Business in Bangladesh, Economy of Bangladesh

Textile industry is the largest industrial sector of Bangladesh with about 45% of the total industrial employment in the country. This industry contributes around 5% of the total annual revenue of the country.

Approximately 4 million people are actively working in this industry. Currently, Bangladesh is the second largest textile product exporter in the world, next to China. According to a recent data, 78% of the export earning of Bangladesh comes through textile industry.

Annually, Bangladesh exports $5 billion worth textile products to the European Union countries, North America and other countries in the world. The contribution of the textile industries in the economy of Bangladesh is huge. This sector has experienced a massive growth during the last twenty years and has made significant impact in the employment situation of the country.

Quite interestingly, about 90% of the workers in the textile industry are women. This has in a large way ensured the empowerment of women. Along with the 4 million directly working in the industry, there are approximately ten million passively working under the textile industry. The textile industry is helping the country earn a huge amount of foreign remittance every year. In a very passive way this is helping the overall economy.

Bangladesh textile brands have achieved goodwill in the world market already. They successfully created a name for their products. Therefore more and more foreign buyers are taking interest in Bangladesh’s textile industry. More the sector grows; more employment opportunities will be created. The workers are relatively better paid than the other sectors. As the future is bright, it is expected that livelihood of the workers will get better and better. Bangladesh is developing so is its business sector. The leading textile companies are building the corporate culture into the business arena. This will help the country to be better efficient, to be better prepared to face global challenges.