Salman F Rahman: Bangladesh gives advice on labor rights their due importance

PM's Adviser for Private Industry and Investment Salman F Rahman details steps government has taken to develop labor sector

Bangladesh considers the recommendations of the United States of America, European Union and the International Labor Organization (ILO) on labor rights with due importance, said Prime Minister's Adviser for Private Industry and Investment Salman F Rahman.

Speaking at the virtual meeting of the US-Bangladesh labor working group on Thursday, Rahman detailed the steps taken by the current government in the labor sector. The Prime Minister's Adviser for Private Industry and Investment and US Under Secretary for Economic Growth, Energy, and the Environment Jose W Fernandez led the Bangladesh and US delegations respectively at the inaugural meeting of the working group.

US team leader Fernandez praised the steps taken to develop the labor sector in Bangladesh and called for the full implementation of the recommendations of the International Labor Organization, said the Ministry of Foreign Affairs.

He pledged to provide necessary cooperation and work together for the further development of the labor sector of Bangladesh. Bangladesh and the US discussed "collaboration and assistance" to Bangladesh as it takes further steps to implement the requirements developed by Bangladesh for its International Labor Organization roadmap and adhere to internationally recognized labor rights.

The objective of the meeting was to support Bangladeshi implementation of commitments to improve labor rights protections and to further economic cooperation between the US and Bangladesh, according to the office of the Spokesperson, US Department of State.

Secretary to the Ministry of Labor and Employment Md Ehsan-E-Elahi, Bangladesh Ambassador to the United States Muhammad Imran, BIDA Executive Chairman Lokman Hossain Miah, Executive Chairman of BEZA Shaikh Yusuf Harun, Executive Chairman of BEPZA Major General Abul Kalam Mohammad Ziaur Rahman, US Ambassador to Bangladesh Peter Haas and high-level representatives from relevant departments joined the meeting.

On the other hand, the US delegation presented its observations on the revision of labor laws and regulations and the registration of trade unions. The representative of the Ministry of Commerce urged the US side to seriously consider the issue of providing duty-free facilities to Bangladeshi products in the United States.

Beximco Ltd finalised €32.5 million expansion plan

Bangladeshi conglomerate Beximco Ltd has finalised a €32.5 million expansion plan for its Knit Fabric Facility ING Bank and Germany's ECA-Euler Hermes are funding the project which is expected to fosters the expansion and upgrading of its vertically integrated Textile Manufacturing Plant. The loan agreement was signed by Anil Kumar Maheshwari, COO, on behalf of Beximco Ltd and Lukas Strauch, director and B Ponsioen, MD on behalf of ING Bank.

This milestone that furthered Beximco's international presence, actualised the import of advanced German and other textile equipment through a German exporter; sourcing competitive equipment financing from ING Bank, with an insurance-backed cover from Germany's Export Credit Agency (ECA).

The deal has aggregated 38 equipment suppliers in a single export contract through their international strategic financial advisor – M/s Blend Financial Services Ltd. On successful financial closure of this Euler Hermes backed transaction, Beximco's Group Director & CEO, Syed Naved Husain said, "This was a very distinctive transaction for us, and it has opened up various avenues for Beximco for its future expansion and growth plans and for the Bangladeshi Textile Industry as a whole towards international financing propelling its global presence to new heights."

Referencing the conglomerate's milestone, Vaibhavi Thakkar, co-founder, and CEO of Blend Financial Services Ltd said, "As a Co-founder & CEO of Blend, we are ecstatic to partner with Beximco in their growth journey that is committed to provide high quality products without compromising its sustainability goals and promoting Bangladesh on an international platform." Blend is well positioned to provide be-spoke solutions by rallying through its network across all the stakeholders, basis the requirement of the company. In this landmark transaction, Blend has cemented its position as an "Environment Conscious Global Advisor" wherein we partner with our clientele by providing a solution that are aligned to its goals & strategy, she further said.