At present Bangladesh is the second largest exporter of garment products in the world market and garment products bring 80 percent of foreign exchange for Bangladesh through export. Bangladesh has been doing relatively well amid global recession.
But world market is changing. Bangladesh mainly exports low end products, but there is very good opportunity for high end products. Labor cost has increased in China in recent years. Chinese entrepreneurs are switching to high tech industries and they are interested to invest in countries like Bangladesh for garment industries. On the other hand Burma and some other African countries are engaging in this industry. So Bangladesh will have to face severe competition in coming years.
Efficiency of Bangladeshi industries is not satisfactory. There need modernization of industries and proper training of manpower is also needed. Some countries are already ahead of Bangladesh in terms of productivity.
Some accidents especially Tazrin Garments fire and Rana Plaza collapse have tarnished the image of the country in the outside world. Industries are feeling pressure from home and abroad on labor wage and safety issue.
Now experts are pressing for high tech industry and improving the capacity of workers through training.