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Bangladesh passes textile bill to improve its garment sector

Bangladesh Parliament has passed the textile bill that was presented in June 2018 by Mirza Azam, the state minister for jute and textiles. Considering the growth of Bangladeshi apparels from $28.2 billion in 2016 to $29.33 billion in 2017, the government of Bangladesh aims to achieve higher numbers by streamlining multiple processes for market leaders in the textile industry.

Bangladesh’s total exports earnings was $36.67 billion for in fiscal 2017-18. Exports income received a major boost from the textile industry due to the quota-free rule initiated in 2005 as well as duty-free access to Indian markets in 2011. Textile industry contributes approximately 75 per cent to the country’s total exports with ready-made garment (RMG) sector a major contributor.

With aligned governmental policies, Bangladesh textile leaders like Salman F Rahman, who helms Beximco Group have been able to utilise resources to their utmost potential – pushing the boundaries of growth and sustainable progress in the industry. Raw material and machinery coupled with adequate workforce has established the dominance of the textile industry on a global level in the last decade. The industry which already has seen immense progress also employs over 5 million Bangladeshi workers.

The industry’s growth has resulted in abundant job opportunities. As a result, the standard of living has soared with the combination of employment and financial perks.

 

 
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