Around 70 per cent of default loans in the banking sector is concentrated in nine sectors of the economy as many borrowers are finding it difficult to pay instalments for the dragging economic slowdown while willful defaulters are also a major factor.
As the global economy is threatened by recession, RMG makers will have to come up with strategies to deal.
The government is firmly committed to the Sustainability Compact and the welfare of millions of readymade garment (RMG) workers, said Commerce Secretary Mofizul Islam.
The quote "Let us never negotiate out of fear. But let us never fear to negotiate", from John F Kennedy is a mantra that should be adopted by all of us working in the readymade garment (RMG) sector of Bangladesh when entering into price discussions with our trading partners.
Manufacturing in Bangladesh has for the last 30 years been defined by the readymade garment (RMG) industry—and for good reason. The nearly 7,000 RMG facilities in Bangladesh produce 16 percent of all manufactured goods and employ 55 percent of all workers in the manufacturing sector.
The government of Bangladesh has recently formed a new wage board for the readymade garment (RMG) industry where 4.4 million workers are currently employed. There are around 45 industrial sectors in our country, each with its own set minimum wage. This means that there is no national minimum wage.
Readymade garment (RMG) sector, the financial barometer of the country, has witnessed a slew of violent unrest at regular intervals in the last couple of years.
Police recover ed the body of a readymade garment worker at his factory in Ashulia of Savar, outskirts of Dhaka.
Bangladesh's manufacturing sector has grown steadily as the country has industrialised. Manufacturing now accounts for 30 percent of GDP, nearly double the share of agriculture.