50 Star US Inc.
Bangladesh's successes in the garment industry since independence are among its most distinctive features. In addition to boosting the economy of the country, this industry has guaranteed jobs for a large number of people. Eleven percent of the GDP is generated by this industry, which directly employs four million people and indirectly supports ten million more.
A number of steps have already been taken to boost this industry's potential in order to raise exports to $100 billion by 2030. These include innovation and technological advancements, product and market diversification, fiber diversification, efficiency development, and maintaining a competitive edge in the value chain by keeping costs low.
The Sustainable Strategic Vision 2030 for the Garment Industry was developed by BGMEA. In line with ESG (Environmental Social Governance), the concept is to create sustainable industrial growth without putting people or the environment in danger, or "the green planet."
By 2030, the goal is to cut industrial carbon emissions by 30%. It also calls for the use of 50% sustainable raw materials, 50% less groundwater, 100% ZDHC chemicals, 30% less fuel, 20% less renewable energy, 30% less deforestation, 100% inclusive and decent work, gender equality, and worker health and welfare.
The vision also calls for raising industrial productivity by 60% by 2030, expanding Bangladesh's global reach by exporting garments marked "Made in Bangladesh" to every nation in the same time frame, establishing 100% good governance in the sector, determining 100% participation from SDG stakeholders, and increasing investment in backward linkage industries in order to comply with "Double Transformation Rules of Origin" after 2026.
BGMEA is focusing on ways to boost exports in important markets and open up new markets through apparel diplomacy. The development of supply chain management and technological upgrades are prioritized in order to fulfill the needs of global markets and deliver orders on schedule. showcasing their skills in high fashion on the international stage and forming alliances with luxury labels.
At the BGMEA complex, a Center of Innovation, Efficiency, and OSH has already been developed for the garment sector to ensure worker efficiency, innovation, and occupational safety and health in order to boost the industry's growth and competitiveness.
The Bangladesh Garments Manufacturers and Exporters Association (BGMEA) reports that there are 204 certified environmentally friendly clothing companies in Bangladesh. Bangladesh currently has four green certified eco-friendly clothing manufacturers, 116 gold, 10 silver, and 74 platinum factories. In addition, over 500 enterprises are vying for the title of environmentally responsible manufacturer.
Furthermore, nine out of the top ten and eighteen out of the twenty green factories globally are located in Bangladesh, as are 54 out of the top 100 green factories globally. Furthermore, Bangladesh is home to the factory with the highest rating of 104 in the entire globe.
In the past ten years, there have been three amendments to the labor laws that have improved the lot of workers nationwide in terms of pay and other benefits. The Labor Bill was recently enacted, with increased benefits for trade unions and maternity leave. The measure increases the maternity leave benefit for female employees from eight days to twelve hundred days. If an organization employs up to three thousand people, twenty percent of the workers must consent to the formation of a trade union; if the workforce exceeds three thousand, fifteen percent must assent.
Concerned parties worry that Bangladesh can become the target of US trade penalties in spite of all of these. Regarding US labor policy, the Bangladeshi Embassy in the US recently wrote a letter to the Ministry of Commerce. It stated that the US may exploit the letter from the Biden administration to protect workers' rights politically. There is a chance to apply penalties at the state, federal, or local levels if labor rights are violated. This may have an impact on Bangladesh's apparel industry.
Basically, foreigners have a chance to voice their opinions when there is a deficiency in the labor laws and working conditions in a nation. Thus, rather than focusing on the labor policy, the government and business community should prioritize identifying the gaps in workers' rights. Owners, the government, and employees should all sincerely address any shortcomings. Should it not, all parties involved will experience difficulties.
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