Overview of green business practices within the Bangladeshi RMG industry: competitiveness and sustainable development perspective

Green business initiatives have become a prime driving force towards sustainable development across the world. The economy of Bangladesh is now on a pick as she has been moving towards nearly hitting the target for becoming a middle-income economy by 2021, and for attaining so, the development of industrial sectors is unavoidable. The booming industrial sectors have been resulting in a massive depletion of natural resources, greenhouse gas erosion, and toxic waste disposal, which further can cause uncontrolled degradation of air, soil, and water. In this highly competitive world, like most other businesses, ready-made garment (RMG) firms are facing tremendous pressure for being more competitive and availing a decisive position towards the reduction of pollution and impacts of ecological footprint. This nation brings a new paradigm of doing business called green business (GB). Principles of green business compact with emerging approaches for producing, marketing, and disposing of the products, which maintain environmental safety and business competitiveness. Green-oriented business strategy can act as a crucial tactic for gaining a competitive advantage over the potential competitors and assess them with a better way to uphold their stand towards attaining sustainable development. Since the modern purchaser is continuously being attracted to green-oriented RMG industries, they want to attain their responsibility to Mother Nature. Especially for the RMG sectors of Bangladesh, environmental concern is highly crucial since it is the most significant economic sectors of this country. The prime objective of this study is to provide an overview of green business strategy associated with the RMG sectors of Bangladesh, which further assist the sectors with competitive advantages. In order to fulfill the prime objectives of the paper, the authors conferred various books, journals, and research papers related to green business and competitiveness within the context of Bangladeshi RMG sectors. Furthermore, the study arranged some casual discussions with industry professionals in corporate social responsibility (CSR), environmental protectionist, sustainable development executives, and ecology-friendly performance officer to provide substantial assistance for focusing on the precise direction of foundation evaluation and synthesis. In contextualization of the intensification of green business strategy and environmental degradation, we proposed a framework to quantify the green business strategy with the view of gain competitive advantages across the RMG sectors in Bangladesh.