Dhaka: Bangladesh Investment Development Authority (BIDA), Ministry of Commerce (MoC), International Labour Organization (ILO), and the United Nations Development Programme (UNDP) today signed a Letter of Intent (LoI) to promote trade and investment for sustainable and inclusive growth.
According to Bangladesh Sangbad Sangstha, the LoI was signed by Chowdhury Ashik Mahmud Bin Harun, Executive Chairman of BIDA; Mahbubur Rahman, Secretary of the Ministry of Commerce; Tuomo Poutiainen, Country Director of ILO Bangladesh; and Stefan Liller, Resident Representative of UNDP. The signing took place at a hotel in Dhaka.
The LoI aims to recognize supply chains as drivers of growth, productivity, job creation, and decent work. It supports policies that encourage fair and rules-based international trade and investments, aligning with International Labour Standards. These policies aim to promote fair wages and working conditions, responsible business conduct, and value addition along supply chains to stimulate economic growth and reduce inequalities.
Under this agreement, BIDA, the Ministry of Commerce, ILO, and UNDP have committed to developing a trade and investment ecosystem conducive to sustainable and inclusive growth. This includes building communities of practice to facilitate knowledge sharing and capacity building among public and private stakeholders.
The parties involved will identify challenges and opportunities to enhance trade, investment, and good governance policies, supporting the ecosystem for sustainable growth. They will also promote policies that support value addition, formal economy transition, and decent work along supply chains.
The LoI seeks to bridge the gap between the government and the private sector to foster a conducive environment for trade and investment. It will organize forums to position Bangladesh as a destination for responsible investment and invite thought leaders to discuss decent work, social compliance, and inclusive growth.
Efforts will be made to streamline business registration, compliance, and access to services, accelerating enterprise formalization and responsible business practices across supply chains. The agreement will also establish thematic and sector-specific working groups to address supply chain disruptions and promote productivity and ESG practices aligned with International Labour Standards.
Under the LoI, BIDA and the Ministry of Commerce will organize an annual forum and provide facilities for thematic working groups. Meanwhile, ILO and UNDP will facilitate an online portal, hosted by BIDA, to support best practices on decent work, human development approaches, International Labour Standards, and ESG principles in businesses.