Expanding into
Bangladesh
The population of around 170 million was the eighth largest in the world in 2023. Nominal Gross Domestic Product (GDP) of 460 billion US dollars in 2022 placed it 32nd globally, building on 7.2% annual growth over the previous year.
Get the Support You Need
Global Expansion is a step to make for any business, regardless of your goal. But the opportunities that can come with an expansion can be stimulating as well as intimidating and confusing, especially when you consider all of the registration procedures that need to be done and the documentation required.
Going at it without the proper support can increase the costs, time and risks involved.
The legwork and potential red tape can be worked through more efficiently and cost-effectively with the support of a Professional Employer Organisation (PEO) such as Bradford Jacobs, primarily through our Employer of Record (EOR) framework.
It can be best utilised when businesses are just beginning their expansion process and require more information before incorporating an entity and fully establishing themselves in that market.
Hiring Staff
in Bangladesh
International companies expanding into the People’s Republic of Bangladesh will be entering a country that has made significant strides in global economics, since it was formed in 1971 by the secession of East Pakistan from Pakistan. In 2022, Bangladesh’s nominal Gross Domestic Product of 460 billion US dollars ranked 32nd globally and made it the second strongest economy in South Asia, behind India and ahead of Pakistan. Growth is expected to continue, with the Asia Development Bank predicting Bangladesh’s economy will grow by 5.3% in 2023 and 6.5% in 2024.
Bangladesh’s economy, however, is heavily dependent on textiles and clothing. Bangladesh’s ‘ready-made garment’ (RMG) sector accounts for over 80% of exports and it is now the world’s second-largest producer behind China. Factory modernisation and improvements in health and safety legislation for the sector’s four million workers helped to repair Bangladesh’s position in the global industry after hundreds died in a fire and the Rana Plaza collapse in 2012 and 2013.
Bangladesh’s RMG position is being challenged by Vietnam, which signed a preferential trade agreement with the European Union in 2020, and has already supplanted Bangladesh as the prime source for apparel in the US market.
Bangladesh’s RMG exports include all types of garments, hosiery and knitwear, plus shoes, and earned US$31.5 billion in the fiscal year 2021-22. The sector employs four million workers, close to 60% of whom are women, but their employment will be threatened by increased modernisation, automation and robotics.
The next largest component of Bangladesh’s exports are jute products, such as twine, rope, matting and sacks, with China, India and Pakistan the main clients. Other exports include fish, shrimps and prawns, which also contribute to Bangladesh’s food security. Its exports profile also features leather and leather products, home textiles, agricultural products, pharmaceuticals, plastic and plastic products.
Hiring Staff
in Bangladesh
International companies expanding into the People’s Republic of Bangladesh will be entering a country that has made significant strides in global economics, since it was formed in 1971 by the secession of East Pakistan from Pakistan. In 2022, Bangladesh’s nominal Gross Domestic Product of 460 billion US dollars ranked 32nd globally and made it the second strongest economy in South Asia, behind India and ahead of Pakistan. Growth is expected to continue, with the Asia Development Bank predicting Bangladesh’s economy will grow by 5.3% in 2023 and 6.5% in 2024.
Bangladesh’s economy, however, is heavily dependent on textiles and clothing. Bangladesh’s ‘ready-made garment’ (RMG) sector accounts for over 80% of exports and it is now the world’s second-largest producer behind China. Factory modernisation and improvements in health and safety legislation for the sector’s four million workers helped to repair Bangladesh’s position in the global industry after hundreds died in a fire and the Rana Plaza collapse in 2012 and 2013. Bangladesh’s RMG position is being challenged by Vietnam, which signed a preferential trade agreement with the European Union in 2020, and has already supplanted Bangladesh as the prime source for apparel in the US market.
Bangladesh’s RMG exports include all types of garments, hosiery and knitwear, plus shoes, and earned US$31.5 billion in the fiscal year 2021-22. The sector employs four million workers, close to 60% of whom are women, but their employment will be threatened by increased modernisation, automation and robotics. The next largest component of Bangladesh’s exports are jute products, such as twine, rope, matting and sacks, with China, India and Pakistan the main clients. Other exports include fish, shrimps and prawns, which also contribute to Bangladesh’s food security. Its exports profile also features leather and leather products, home textiles, agricultural products, pharmaceuticals, plastic and plastic products.
The Main Sectors of the Bangladesh Economy
The country focuses on the following key sectors, which all have a significant impact on the country’s economy:
The Main Sectors of the Bangladesh Economy
The country focuses on the following key sectors, which all have a significant impact on the country’s economy:
Commercial Laws in
Bangladesh
Commercial Laws in
Bangladesh
