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Domestic RMG sector gets fortunate, thanks to China

31
May '08
Readymade garments (RMG) of Bangladesh have earned a recognition which has come after years of struggling and tireless efforts.

However, China must also be given its due credit to bring the domestic sector into prominence because had it not been for its appreciation of yuan against dollar and rising labor cost, Bangladesh would have still been lagging behind in global competition.

Increased cost of doing garment business in China driven by impractical working conditions and soaring cost of production has given Bangladesh an added advantage catering larger international market share which were earlier monopolized by other giant exporting countries.

Foreign buying houses which provide a platform to leading manufacturers, exporters and suppliers to display their most extravagant collection to a huge audience, have expressed interest in opening liaison offices in Bangladesh.

Adidas and Tesco are only two of the many such forums aiming to promote Bangladeshi garments. Nearly 60 percent of the 200 prevalent buying houses have foreign origins.

Besides, countries like Russia and Uzbekistan are emerging as potential markets for apparel exports made by the country. In fact, the former went even one step further evincing desire to hire skilled labors from Bangladesh.

Such rapid positive changes and plethora of opportunities thrown open for Bangladesh, calls for having a suitable strategy that will expand exports as well as production of RMG sector.


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