STAR BUSINESS REPORT
Bangladesh’s exports are order-based and free of overcapacity, Commerce Minister Khandakar Abdul Muktadir said yesterday amid an ongoing US investigation into forced labour and surplus production across 60 countries, including Bangladesh.
Speaking at a luncheon meeting on US-Bangladesh partnership hosted by the American Chamber of Commerce (AmCham) at the Sheraton in Dhaka, he also said Bangladesh has made substantial progress regarding labour rights.
The minister said Bangladesh’s exports are driven by demand. Particularly, the garment industry produces strictly against international orders. “This is indicative of global demand, rather than excess capacity.”
He pointed out that many factories are currently running below capacity due to energy and infrastructure constraints.
On forced labour, the minister mentioned that Bangladesh has enacted reforms in workplace safety and labour rights in partnership with the International Labour Organization (ILO) and other partners, establishing one of the most rigorously regulated and secure garment sectors in the world.
Stating that Bangladesh is committed to maintaining international labour standards, he said the government believes that the most constructive course of action to that end is continuing engagement and collaboration.
On partnership with the US, the minister said the government is confident that the bilateral relationship will continue to grow through trade, increased investment, technology collaboration, and continued dialogue.
He said the government is diversifying its export base by incorporating sectors such as pharmaceuticals, leather, agro-products, and light engineering, in addition to a booming ICT sector.
The minister stated that improving market access is imperative as the country is set to graduate from the least developed country status. “We look forward to continued US assistance to guarantee a seamless transition and maintain our global competitiveness.”
He noted that although Bangladesh has established robust manufacturing capabilities