Question

Industry of textile in bangladesh since its independance

Answer 1

The textile industry in Bangladesh since its independence has experienced significant growth and has become a major contributor to the country's economy. The availability of cheap labor has attracted many global apparel companies to set up factories in Bangladesh, leading to a boom in textile exports. However, the industry has also faced challenges, including concerns about working conditions and safety standards.

Step-by-step explanation:

The textile industry in Bangladesh since its independence has experienced significant growth and has become a major contributor to the country's economy. The availability of cheap labor has attracted many global apparel companies to set up factories in Bangladesh, leading to a boom in textile exports. However, the industry has also faced challenges, including concerns about working conditions and safety standards.

Before Bangladesh gained independence in 1971, the country's textile industry was relatively small. However, in recent decades, it has expanded rapidly and now plays a vital role in the country's economy. The industry is mainly centered around the production of garments, including clothing items such as T-shirts, jeans, and knitwear, which are exported to markets around the world.

One of the main factors that has contributed to the growth of the textile industry in Bangladesh is the availability of low-cost labor. The country has a large workforce that is willing to work for lower wages compared to many other countries. This has made Bangladesh an attractive destination for global apparel companies, which can take advantage of the low production costs.

Answer 2

The textile industry has been one of the most important industries in Bangladesh since its independence in 1971. Some key points about the textile industry in Bangladesh:

1. It started growing rapidly in the 1970s and 1980s after Bangladesh got duty-free access to Western markets under the Multi Fibre Arrangement (MFA). Many foreign textile companies set up manufacturing bases in Bangladesh to take advantage of low labor costs.

2. In the 1990s and 2000s, the textile industry continued to boom and attracted significant investments from local and foreign companies. Many large vertical integrated textile conglomerates emerged in Bangladesh.

3. Today, the textile industry employs over 4 million people in Bangladesh, mostly women. It contributes significantly to Bangladesh's export earnings, economy and job creation. Textile products like apparel, towels, denim etc. dominate Bangladesh's exports.

4. The ready-made garment (RMG) sector is the largest segment of the textile industry. Many global brands and retailers source their apparel products from Bangladesh. The low costs and government support have enabled Bangladesh to compete with China in the apparel exports.

5. However, the textile industry also faces challenges like regulatory compliance issues, environmental pollution, factory disasters and workers' rights abuses at times. But the government and companies are making efforts to address these issues.

6. There is still potential to further grow the textile industry in Bangladesh by diversifying into technical textiles, home textiles, jute products and promote textile machinery manufacturing. Vertical integration and automation can also boost productivity.

7. Trade agreements like Everything But Arms (EBA) with the EU and duty-free access to the US market under the Generalized System of Preferences (GSP) have been crucial in supporting the growth of Bangladesh's textile industry.

That's a high-level overview of the textile industry in Bangladesh since its independence. Please let me know if you have any other questions!