Responsible business conduct key to maintaining trade competitiveness, attracting investment: Commerce minister

Commerce Minister Khandakar Abdul Muktadir on today (19 May) said responsible business conduct is no longer optional but has become a critical prerequisite for maintaining trade competitiveness, attracting investment, and securing market access in the global economy.

"Bangladesh is entering a new phase amid rapidly shifting global trade and investment dynamics," the minister said while speaking as the chief guest at a national dialogue titled "Responsible Business Conduct for Resilient Supply Chains and Trade Competitiveness," jointly organised by the Ministry of Commerce and United Nations Development Programme at a hotel in Dhaka.

He said the country has made notable economic strides through strong export growth, industrialisation, entrepreneurship development, and resilience.

He said the readymade garment sector has played a pivotal role in employment generation, poverty reduction, women's empowerment, and overall economic growth.

With Bangladesh preparing to graduate from the Least Developed Country status, Muktadir stressed that the country's future competitiveness would no longer rest on production costs alone. "It will depend on sustainability, transparency, labour standards, environmental accountability, and responsible business practices," he said.

The minister observed that international buyers, investors, regulators, and consumers are increasingly demanding adherence to environmental, social, and governance standards as well as due diligence across every tier of the supply chain. He said growing regulatory requirements in key international markets are directly shaping global supply arrangements.

He noted that buyers now expect businesses to ensure workplace safety, efficient resource use, good governance, and public reporting on climate and sustainability commitments.

Muktadir said strengthening responsible business practices across industries would build confidence among international buyers and investors while positioning Bangladesh as a credible and competitive sourcing destination. "This will improve access to high-value and emerging markets, attract quality investment, and enhance supply chain resilience."

The minister said the Ministry of Commerce recognises the importance of policy coordination and institutional strengthening on responsible business conduct.

He said the government is committed to ensuring sustainable, inclusive, and responsible economic growth and that an institutional framework for responsible business conduct under the Ministry of Commerce reflects this commitment.

The platform, he said, will strengthen coordination among ministries, regulators, the private sector, and development partners, while supporting policy guidance, awareness, and capacity building.

Calling for a collective effort, Muktadir said the transition toward responsible and sustainable business practices cannot be achieved by any single institution. "We need to build an enabling environment where businesses of all sizes can progressively adopt responsible practices while remaining competitive in global markets."

The minister thanked UNDP and all partners for organising the event and for their continued support to sustainable and inclusive economic development in Bangladesh.