Day: May 18, 2024

Dhaka Chamber of Commerce and Industry (DCCI) President Ashraf Ahmed today said that embracing Environmental, Social and Corporate Governance (ESG) compliance reporting standard is essential to boost trade and investment. He said ESG compliance framework will not only allow the businesses to align their values and strategies with sustainability objectives, foster economic growth but also remain competitive beyond LDC graduation. "Absence of culture, weak corporate governance and lack of data are few of the challenges to adopt ESG in Bangladeshi Industries," Ashraf said this in a round table discussion titled "Navigating the Challenges and Opportunities of ESG Compliance in Bangladesh" organized by DCCI today, said a press release. The DCCI president said as Bangladesh is being more connected to the world and country's international trade is also increasing day by day, ESG compliance is becoming mandatory for businesses. "Investors consider ESG factors when assessing a business's potential since, it is a sign of resilience and long-term financial health," he added. The DCCI president said it is worth mentioning that the trend of ESG reporting is going upward in Bangladesh while organizations in different industries have started reporting on their ESG performance, and the government bodies have also taken initiatives to promote and encourage ESG reporting. Taking into account the importance of ESG compliance, he recommended for developing an effective ESG compliance strategies in alignment with the global value chain and integrating ESG considerations into decision-making processes and organization culture. Ashraf also underscored the need for educating the stakeholders including employees, management, investors, regulators and the mass public about the importance of ESG compliance and it's reporting. Moreover, ESG compliance needs to be prioritized in embedding in other policies such as industrial policy, SME policy etc., he added. Md. Munim Hassan, Director General, Department of Patent, Design and Tra demarks, Ministry of Industries, said that in every sector compliance is mandatory and compliance always increases the credibility of business. "For environmental or social compliance, we individually should take responsibility on our shoulder. We should not look into what others do," he added. Munim informed that during 2016 to 2022, a total of 17 products of Bangladesh got GI whereas 14 products have already got GI certification and 30 more are in progress to get GI since 2023 to till date. Md. Anwarul Alam, Director General (Additional Secretary), Bangladesh Accreditation Board (BAB), Ministry of Industries said Bangladesh Accreditation Board is directly linked with ESG. He said the Bangladesh Accreditation Board works for ensuring quality of goods and services while BAB's certification is accepted world-wide. Anwarul also urged all to be compliant and suggested the lab owners to get accredited from BAB. "ESG is also interlinked with the vision of Smart Bangladesh," he said. The keynote speaker Zaku Uz Zaman, Country Representative, UNIDO, Bangladesh said the term "ESG" came into use in the early 2000s, but its foundations were laid in the 1990s. ESG works as an evaluation of a firm's seriousness in engaging with environmental, social and governance factors. Zaku also said that there is no defined format for ESG reporting that makes challenging for the management to understand what is required to be reported. "Compliance with ESG reporting can help Bangladeshi companies to be competitive after graduation from LDCs," he added. Dr. M Niaz Asadullah, visiting professor of Economics, University of Reading, UK, Mohammad Bin Quasem, director, Echotex Ltd., Yeasmin Akther, business manager, Knowledge, Health and Nutrition, SGS Bangladesh Limited, M Abu Horairah, former vice president, DCCI, Enamul Haque Patwary, former director, DCCI, Rashid Shah Shamrat, former director, DCCI also spoke on the occasion. Speakers at the roundtable stressed on an ESG policy, creating awareness, having monitoring and reportin g system. They also suggested orienting people about what ESG is. For the sake of environmental safety, they put emphasis on massive afforestation across the country. They also urged for a concerted efforts as well as implementation of rules and regulations to implement ESG in the country. Source: Bangladesh Sangbad Sangstha

