BSS, Dhaka :
Achieving middle-income status by 2021 is an achievable target should Bangladesh be able to accomplish its much needed reform initiatives that have been going on in different sectors, European Union (EU) ambassador Pierre Mayaudon in Dhaka told the Economic Reporters’ Forum (ERF) here on Wednesday.
The envoy was speaking on the prospect of EU-Bangladesh trade and future challenges at a discussion, organised by the ERF at the National Press Club. Giving a brief, but clear picture about the present status, the prospect and future challenges in the field of EU’s relation with Bangladesh, he said the country would be graduated to the middle income group by its targeted time should the challenges be addressed effectively.
He categorically spelled out three issues which require special attention to be sorted out as soon as possible. These are: implementation of sustainability compact, improving business environment and giving global forum a clear message that Bangladesh is a country where labour rights are well protected.
Referring to the sustainability compact signed in 2013 involving the government, the EU, International Labour Organisation (ILO) and the US, the envoy said Bangladesh made significant progress since the launch of the compact. These include amendment to the Labour Act of 2006, registering over 300 new garment industry trade unions and strengthening of capacity to inspect factories,
“Despite these progress, two issues should be addressed immediately to show that the implementation of the compact was going on towards the right direction”, Mayaudon said.
According to him, the two issues are implementation of the revised labour law and adoption of legislation ensuring workers’ right in the country’s export processing zones (EPZs). He suggested improving business environment so investors from overseas find Bangladesh more lucrative compared to other countries which are also competing on the global market for foreign direct investment (FDI).
“In fact, Bangladesh requires designing and implementing an economic reform for achieving sustainable and higher growth”, he said.
Responding to various questions from the ERF members, the envoy said Bangladesh would get GSP Plus facilities from the EU once it gets middle-income status, but the country should make further improvement in some areas covering labour rights, human rights and working condition.
He also said that the EU would help Bangladesh expedite the prospect of the blue-economy so the country would achieve sustainable and higher economic growth.
“This is a new and most prospective area where the EU has already started working with the government, and would extend its cooperation to a greater extent”, Mayaudon said.
While talking about exploring new avenues of economic development through internal resource mobilisation, he said the government had rightly put special weight on some sectors including the blue-economy, information and technology and better connectivity.
He said the representatives of EU had already visited some projects and marine establishments in the port of Chittagong to see the prospect of shipbuilding industry where the EU members have special interest for investment.
The EU envoy also referred to the existing cooperation between EU and Bangladesh with focus on three major areas including the initiatives of strengthening democratic governance, ensuring food and nutrition security and developing education and skills.
“The existing cooperation would be expanded further in future,” he said.
ERF President Sultan Mahmud Badal moderated the meeting. Senior ERF members participated in the discussion following introductory remark by ERF General Secretary Sajjadur Rahman.
Achieving middle-income status by 2021 is an achievable target should Bangladesh be able to accomplish its much needed reform initiatives that have been going on in different sectors, European Union (EU) ambassador Pierre Mayaudon in Dhaka told the Economic Reporters’ Forum (ERF) here on Wednesday.
The envoy was speaking on the prospect of EU-Bangladesh trade and future challenges at a discussion, organised by the ERF at the National Press Club. Giving a brief, but clear picture about the present status, the prospect and future challenges in the field of EU’s relation with Bangladesh, he said the country would be graduated to the middle income group by its targeted time should the challenges be addressed effectively.
He categorically spelled out three issues which require special attention to be sorted out as soon as possible. These are: implementation of sustainability compact, improving business environment and giving global forum a clear message that Bangladesh is a country where labour rights are well protected.
Referring to the sustainability compact signed in 2013 involving the government, the EU, International Labour Organisation (ILO) and the US, the envoy said Bangladesh made significant progress since the launch of the compact. These include amendment to the Labour Act of 2006, registering over 300 new garment industry trade unions and strengthening of capacity to inspect factories,
“Despite these progress, two issues should be addressed immediately to show that the implementation of the compact was going on towards the right direction”, Mayaudon said.
According to him, the two issues are implementation of the revised labour law and adoption of legislation ensuring workers’ right in the country’s export processing zones (EPZs). He suggested improving business environment so investors from overseas find Bangladesh more lucrative compared to other countries which are also competing on the global market for foreign direct investment (FDI).
“In fact, Bangladesh requires designing and implementing an economic reform for achieving sustainable and higher growth”, he said.
Responding to various questions from the ERF members, the envoy said Bangladesh would get GSP Plus facilities from the EU once it gets middle-income status, but the country should make further improvement in some areas covering labour rights, human rights and working condition.
He also said that the EU would help Bangladesh expedite the prospect of the blue-economy so the country would achieve sustainable and higher economic growth.
“This is a new and most prospective area where the EU has already started working with the government, and would extend its cooperation to a greater extent”, Mayaudon said.
While talking about exploring new avenues of economic development through internal resource mobilisation, he said the government had rightly put special weight on some sectors including the blue-economy, information and technology and better connectivity.
He said the representatives of EU had already visited some projects and marine establishments in the port of Chittagong to see the prospect of shipbuilding industry where the EU members have special interest for investment.
The EU envoy also referred to the existing cooperation between EU and Bangladesh with focus on three major areas including the initiatives of strengthening democratic governance, ensuring food and nutrition security and developing education and skills.
“The existing cooperation would be expanded further in future,” he said.
ERF President Sultan Mahmud Badal moderated the meeting. Senior ERF members participated in the discussion following introductory remark by ERF General Secretary Sajjadur Rahman.
