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ESG compliance essential to boost trade, investment: DCCI Prez

Published : Sunday, 19 May, 2024 at 12:00 AM  Count : 341

ESG compliance essential to boost trade, investment: DCCI Prez

ESG compliance essential to boost trade, investment: DCCI Prez

Embracing Environmental, Social and Corporate Governance (ESG) compliance is more essential now for corporate business to align their values and strategies with sustainability objectives to promote economic growth and continue to be competitive beyond LDC graduation, said DCCI president Ashraf Ahmed.

Speaking at a round table on Saturday titled "Navigating the Challenges and Opportunities of ESG Compliance in Bangladesh" he said absence of corporate culture, weak governance and lack of credible data are few impediments to adopt ESG standard in Bangladesh Industries, says a press release.

Organized by Dhaka Chamber of Commerce and Industry (DCCI) in the city Ahmed further said Bangladesh is now more connected to the world while the countrys international trade is also increasing day by day.

He said environmental, social and corporate governance (ESG) compliance is   now becoming more mandatory for businesses.

Investors consider ESG factors when assessing a businesss potential since, it is a sign of resilience and long-term financial health.

It is worth mentioning, he said ESG reporting is going upward in Bangladesh. Organizations in different industries have started reporting on 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 global value chain and integrating ESG considerations into decision-making processes and organization culture.
 
He underscored the need of educating the stakeholders including employees, management, investors, regulators and the public about the importance of ESG compliance and its reporting is prioritized including in SME sactor.

Md Munim Hassan, Director General of Patent, Design & Trademarks at the  ministry of industries said in every economic sector compliance is mandatory as it  always increases the credibility of business.

He said we should take responsibility on our shoulder to see that industries are honestly implementing it. He said during 2016 to 2022 total 17 products of Bangladesh got GI while since 2023 14 products have got GI certification and 30 more are in progress to show more ESG compliance is at work.

Md. Anwarul Alam, Director General Bangladesh Accreditation Board said Bangladesh Accreditation Board is directly linked with ESG implementation and it is important to create a smart Bangladesh.

 Zaku Uz Zaman, Country Representative, UNIDO presented the keynote paper. 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 were among other who spoke on the occasion.







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