Cotton and Bangladesh

In: Business and Management

Submitted By titu
Words 4756
Pages 20

1.1 Background

Precarious topography, political turmoil, and a struggling global economy are tough conditions for any state and do not let alone a young democracy of 160 million citizens, Bangladesh. Despite these problems, Bangladesh’s sustained economic growth becomes all the more impressive. Over the past five years, Bangladesh has enjoyed an average real GDP growth of six percent. It is mostly because of the labor-intensive industries; in particular textiles and garments have fueled growth as Bangladesh’s tremendous reserves of cheap, considerably-skilled labor have attracted foreign investment. Bangladesh is now actually a very important hub of the world’s textiles market.
However, 2011 was a tough year for the textile industry of Bangladesh as the cotton price played a rapid changing game throughout the year. But good news as the cotton and yarn price has became quite stable at the end of 2011 and the textile industries are coming round from their ill conditions during that period. The Garments export is also showing good growth although it was lying below the target in the last six month’s expectation from EPB due to the sign of economic recession in the major exporting regions of the country. Hence it is important to move smartly and be ready to avoid any upcoming turmoil.
Bangladesh is now the second biggest exporter of readymade garments in the world. The textiles industry is contributing around 12% of the national GDP. Around 40% value addition of manufacturing sector comes from textiles. It is possible only because, the industry has developed a strong backward linkage to support the fast growing demand from the garments sector. Over the years significant development has taken place in the textile sector. The investment in the primary textile sector is worth of 5 billion USD.

No explicit national policy on…...

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