Bangladesh Commerce Minister Tofail Ahmed has urged the European fashion brands and retailers to increase the price of apparel products they source from the country. He requested them to consider the huge investments made by Bangladesh’s garment exporters to make the factories compliant.
Ahmed said this while speaking at the third Bangladesh-European Union (EU) Business Climate Dialogue held at Bangladesh Commerce Ministry in Dhaka on Thursday.
“Workers are working in a safe and secure environment as owners of garments factories have spent huge money for modernization of the factories to ensure safety and security of the workers. But the prices of apparel products have not been increased,” the Commerce Minister reportedly maintained.
In another crucial development during the dialogue, the Bangladesh Government has reportedly allowed European Union (EU) companies to hold 49 per cent share instead of the previous 40 per cent in joint-venture investments in Bangladesh’s service sector, especially logistics services.
This ground-breaking decision was reportedly taken in view of the request by a foreign shipping line, with operations in Bangladesh, which was allegedly embroiled in the ownership dispute with the Government.
As to the extension of Accord’s stay in Bangladesh, the Commerce Minister reportedly told the newsmen that a decision on this will be taken after discussions with the concerned parties. The present term of the European retailers’ monitoring cell will end in May 2018.