Bangladesh needs stronger collaboration between the government and the private sector to accelerate the transition to a circular economy and meet the European Union’s growing sustainability requirements, said Fahmida Khanam, secretary in charge of the Ministry of Environment, Forest and Climate Change.

Bangladesh should soon go for producing recycled garment products that meet global environmental safety standards to increase its exports to the European Union (EU), according to speakers at an event.

Capital machinery imports are recovering slowly as concerns over political uncertainty ease and banks show more willingness to facilitate investments amidst increased liquidity in terms of US dollars and stability in the exchange rate. During the July-January period of this fiscal year (FY), LC openings for capital machinery grew three percent year-on-year to $1,557 million, according to Bangladesh Bank data.

Bangladesh is failing to take full advantage of its export potential because of insufficient logistics infrastructure, said Nihad Kabir, chairperson of the Business Initiative Leading Development (BUILD).