The 11th National Small and Medium Enterprise (SME) Fair-2024, the biggest fair of locally made products, under the arrangement of Small and Medium Enterprise Foundation (SMEF) will kick off in the city tomorrow to help small and medium entrepreneurs promote market for their products. On the eve of the day, President Mohammed Shahabuddin and Prime Minister Sheikh Hasina issued separate messages today wishing the success of all programs marking the fair. In his message, the President said under the prudent leadership of Prime Minister Sheikh Hasina, the government has formulated the SME Policy 2019 to ensure the development of the SME sector and sustainable industrialization. The National Industrial Policy emphasizes on creating a supportive environment for the development of SME industries as the main driving force of industrialization, the head of the state added. As a result of the successful implementation of Vision 2021, Bangladesh today has become a middle-income digital Bangladesh, he said. Throug h proper implementation of National Industrial Policy and SME Policy, all should continue their sincere efforts to increase the contribution of SME sector to GDP from the existing 25 percent to 32 percent, he added. The President called upon all concerned including government, private institutions and entrepreneurs to play a positive role in ensuring the proper development of the SME sector with the aim of forming a developed and prosperous 'Smart Bangladesh' by 2041. Prime Minister Sheikh Hasina, in her message, said present Awami League government has been formulating and implementing various business-friendly policies and programmes for smooth flourishing of the small and medium enterprises in the country. The premier laid emphasis on boosting the small and medium enterprise sector for accelerating economic progress of the country. The government has been working relentlessly for the expansion and sustainable development of micro, small and medium industries in the country, she said, adding that the SM E sector is given importance in SDG-2030, Vision 2041, 8th Five Year Plan, different policies and strategies of the government. She said more workforce is getting involved in labour sector and the number of women entrepreneurs and workers is increasing in cluster-based industrial units. The SME fair plays an important role in promoting the market for SME products, she said, adding that this year's SME fair will help introduce and promote demand of the local products made by micro, small and medium entrepreneurs. She laid emphasis on developing more entrepreneurs in SME sector and said the sector has been playing important role in transforming the country's youths into skilled manpower and creating jobs for them and thus building 'Sonar Bangla' as dreamt by the Father of the Nation Bangabandhu Sheikh Mujibur Rahman. In this year's SME fair, all categories of entrepreneurs, financiers, and trainers will come under one roof targeting to provide all necessary support to help them expand businesses of SME prod ucts. The products to be on the display include jute, leather, handicrafts, agri-processing, herbal, jewellery, plastic, electrical and furniture related goods. Source: Bangladesh Sangbad Sangstha

State Minister for Local Government, Rural Development and Cooperatives Abdul Wadud, MP, has called for elevating socio-economic conditions of rural livelihoods through boosting farm and non-farm productions. He said utmost importance should be given on uplifting human resources after organizing the rural communities along with imparting training to them. The state minister was addressing a view-sharing meeting with district and upazila level officials and beneficiaries of Rural Livelihood Project (RLP-3rd phase) at the conference hall of Regional Public Administration Training Centre here today as chief guest. On the occasion, he also opened a nine-day training workshop for betel leaf farmers of the district. On behalf of its RLP, Bangladesh Rural Development Board (BRDB) organized the meeting with the main thrust of infusing dynamism into the RLP activities with integrated efforts of all the designated officers and employees. With BRDB Director General Abdul Gaffar Khan in the chair, the meeting was a ddressed, among others, by RLP Director Alauddin Sarker, Additional Deputy Commissioner Mohinul Hassan, BRDB Deputy Director Zakirul Islam and Principal Scientific Officer of Bangladesh Agriculture Research Institute Dr Saidur Rahman. State Minister Abdul Wadud stressed the need for generating active cooperatives and management for improving living and livelihood conditions of poor women and men. He opined that employment and livelihoods would be ensured through uplifting awareness and capacity of the beneficiaries. The state minister said they will establish and ensure marketing linkage of goods produced by the beneficiaries so that they can get fair prices. "We want to see self-sufficiency and bolstering conditions of all the rural development teams through overall livelihoods," he added. Source: Bangladesh Sangbad Sangstha