CPD
CPD emphasises swift election for stability in Bangladesh
The Centre for Policy Dialogue (CPD) has called for holding national election soon, stressing that a stable political environment is crucial for economic and investment growth.
"The sooner a conducive environment is created, the faster the election can be held. There is no reason to delay it," CPD Executive Director Dr. Fahmida Khatun said on Wednesday.
She made the remarks while responding to a question during the release of the “State of the Bangladesh Economy in FY2024-25” report at CPD’s office in Dhanmondi, Dhaka.
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Dr. Fahmida underscored the importance of setting a clear timeline for elections, suggesting a window between December 2025 and June 2026.
"Uncertainty is inherent in any temporary system," she noted. "An interim or caretaker government operates for a short time, while a political government holds a longer-term mandate from the people."
She said that a government without a public mandate cannot remain in power indefinitely and emphasized the urgent need for stability to foster business and investment confidence.
“For business and investment, stability is urgently needed, organizational stability which will work with skill and accountability,” she said.
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Dr. Fahmida also pointed out that ongoing policies and reforms would ultimately depend on an elected government for implementation.
"In such an uncertain situation, major investments will not materialize. Big decisions, structural changes, and organizational transformations cannot move forward without stability," she said. "That is why holding elections is essential, and we continue to advocate for it."
CPD’s Distinguished Fellow, Dr. Mustafizur Rahman, echoed similar sentiments, saying that political and economic reforms are not mutually exclusive and can proceed simultaneously.
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He emphasized the need for democratic processes within political parties to ensure sustainable governance.
"I personally believe the country must progress through a democratic process swiftly," Dr. Rahman said, urging for continued political and economic reforms.
"These reforms are critical for our future," he concluded.
1 week ago
CPD's report on state of economy identifies various challenges facing interim govt
The Centre for Policy Dialogue (CPD) on Wednesday said the interim government requires a comprehensive approach that balances short-term relief with handling long-term issues, while implementing sustainable economic reforms.
“The interim government has been tasked with addressing the critical challenges of the economy. Addressing these multifaceted challenges requires a comprehensive approach— balancing short-term relief for the public, tackling longstanding issues, and implementing sustained reforms to strengthen economic fundamentals,” it said.
The independent think tank came up with this prescription in a report titled 'State of the Bangladesh Economy in FY2024-25', released Wednesday at its Dhanmondi office in the capital.
LNG import deals not needed for Bangladesh: CPD
CPD Executive Director Dr Fahmida Khatun presented the report highlighting its salient points, while other members of her team were present and answered questions.
As per the report, Bangladesh's economy has come under significant challenges during the last few years.
Among several problems, weak revenue generation leading to constrained fiscal space, heavy reliance on bank borrowing to meet budget deficits, tight liquidity in banks, high prices of essential commodities, low investment and declining foreign reserves were highlighted as the most urgent issues affecting macroeconomic stability.
Given the ongoing economic situation, the report said that a coordinated approach is needed to overcome the multifaceted challenges, that include stabilising the economy, and protecting the vulnerable, low- and limited- income households.
“To address Bangladesh’s economic challenges in the coming months, the interim government must adopt a balanced and effective strategy that addresses immediate crises and initiates medium to long-term reforms to be carried out by the politically elected government.”
The report said that in the public finance sector, the interim government should prioritise preventing tax evasion, limiting tax avoidance, and bolstering compliance systems to create a more inclusive fiscal base and reduce revenue leakages.
The recently implemented practice of excluding non-productive initiatives from the ADP will need to be continued.
Special emphasis should be placed on ADP projects nearing completion, setting a benchmark at those over 85 percent complete by June 2025, since these can help to quickly stabilise the economy, attract private investment, and create additional jobs.
To contain inflation, the report suggested market monitoring, limiting intermediaries, connecting farmers directly to buyers, and regulating hoarding and stockpiling by rice warehouse operators and millers.
Provision of improved storage facilities and adequate transportation systems are integral to reducing post-harvest loss of agricultural commodities.
Educating farmers to adapt agricultural best practices, expanding the use of existing modern technologies, and improving their negotiation skills to secure fair prices are also advised.
To tackle the external sector, it said that given the emerging global and regional trading scenario, including the uncertainties as regards USA trade policy under the new Trump administration, the government should undertake renewed efforts to realise untapped export potentials in the markets of neighbouring regions of South Asia, East Asia and ASEAN by pursuing Free Trade Agreements and Comprehensive Economic Partnership Agreements, and through triangulation of investment, transport and trade connectivities.
