International Journal of Business and Management; Vol. 17, No. 7; 2022 ISSN 1833-3850 E-ISSN 1833-8119 Published by Canadian Center of Science and Education 19 Readymade Garments Exports from Bangladesh: Challenges and Possible Way-Out Farjana Yeasmin Chowdhury 1 & Alma Jahan Keya 2 1 Lecturer, Department of Business Administration, Sonargaon University, Bangladesh 2 Freelance Researcher, MBA, University of Dhaka, Bangladesh Correspondence: Farjana Yeasmin Chowdhury, Lecturer, Department of Business Administration, Sonargaon University, Bangladesh. E-mail: farjanayeasmin19@gmail.com Received: March 24, 2022 Accepted: May 2, 2022 Online Published: June 6, 2022 doi:10.5539/ijbm.v17n7p19 URL: https://doi.org/10.5539/ijbm.v17n7p19 Abstract Bangladesh's readymade garments (RMG) export has faced tremendous competition from several countries in the last few years. The challenge has been increased further due to the Covid-19 pandemic. Covid -19 poses a substantial threat to Bangladesh's garment sector. The survival of RMG exports is vital for the consistent economic growth of Bangladesh. This paper aims to identify the future challenges of RMG exports from Bangladesh and feasible solutions to unravel the problems. The study is descriptive and based on secondary data. Secondary information is gathered from different books, websites, articles, and newspapers. Previous studies show that the RMG sector has experienced numerous challenges, including inadequate infrastructure, political instability, excessive interest rates on bank loans, fire disasters, a scarcity of raw materials resources, covid-19 pandemic effect, etc. Regarding revenue and profitability in foreign currency, Bangladesh's readymade garments (RMG) industry has outperformed all other sectors since its independence in 1971. It creates a substantial impact on the national economy by providing a large number of work opportunities and by eliminating poverty through social development. Bangladesh will graduate from the least developed country (LDC) in 2026, adding new challenges for the RMG. Therefore, BGMEA and BKMEA, among other regulatory agencies, should take the required efforts to remove these obstacles from their respective jurisdictions before facing any new challenges. The researchers identified some potential solutions to ensure that the RMG industry can keep its position in the international marketplace. Keywords: Bangladesh, BGMEA, BKMEA, challenges, Readymade garments (RMG) 1. Introduction Bangladesh has been one of the poorest nations in the world since its independence in 1971. In Bangladesh, when East Pakistan was known, no significant industries were developed due to discrimination and the policies of the then-West Pakistan government. Therefore, reconstructing a war-torn country with minimal resources seems the most difficult challenge. However, the sector that has been making an undeniable contribution to the country's economic growth is none other than the readymade garments industry (Hasan, 2014). Bangladesh's garment industry is the country's largest industrial sector. The history of the readymade garments industry began in the Indian subcontinent during the Mughal era via Dhakai Muslin. It had a global reputation and a high-demand market worldwide, particularly Europe (Abdin, 2010). Now, the sector represents 81% of the country's total export revenues. As a result, Bangladesh has a rapidly expanding economy. The readymade garments (RMG) exports play a vital role in holding the country in the international marketplace to earn foreign currency. Bangladesh's clothing industry began its journey in the 1980s and is now in its current position. Nurool Quader Khan, who passed away, was Bangladesh's innovator of readymade garments (Hasan, 2014). Bangladeshi clothing is predominantly constructed from knit or woven textiles. Garments made of knitted fabrics are referred to as knit clothes, while garments made of woven fabrics are referred to as woven garments. Knitted clothes include t-shirts, polo shirts, and innerwear such as briefs, panties, bras, sweaters, and hoodies. Woven clothing includes formal shirts, trousers, denim jeans, suits, chiffon, and georgette gowns (Sarkar, 2016). Readymade garments are the backbone of the country's economy. Bangladeshi people feel great about a sector that has generated billions of dollars in export revenues and provided thousands of jobs for millions of citizens.