RESPONSES OF RMG PRODUCERS IN BANGLADESH TO MULTINATIONAL BUYERS DEMAND DURING COVID-19 PANDEMIC

Abstract

The COVID-19 pandemic affected Bangladesh RMG sectors negatively and the sector producers have undertaken policy and action plans to overcome the setbacks to survive and sustain in the wake of declining buyers’ demands. Drastic fall of demand, order cancelation, reduction of the number of orders, payment holding up, order price fall, etc. were the effects that sharply declined the RMG situations. The study found that mainly two policies were taken by the RMG owners to handle the crises. They are the Cost reduction policy and the new market search policy. Under such policies, many action measures were taken. Besides, governmental support helped a lot. All these actions at last ended up with the survival of many firms. Till now they are struggling with the crises. Mixed-form research methods have been applied in the study. The study was confined in the Gazipur district of Bangladesh and 20 firms working there were the sample. Further study needs to be done to know about the scenario and effects in detail.