Envoy Group

Bangladesh's leading garment exporter scales new heights

After a challenging decade, where a developing Nation like Bangladesh had well tackled the Covid-19 situation, and made friends with the post Covid world, the economy has now bounced back to a great extent, and is set to grow by 6% in the 2022 fiscal year, rising to 6.5% the following year, according to ratings agency Moody's, with higher levels of exports expected to play a key role in this economic expansion.

For those operating in the country's garment industry, this is important news. Bangladesh is the second largest ready-made garment exporter in the world, after China, with the garment industry responsible for approximately 80% of the country's total exports. The value of ready-made garment exports from Bangladesh more than doubled between 2011 and 2019, according to data compiled by the country's Export Promotion Bureau, from $14.6 billion to $33.1 billion, at a compound annual growth rate of 7%.

"We are a major sector for the country, and there are almost endless opportunities now in Bangladesh for the RMG sector to prosper," says Parliamentarian Abdus Salam Murshedy, Managing Director of Envoy Group, which over nearly the last four decades has turned itself into a major Bangladeshi export giant.

Founded in 1984, Envoy Group is now a diversified conglomerate of 20 different businesses, with a primary focus on ready-made garments and textile manufacturing. Over the years the group has expanded into local and international trading, dredging, washing and dying, brokerage house, IT, real estate, banking, automation, as well as hospitality services and consumer products. "From garments, we have diversified into other industries," says Murshedy.