The first national compliance carnival was held in the city recently. The full day programme was manifested with threadbare discussions on compliance centring on the readymade garments (RMG) industry that brings in almost eighty per cent of the country's foreign exchange earnings through exports. Well attended by hundreds of compliance experts and officials from the RMG sector as well as from development agencies and universities, it was the first time such an event had taken place here.
Compliance is indeed a big issue. Theoretically, it should be an embedded aspect for operating any manufacturing enterprise. However, it never received so much attention until the unfortunate incidents like Tazreen Fashions fire that killed hundreds of workers and the collapse of the multi-storied Rana Plaza building that killed over a thousand people working in garments-making factories housed there. The series of accidents obviously raised eyebrows at home and globally about the state of compliance with the occupational health and safety of workers. Since then, a lot of attention was given to the "compliance" issues.
The discussions at the carnival focused on transformation of the RMG sector, responsible business practices and environmental compliance. Truly, these are very timely and authentic topics to be dealt with, in the backdrop of the imperatives for ensuring sustainability for this all important sector that not only contributes to the national economy but also plays a big role in branding the country.
With a US$50 billion tentative export target set for the year, 2021, the RMG sector obviously needs to be on toes. At the same time, competition is growing fast with countries like Vietnam, Myanmar, China, Cambodia and some African economies rapidly building up their capacities. Stakeholders on the global front are also on alert policing the entrepreunal behaviours that include workers rights, workers safety, ethical use of resources, environmental consequences etc. This is no simple expectation; it will need strong commitment and rigorous efforts.
It is quite unfortunate that our policy-makers and planners did never pay due attention to developing skills of the local manpower with regard to compliance. Nor our entrepreneurs took holistic initiatives to put compliance in the forefront of their business models. As such, risk analysis and mitigation plans never got the desired attention. Today, pressure from external stakeholders has forced or is forcing us to develop and strengthen our compliance aspects. The pressure is often so much that our industries, particularly those in the RMG sector, are almost reeling under the weight of heavy load of compliance necessities. Whether environmental or social, whether legal or ethical, the long list of compliance issues is at times working as over-burden or exhaustive. Nevertheless, these are opportunities to develop our industries in a proper and sustainable manner.
While the private initiative of the compliance professionals can go a long way in improving the business conduct in the country, the chambers of commerce and industries should also come forward in this regard. They should be holding regular training sessions for the professionals as well as changing the mindset of the entrepreneurs to uphold different compliance matters. It is not too late but steps must be visible to underline that compliance has paradigm importance for our growth and sustainability.
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