancing its structural transformation and creating meaningful jobs. In order to reduce surplus labour, the economy should grow at over 8 per cent per year.

Improvement in the quality of education, increasing workers’ vocational skills and providing access to finance can lead to the growth of multiple other sectors such as tourism, IT services and pharmaceuticals in the country, says a study released by the Asian Development Bank (ADB) and the International Labour Organisation (ILO).

Some other factors like upgrading technology and effective learning in the workplace can also accelerate productivity and competitiveness.

“The readymade garments sector and overseas remittances have fuelled strong growth of over 6 per cent in the past decade, allowing the economy to recently graduate to middle income status,” said Edimon Ginting, director in ADB’s Economic Research and Regional Cooperation Department.

The study also reveals that a rise in the number of migrant workers can prove to be beneficial. Bangladesh can tap into existing destinations like Bahrain, Qatar, Oman, Singapore as well as some new ones such as Lebanon, Jordan and the Republic of Korea for opportunities.

Accelerating the growth of decent work, a process which is underway under the framework of Bangladesh’s 7th Five Year Plan (FY2016-FY2020), is also recommended by the study. (KT)

Fibre2Fashion News Desk – India

Must ReadView All

Textiles | On 18th Jan 2017

China lays out plan to boost foreign investment

The Government of China has outlined measures to boost foreign...

Prime Minister Theresa May speaking on the UK government's negotiating objectives for exiting the EU. Courtesy: UK government

Textiles | On 18th Jan 2017

UK to pursue trade agreements with other countries

The United Kingdom will pursue free trade agreements with the EU and...

Courtesy: Alibaba Group

Apparel/Garments | On 18th Jan 2017

Alibaba forges global alliance to fight counterfeiting

Jack Ma led Alibaba Group has forged an alliance with various global...

Interviews View All

Angelina Francesca Cheang
MY ANJE

'Consumers in the age-group 21 to 38 are driving the activewear trend'

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search