- Business and Employment
Bangladesh: Business Sectors
Business in Bangladesh
Top Business Sectors of Bangladesh
There are several profitable sectors in Bangladesh where one can invest in. The main advantage of investing in Bangladesh is the cheap labor force and the low manufacturing cost. Here are some potential investing sectors of Bangladesh:
Textile: The textile industry of Bangladesh is well reputed all over the world. Bangladesh is the largest exporter of readymade garment and knitwear to the USA and a number of European countries. In all, Bangladesh is the second largest readymade garment and knitwear exporting country of the world. There are several Export Processing Zones (EPZ) in the country. The garment products manufactured in these zones are entirely dedicated for exporting. Foreign Direct Investment in the textile sector is extremely encouraged by the Government. The leading companies of this sector are KDS Group, Pride Group, Noman Group and Beximco.
Leather and Leather Products: Bangladesh has a large leather industry. These industries make leather based products, such as shoes, belts, bags, and jackets. These products are sold both in the domestic and foreign markets. Leather Footwear is the fastest growing segment of the leather industry. Bangladesh meets the demand for about 10% of the world’s total leather market. The main benefit of the leather industry of Bangladesh is the ample supply of raw materials.
Frozen Food: The frozen food sector of Bangladesh is the second largest export of the country. There are numerous hatcheries by the sea-shores of the country. Shrimp farming and processing, and fish processing are rapidly growing industries in Bangladesh. Market leader of this industry is Aftab Group.
Jute and Jute Products: Bangladesh is the second largest jute producing country in the world. Once, she had the biggest jute mill in the world, the now defunct Adamjee Jute Mill. Due to the uprising of synthetic products, jute has lost its popularity in the world. However, jute still has a high demand in making carpets, sacks etc.
Oil and Gas: Bangladesh has a reserve of about 23 TCF gas reserved, in which about 14 TCF is accessible. Fifty-seven wells have been drilled so far. The oil and gas sector of Bangladesh has a lot of potential and the government is open to foreign companies to invest in drilling and recovering this natural resources.
Power: The scarcity of electricity in Bangladesh is a major problem for the country. The government has asked foreign companies to help in producing electricity. Several quick rental companies have started working in Bangladesh. Currently, the Government is negotiating with Russia and a few other countries about establishing a nuclear energy plant. Marker leader of this sector is Summit Power.
Electronics: As the population of the country is growing, the demand for electronic goods is budding with it. Therefore, investing in the electronic industry has no chance of backfiring. Top players of this industry are Grameen Shakti and Rahimafrooz.
Tourism: In recent years, Bangladesh has started promoting the tourism industry more than ever. Bangladesh has the largest sea beach and the largest mangrove forest in the world. There are beautiful hill stations, such as Bandarban, Rangamati and Khagrachhari. Investing in the tourism industry of Bangladesh is like picking up a ripe apple ready to be eaten.
Apart from these sectors, there are few other options available in Bangladesh for investors to put their money in; such as pharmaceuticals, IT and software, real estate and shipbuilding. Bangladeshi corporate houses are doing well these days which indicates that the market economy is in full force.
Business Sectors of Bangladesh
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