Ready-made Garments
In the 1980s, the RMG market started its journey. The hurdles of the Multi Fibre Arrangement (MFA) quotas in 1985 and the Harkin Bill in 1994 were great challenges for the industry, as were the phasing out of MFA quotas in 2004. Although there was concern that the MFA phase-out would shut down the industry, the Bangladesh textile sector actually grew tremendously after 2004 and reached an export turnover of US$10.7 billion in FY 2007. Bangladesh's export trade is dominated by the RMG industry. The sector currently employs 2.5 million people—about 40% of total manufacturing (85% of these employees are women)—and accounts for 76% of the country's export earnings and 10% of its GDP.
Read more about this topic: Bangladesh Textile Industry
Famous quotes containing the words ready-made and/or garments:
“Adults who still derive childlike pleasure from hanging gifts of a ready-made education on the Christmas tree of a child waiting outside the door to life do not realize how unreceptive they are making the children to everything that constitutes the true surprise of life.”
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