It is advised to implement the Smooth Transition Strategy, which has been prepared in anticipation of Bangladesh’s upcoming LDC graduation, particularly because any request for deferment of graduation is unlikely to succeed. Meanwhile it will leave Bangladesh as the only LDC in South Asia other than the war-torn Afghanistan.
CPD mentioned that the government should prioritise immediate improvements in the law-and-order situation to ensure businesses can operate safely without the threat of extortion.
It also called for exploring further reductions in fuel prices using a market-based pricing model, with the potential to lower costs by Tk 10-15 per litre, as suggested by CPD. It also suggested designing a subsidised credit facility with lower interest rates to support SMEs.
In Agriculture, CPD said that given the rise in demand for non-household consumption, particularly animal feed and industrial use, a proper estimation of annual rice demand is highly required.
The government may explore long-term contracts with Middle Eastern countries to import fertiliser, which would reduce fertiliser costs.
The rice procurement process must be revised and made transparent, open and accessible to all.
In the Power and Energy sector, CPD's report said that a specific two-year plan with an agenda to end the cycle in which the whole sector is caught needs to be identified.
The government should deprioritise importing LNG and focus on the exploration of domestic natural gas.
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All documents and reports related to public procurement, especially power plants, should be accessible to the public as these are not confidential documents by law.
For the troubled Banking sector, CPD mentioned that concrete measures such as improving loan sanctioning practices, enforcing single borrower exposure limits, an end to loan rescheduling at will, strengthening internal controls and developing an exit policy for troubled banks should be initiated by the Bangladesh Bank.
Bank accounts of wilful defaulters and their immediate family members should be frozen immediately upon their defaulting, with their assets liquidated, and their businesses temporarily nationalised.
Although vested interest groups may strongly oppose such moves, an all-out effort should be taken and continued, backed by political commitments from the highest level, to continue banking reforms.
1 week ago
LNG import deals not needed for Bangladesh: CPD
The Centre for Policy Dialogue, an influential Dhaka-based think tank, on Wednesday said signing deals to import LNG (liquefied natural gas) does not align with the interim government’s policy position.
“If I think from the point of view of the interim government, then this LNG deal actually does not go with their stance,” said Helen Mashiyat Preoty, Senior Research Associate at CPD.
Preoty was referring to the non-binding agreement signed by the government with a new US firm, Argent LNG, to purchase up to 5 million metric tonnes of LNG annually.
Argent LNG is developing a 25 million metric tonnes per annum (MTPA) LNG facility in Louisiana. It hopes to start deliveries in 2030.Bangladesh Investment Development Authority (BIDA) Executive Chairman Chowdhury Ashik Mahmud Bin Harun, better known as Ashik Chowdhury, signed the deal on behalf of Bangladesh side – raising further questions over its propriety. Preoty did not let it slide.
“There is question whether BIDA chairman could sign this kind of deal, this is the first time we came to know that BIDA chairman signed this kind of deal,” she said.
Nevertheless, it was touted as the first major US LNG supply deal since President Donald Trump took office for a second term last January, in a statement issued by Argent.
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Preoty was taking questions Wednesday at a CPD programme to release its latest Independent Review of Bangladesh’s Development, titles ‘State of the Bangladesh Economy in FY2024-25: Navigating Expectations in Turbulent Times’, held at its office in Dhanmondi.
CPD Executive Director Dr Fahmida Khatun presented the iRBD report.
Preoty, meanwhile, also said that Bangladesh has stopped making payments against its LNG import bills from Qatar and Oman.“And yet, we are signing another deal for importing LNG again,” she added.
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Preoty also mentioned that BAPEX is failing to act on nine drilling work orders due to a fund crunch, further reinforcing her portrayal of the government as broke.
She reiterated that CPD thinks that there is no need to sign any short or long term deal for importing LNG for the country.
1 week ago
Time to make system transparent, accountable for Bangladesh: Danish Ambassador
Danish Ambassador to Bangladesh Christian Brix Moller on Tuesday said now the time has come to work on institutional strengthening, good governance and make the systems transparent and accountable for Bangladesh.
"CPD is uniquely positioned to facilitate the transformation process of the country as a proven thought leaders on socio-economic transformation," said the Ambassador.
