Globalization and its impacts on Garments Sector in Bangladesh

Globalization created quick interactions among the world economies. Globalization is a great opportunity, but the weaker players can become genuine players and seize the opportunities it offers only if there is a new mindset and a fresh approach that is universal and pluralistic, and is operationalized in the context of global frame work that establishes justice, mutual cooperation and supremacy of law and ensure equality of opportunities for all. Globalization is marked by liberalization, free trade, deregulation of tariff barriers, capital movement, latest IT etc. Most importantly, globalization has come to signify ‘deterrotorialization' and geography which has become less relevant to how people live in and interact. Bangladesh opened for world and the process of privatization started after 1975. The central thrust of this paper is inextricably connected with the process of globalization and its multi-dimensional positive and negative impacts on the garments sector of Bangladesh economy. The study focuses new opportunities, threats and meets challenges of the future and how to play its rightful role in a competitive global market. Keywords: Challenge, Globalization, Garments, Unrest, Development, Women Empowerment