The Bangladesh government is set to enforce a week-long hard lockdown across the country, beginning April 14. Many murmurs it may go beyond that as well. While I understand why the government feels compelled to act that way, I believe we need to rethink the strategy and find some creative ways taking into account the economy of the country, especially its apparel industry, which is intricately linked to global chains, and is already at a fragile state and passing through a critical moment in its recovery.
A better way ought to be pondered which would protect our people as well as their livelihoods. I believe Lockdown Lite which has been practised in many other countries could be more apt for Bangladesh and its needs and circumstances. I am no expert in pandemics or public health, nor do I claim to know more than our esteemed health professionals. Yet, I may submit that the policymakers behind the decision for a heavy lockdown need to consider several other factors.
GSP Plus threshold needs to be negotiated: expert
Debapriya Bhattacharya Star Business Report Star Business Report
Bangladesh needs to negotiate with the European Union (EU) over the trade threshold for enjoying the Generalised System of Preferences (GSP) Plus once it graduates from the least developed country category, said a noted economist on Wednesday.
The EU s GSP Plus status allows countries duty-free export to the trade bloc. To be eligible, a country cannot account for over 7.4 per cent of the EU s annual imports.
However, Bangladesh has already crossed the threshold and it is already at 26 per cent now, said Debapriya Bhattacharya, a distinguished fellow at the Centre for Policy Dialogue (CPD).
Expand stimulus funds
Businesses demand in pre-budget meeting
Small businesses were hit hard by the new restrictions on people’s movement to curb the spread of coronavirus. Photo: Star
Star Business Report
Star Business Report
Business leaders yesterday urged the government to expand the size of its stimulus packages as trade and economic activities continue to suffer amid the ongoing onslaught of Covid-19.
Entrepreneurs also asked for necessary steps to be taken to ensure that small and medium enterprises easily get loans from the stimulus packages.
These pleas were made at a virtual discussion with Finance Minister AHM Mustafa Kamal.
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Bangladesh Garment Manufacturers and Exporters Association (BGMEA) recently joined hands with the Sustainable and Renewable Energy Development Authority (SREDA) to ensure sustainable energy use in the apparel sector. The two signed a memorandum of understanding to go for long-term collaboration for capacity development of BGMEA member factories. SREDA promotes renewable energy and energy efficiency and works for creating an enabling environment for sustainable energy development in the country. The MoU will also ensure easy access to information on
rooftop solar project implementation, facilitating garment industries to avail low-cost green finance and joint promotion of industries working towards sustainability.
Recovery of apparel exports top priority
BGMEA President-elect Faruque Hassan says in an interview after his election victory
Faruque Hassan
Faruque Hassan, the president-elect of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), has vowed to beef up international marketing to recover the apparel export losses that stemmed from the fallout of the coronavirus pandemic.
Earnings from apparel shipment, which contributes about 85 per cent to national shipment, declined to $27.94 billion in the last fiscal year from $34.13 billion a year ago as the crisis battered global economies and caused demand to collapse. My first job would be to revive our export earnings so that factories operate well, nobody loses jobs, and the economy runs well, said Hassan, also the managing director of Giant Group, one of the leading garment exporters.