Distinguished Fellow of the Centre for Policy Dialogue (CPD) Prof Mustafizur Rahman has said his proposition will be that brands and buyers will have to help entrepreneurs in terms of technology transfer, labour compliance, and other standards, reports UNB.
"I think it is a good business proposition for brands and buyers to work with the entrepreneurs. The new generation knows compliance as the new normal. You will have to give the workers' rights. It's human rights. You can use it as a selling point," he said.
Prof Mustafizur said he is very hopeful that the success story of the Bangladesh RMG industry will continue.
"Bangladesh is poised for LDC graduation. I think we will have to restructure the incentives in terms of the challenges that are coming," he said while speaking at the two-day Bangladesh Denim Expo that ended on Tuesday.
Bangladesh Apparel Exchange hosted the expo where over 45 exhibitors from seven countries showcased their latest denim products, fabrics, accessories, chemicals and technologies.
The organisers said Bangladesh Denim Expo is a pivotal international platform dedicated to showcasing the vibrant Bangladesh denim industry and driving it towards a sustainable future, embracing the vision of "A Blue New World".
On the second day of the event, a panel discussion on "Shaping RMG Sector in Future: GSP+ and LDC Transition" addressed the critical issues surrounding Bangladesh's transition from LDC status by 2029 and the need to secure GSP+ eligibility to maintain market access.
Additional Foreign Secretary (Multilateral and Regional) M Riaz Hamidullah said many people believe that Bangladesh would be able to meet all of the expectations.
"But there are a lot of challenges. I think at the end, liberty, inclusion, and transparency will be the key. Labour rights are also a value proposition," he said.
Dr Mostafa Abid Khan from the Economic Relations Division said they are excessively reliant on the garment sector.
"And it is effectively flourishing in Bangladesh. For the EU, Bangladesh is a success story. The EU is very interested in providing continued access to GSP+ to BD. BD has to adhere to compliance with the due diligence set by the EU," he said.
Edwin Koekkoek, first counsellor and team leader of Green Inclusive Development at the Embassy of the European Union, said, "In the area of sustainability, due diligence is a key element. In Bangladesh, we can see progress on labor rights and environmental standards. The decarbonisation of Bangladesh will be a priority."
Ole Rosenborg Justesen, Sector Counsellor, Embassy of Denmark in Bangladesh, focused on three areas in terms of working with Bangladesh -- labour rights, labor law and inspection, and investments in the supply chain.
"Labour inspection is absolutely crucial in terms of improving the working conditions of factories. We have to talk about investments in whole infrastructures. Instead of seeing due diligence as a hindrance, I would suggest considering it as a competitiveness."
Founder and CEO of Bangladesh Denim Expo Mostafiz Uddin said it has been over 10 years that they are working on this initiative - branding Bangladesh.
"We started this very small, with the ambition to brand Bangladesh to the world. We have not stopped but rather increased our initiatives. The industry is passing a critical moment. It is a challenging period, and I invite you all to be a part of this challenge. I would like all of your support in this journey," he said.
