EU offers to help diversify exports

The European Union (EU) has offered to help Bangladesh diversify its export basket, promote decent work, and upskill workers amid the ongoing global economic downturn caused by Covid-19.

"We seek to diversify Bangladesh's economy, which is now heavily dependent on remittance and garment exports," said Rensje Teerink, the EU ambassador to Bangladesh.

She was speaking at the virtual launch of the "Team Europe Initiative on Decent Work" and screening of Meenalap, a local production, at the Bangladesh-European Union Film Festival yesterday.

Teerink said Bangladesh is well on track to graduate from the UN's least developed country (LDC) grouping as the economy grew by more than 4 per cent despite the pandemic while the regional average is about 2 per cent.

"The challenge now is to sustain the growth and make it inclusive," she added.

A major issue in Bangladesh's jobs sector is that about 60 per cent of employment is in the informal sector, where lots of workers have lost their jobs or live with reduced income due to Covid-19.

Therefore, a social protection system for these workers needs to be ensured.

"Skills training and enhancing productivity are other areas that need to be focused on," Teerink added.

Harry Verweij, the ambassador of Netherlands to Bangladesh, said Bangladesh's graduation from an LDC brings both opportunities and challenges.

"So, ensuring decent work for all locals has become a necessity for Bangladesh to solidify relations with the EU and Team Europe could help towards this end," he added.

Verweij went on to say that the Netherlands would soon launch an injury insurance scheme for garment workers in Bangladesh that could have a rippling impact in improving labour rights.

KM Abdus Salam, secretary of the labour and employment ministry, and Tuomo Poutiainen, country director of the International Labour Organisation, also spoke at the event.