The textile industry in Bangladesh is changing fast.
Bangladesh is now in the process of transforming itself from an exporter of clothes to a global textile producer, which is expected to make the country a world leader in the sector.
The textile industry employs about 4.3 million people.
But it has been in a slow-growth mode since the 1990s.
Its decline accelerated following the 2008-09 economic crisis and it has seen a steady decline in production in recent years.
Since the 2008 crisis, the textile industry has been struggling to compete with the global market and its export markets, especially in Asia.
In 2017, it has reported a decline in exports of $1.4 billion, the lowest for the sector in almost 20 years, according to the government.
More than 3,500 factories are closed, making the industry reliant on imports and the loss of foreign currency earnings.
Despite the economic crisis, many garment factories continue to operate.
Many people still have hope that Bangladesh’s transition to a consumer-oriented industry can bring prosperity to the country.
While the textile sector in Bangladesh continues to decline, it is still growing at a rate of around 10% a year, and the country is looking for the new model of development to become a major textile producer.