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Daily Business News All Daily Business News
28 May 2013
US urges investors not to turn their back on Bangladesh

US under secretary of state for political affairs Wendy Sherman on Monday requested the international buyers not to turn their back on Bangladesh over workplace safety following the tragedies of Tazreen Fire and collapse of Rana Plaza.
‘We are encouraging international investors not to turn their back on Bangladesh, because the solution is reform, not withdrawal,’ said Sherman.
Delivering a lecture on ‘A Partnership Without Boundaries : US-Bangladesh Relations’ organised by BIIS at a local hotel in the afternoon, she said the responsibility for enforcing robust labour standards is the responsibility of the government of Bangladesh but at this challenging time Bangladesh’s friends stand ready to help.
‘We are working with American companies that source garments from factories in Bangladesh to secure their support for enhanced safety inspections. Engineers and architects from the Bangladeshi diaspora in the USA have stepped in to help recruit a corps of independent safety inspectors.
‘Ultimately, success will depend on the will and commitment of industry, government, civil society, and everyday Bangladeshis to come together to change the culture of workplace safety and workers’ rights in Bangladesh’.
She said the USA is also funding local labour and civil society organisations to promote respect for fundamental rights at work including freedom to join a labour union.
Referring to the tragedy of the Triangle Shritwaist factory fire in New York, Wendy hoped that out of grief and debris of Rana Plaza, out of ashes and pain of Tazreen Fashions and Smart factory fires, ‘you can chart a new way forward that you can build a national consensus on how to improve the lives of workers in Bangladesh’.
Wendy said Bangladesh has become the world’s second largest exporter of RMG, it has achieved self-sufficiency in rice production and at the same time, Bangladeshis have crafted a vibrant democracy.
Earlier, Wendy with foreign secretary Shahdiul Huq held a joint press briefing at the state guesthouse of Jamuna at end of the second partnership dialogue.
Asked if Tazreen and Rana Plaza would impact negatively on Bangladesh’s GSP facility from US, she said review on the GSP process is underway in Washington and the decision would be taken sometime in June.
About TICFA, she said she looks forward to the signing of Trade and Investment Cooperation Framework for deepening trade relation since both the governments are committed to deepen the trade and investment relations.
She said TICFA is one of many mechanisms to deepen the relations and ‘we are very much interested in doing so.’
A joint press statement on trade and investment issue said the co-chairs discussed the status of law reform, registration of unions in the garment sector, fire and structural safety standards and the prospects for a Better Work Programme in Bangladesh.
The two delegations discussed Bangladesh’s request for duty and quota-free garment exports to USA and the ongoing review of a petition concerning Bangladesh’s eligibility for trade privileges under GSP.
The co-chairs highlighted the start of a bilateral energy dialogue, stressed US-Bangladesh leadership in organising the first Sustainable Energy for All programme to explore avenues for expanding electricity access, promoting renewable energy and increasing energy efficiency.
On Private Sector Forum, the co-chair highl;ighted the success of the Private Sector Forum which underscores the value of business and people to people contacts could add to the overall bilateral relationship.
The private sector forum, the statement said, brought together US and Bangladesh business representatives to focus on deepening links between theoir respective private sectors, to discuss impediments to enhanced two-way trade and investment and to identify opportunities for moving forward.

Source :: New Age