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Bijon Islam, CEO, LightCastle Partners recently attended a webinar titled, ‘Trade in Environmental Goods & Services – An Opportunity for South Asia with a Special focus on Bangladesh & India’, organized by The World Bank on October 26, 2022. Attending as a panelist and a representative of Bangladesh, he discussed the prospects of Green Trade in the South-Asian region with a key focus on Bangladesh.
The country has a large consumer market, coupled with a growing young population, and a geo-strategically placed location. Bangladesh is well placed to become the ‘home of trade opportunities’ for businesses and international companies as they expand their business reach with green trade and profit in mind. However, it still needs some time to transition into a strong green trade economy.
Bijon also spoke about the need for climate change mitigation and adaptation efforts in a bid to maintain export competitiveness and diversify in the transition to a low-carbon economy for Bangladesh. He emphasized the importance of greener trade for the growing nation. Bijon presented the status of Bangladesh in comparison to its peers in terms of trade environmental goods and services (EGS) carried out as part of the Bangladesh and India Country Economic Memorandum and a regional study on deepening linkages between South Asia and Southeast Asia.
Key takeaways from the webinar especially included transitioning to a greener export sector for ready-made garments (RMG). Bangladesh is already leading in ensuring worker health, well-being, and productivity, and ensuring environmentally friendly goods with lower carbon footprints. The experts also added the reduction of trade barriers to environmental goods and services. That would help further reduce greenhouse gas emissions and produce greener products. Moreover, this is key to all countries’ major export industries and foreign exchange earnings.
Hoon Sahib Soh, Practice Manager, World Bank South Asia, moderated the session while the panel included:
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