Ready-made garments industry of Bangladesh: Factors influencing sustainable development

Bangladesh RMG (Ready-made garments) industry has grown rapidly and contributing to country’s economy successfully for last three decades. In 2018-2019 this giant sector contributed 84% of the total foreign exchange earnings of the country. This is the unique sector of the country in terms of significant export growth rate and stands as the second-largest RMG exporter with 6.8% market share according to world trade organization 2019. Though the growth rate is increasing annually but it seems the growth of the industry yet to reach highest potentials. Aim: Aim of this study is to understand the factors influencing the sustainable development of Bangladesh ready-made garments industry. Method: The study has been conducted applying the qualitative method. Primary data is collected through interviewing suppliers of the ready-made garments of Bangladesh. Secondary data sources were governmental and private organization’s websites. The data were analyzed by comparing it with existing literature. Results: The result shows factors such as Compliance, Political unrest, Technology, Research & Development, Diversifications, Competition, Marketing strategy influencing sustainable development of the ready-made garments industry of Bangladesh. Contributions of the study: This study investigates the factors hindering sustainable development of the Bangladesh read-made garments sector which has been discussed in previous literature in a segregated way. In this study factors that cause unstable export growth and hinder sustainable development have been addressed in the same frame. Furthermore, stakeholders of the company (Customer, Suppliers, Buyers, Investors, and Government) will be benefited to know the results of this study, as sustainable development is the result of unified efforts. Suggestions for further research: Future researchers can investigate the factors elaborately both from suppliers and buyers’ point of view. Because of limitations, author could not reach more suppliers and buyers. The buyer’s prospect is also important to judge the factors influencing growth instability and sustainable development