Contribution to the GDP: Contribution of industry to the GDP was SinceBangladesh averaged a GDP growth of 6.
The readymade garment sector plays a very significant role in the national growth and socio-economic development of Bangladesh. It also plays a pivotal role to promote the development of other key sectors of the economy like banking, insurance, shipping, hotel, tourism, road transportation, railway container services, etc.
One of the key advantages of the RMG industry is its cheap labor force, which provides a competitive edge over its competitors. In addition the sector has created employment opportunities for about 4. The PEST analysis is a useful tool for understanding market growth or decline, and as such the position, potential and direction for a business.
A PEST analysis is a business measurement tool.
PEST is an acronym for Political, Economic, Social and Technological factors, which are used to assess the market for a business or organizational unit.
In spite of having favorable business environment for RMG sector with having low labor cost ,duty-free export facilities to 27 European Union countries and 10 developed countries, this sector is facing negative impact in business operations due to unstable political state.
Among various features of our political situation, most noticeable and important conditions may be identified as follows: While the foreign ministry in Dhaka described the move as harsh, saying the government had taken clear measures to improve safety at clothing factories. The recent economical trend of Bangladesh is rather satisfying.
In while US was facing turnover in economic growth, subsequently in quite a few countries of Europe were in the same state, Bangladesh was having comparatively steady and stable situation. China is also stepping back From RMG sector. Meanwhile, India is been in the process of capturing the market.
China and Bangladesh is the biggest competitor in the clothing business for India. Regarding to overcome this challenge India is taking initiatives and long term planning. They are planning to earn over 6 billion USD within the year Society and culture is an important factor that must be given emphasis by any business, specifically those who are operating in the global arena.
It is important that any industry must operate in compliance with the social systems in order to gain good reputation and effective public image.
On the other hand, cultural aspects is equally essential, in order to understand the various needs of different individuals that belongs to different cultures.News & Analysis. Industry Insight. An overview of Bangladesh RMG Industry Insight.
An overview of Bangladesh RMG Akhi Akter. February 15, March 1, The purpose of the report is to give a brief view to the readers about ’s overall scenario of Bangladesh RMG industry. The sector has also played a significant role in the socio-economic development of the country. A PEST Analysis can help us to know about the external environment situation of a particular industry of a country.
The below analysis is the PEST analysis for the RMG industry of Bangladesh. 9. Page | 15 PEST ANALYSIS FOR RMG INDUSTRY OF BANGLADESH A PEST Analysis can help us to know about the external environment situation of a particular industry of a country.
The below analysis is the PEST analysis for the RMG industry of Bangladesh. PEST Analysis of the RMG industries in Bangladesh Introduction: The readymade garment sector plays a very significant role in the national growth and socio-economic development of Bangladesh.
RMGs are the finished textile product from clothing factories and the Bangladeshi RMG sector is one of the fastest growing sectors in the Bangladeshi economy, with a growth rate of 55% from to Exports of textiles, clothing, and ready-made garments (RMG) accounted for 77% of Bangladesh's total merchandise exports in By the (RMG) industry was the only multibillion-dollar.
Assignment of RMG sectors Pest analysis of Bangladesh Submitted to Course Coordinator Business and Environment (BUS ) Brac Business School Brac university Submitted By ID Submission Date: The Ready-Made Garments (RMG) industry contributes to the Bangladesh economy in a .