Experts at a consultation meeting stressed need to figure out strategies for eenhancing collaboration between EU and Bangladesh stakeholders to promote a sustainable and circular global textiles sector.
Business Leading Initiative Development (BUILD) organized the stakeholder consultation on European Union Circular Textiles Policies on Trading Partner Country at its Conference Room on Monday.
The consultation mainly aimed to identifying practical measures to support Bangladesh’s textile industry in adapting to the EU’s sustainable and circular textiles strategy.
BUILD in association with Chatham House and Circle Economy supported by GIZ, Laudes Foundation and European Environment Bureau (EEB) has commissioned the study in this respect,
For Bangladesh, the textile industry especially readymade garments (RMG) play a key role in the national economy and labour market.
The export of readymade garments witnessed an increase of 3.67% in 2023 to $47.39 billion, up from $45.71 billion in 2022, according to data from the Export Promotion Bureau (EPB).
The EU has undertaken strategy for promoting sustainable and circular textiles and fashion industry.
The summary of key findings and analysis of the study was presented by Dr. Patrick Schroeder, Senior Research Fellow, Environment and Society Program, The Royal Institute Affairs, Chatham House. While delivering the keynote, Dr. Patrick Schroeder "said that we need to assess the landscape of the sector before we pprovide feedback on potential impacts and necessary adaptations for Bangladesh’s textile industry". "We need to analyse the policy shifts areas for circular textiles and chart out a detailed scenario in that respect to support Bangladesh's textile industry in adapting to the EU’s sustainable and circular textiles strategy", she added.
Chairing the programme, Asif Ibrahim, MD of New Age Group and former Chairperson of BUILD said RMG sector was already facing a crisis given tight margins and the slowdown in the global economy and our entrepreneurs would finance adequate investment for the development of a circular economy.
BTMA Vice President Md. Saleudh Zaman Khan said that we need to consider development of supply chain for cotton recycling and forming local regulations for recycling additionally and extended producer responsibility policy is required.
Chowdhury Liakat Ali, Director (SFD) of Bangladesh Bank said that Bangladesh Bank has taken various policy initiatives for promoting sustainable finance and green banking in order to reduce GHG emission and speed up investments in renewable energy, Energy & Resource Efficiency, Circular Economy & Eco-Projects Financing, etc. BB issued Sustainable Finance Policy in 2020 and subsequently revised it in 2023.
