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.