The Textile Industry in Bangladesh

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The billion-dollar industry has blossomed following the expiry of a global agreement on textiles and clothing import quotas that existed since the early 1960s. However, Bangladesh has a series of health and safety tragedies in the manufacturing of garment and textile. They include garment factory fires and collapses. At least 1800 workers and have died since 2005. An example of this sad history is the highly publicized Tazreen Fashions fire that happened on 24th November 2012 and the unforeseen calamity of the collapse of the Rana Plaza factory complex on 24 April 2013. These two tragedies have resulted into the demise of close to 1,200 Bangladesh has established the Accord on Fire and Building Safety, that is given the mandate oversee that all garment factories are safe workplaces and deal with the difficult challenges facing the garment and textile industry. The rapid and expansive wave of globalization in Bangladesh is associated with the development of policies that have opened up economic avenues for the growth of the industry both domestically and mostly internationally. The government of Bangladesh has adopted free- the market economic system for the industry in the past few decades, thereby increasing the country’s potential for production and subsequently creating new opportunities for international trade. The government of Bangladesh has also dramatically reduced the barriers of commerce and established international agreements to enhance trade in garment products and investment.