Through the signing of a new project, Denmark and Centre for Policy Dialogue (CPD) are set to contribute to the existing interim government’s reform agenda.
The Danish Ambassador and CPD Executive Director Dr Fahmida Khatun formalided this four-year partnership on Tuesday.
This partnership aims to emphasise the economic reform and green transition agenda specifically through research, dialogue and policy advocacy.
"We believe this engagement will offer realistic recommendations for the policymakers to restore economic stability, bring trust to the foreign investors and potential ways to overcome the challenges of the middle- income trap," said Ambassador Moller.
The envoy said they want to see Bangladesh’s strong presence in the global value chain with higher productivity, diversification of the income, entering into FTAs, and ease of doing business.
"And CPD as a key player for policy advocacy can step up as key agents of transformation of the country."
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Dr Fahmida said they are indebted to Denmark for its support for their institutionalization.
Back in 2019, Denmark contributed to the institutional arrangement of CPD.
"Danish government has been consistency promoting rule of law and good governance and CPD has same ambition," said the CPD ED.
"This partnership is a timely one as we are passing a transitional period for the country and expecting to bring structural and institutional changes for the country. We are hopeful to create evidence and research appropriate for the existing reform agenda of the interim government," she said.
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CPD said the new partnership will ensure stakeholder engagement, capacity development of students and duty bearers along with policy dialogue for the next four years to have long lasting changes into the country.
3 weeks ago
Crony capitalism created an undemocratic attitude: Rehman Sobhan
CPD Chairman Prof Rehman Sobhan has said that over the last decade, crony capitalism has spread from the parliament to the district, upazila and even union levels, fostering an undemocratic attitude within the government.
He made the remarks while delivering a lecture at the annual international research conference organised by the Bangladesh Institute of Development Studies (BIDS) on Saturday.
Delivering a lecture titled "Agenda for Economic and Social Reform" during the second session of the conference, chaired by BIDS Director General Dr Binayak Sen, Prof Sobhan highlighted key structural issues in the country.
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“There is a structural problem in our country. For this reason, sustainable development will not be possible if institutional reforms are not carried out. Our export sector cannot be limited to clothing only,” he said.
Rehman Sobhan stressed the need for export diversification, saying, “When the market does not work in our construction industry and other industries, including the ceramic industry, the state has to intervene. But here the state itself is unable to play an effective role.”
Prof Sobhan acknowledged improvements in certain social indicators, including sanitation facilities, maternal mortality, and child mortality.
He, however, expressed concerns over the rise of crony capitalism, which he said has led to undemocratic tendencies in governance.
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Speaking about anti-discrimination, he shared a personal anecdote: “I have been talking about anti-discrimination all my life, but how much progress has been made is a big question because I was a member of the Planning Commission, when I was going to a function with the status of a state minister, my car's starter stopped. Then I had to push the car. And now the members of the Planning Commission need AC in their cars. Even branded cars worth crores of taka are used.”
Prof Sobhan also pointed to regional inequalities, noting that areas like Rangpur suffer from significant disparities compared to Dhaka and Chattogram.
2 months ago
What Bangladesh needs to do to boost Chinese investment in renewable energy: CPD’s recommendations
The Centre for Policy Dialogue (CPD) has outlined key measures Bangladesh should adopt to attract Chinese investment in its renewable energy sector. These include offering tax incentives, reducing import duties, and streamlining documentation processes. T
The recommendations were presented by Dr. Khondaker Golam Moazzem, Research Director at CPD, during an event in Dhaka on Thursday, where experts discussed strategies to increase Chinese involvement, particularly in solar energy projects.
The event, organized in collaboration with the Bangladesh-China Renewable Energy Forum, brought together policymakers, industry leaders, and financial experts to discuss strategies to draw overseas investment into renewable energy, particularly solar power projects.
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Dr. Moazzem’s presentation, titled "Overseas Investment in the Renewable Energy Sector: How to Attract Chinese Investment in Bangladesh?", emphasized the need for green bonds and public-private joint ventures to fund renewable energy initiatives. He pointed out that Bangladesh's interim government recently canceled 37 renewable power plants approved under the previous regime, creating a fresh opportunity for Chinese investment.
CPD also noted that Bangladesh’s government has decided to establish 10 grid-connected solar power plants through private sector initiatives, which could serve as a significant test case for Chinese involvement.
Bangladesh has set ambitious targets to meet 40% of its energy needs through renewable sources by 2041. Achieving this will require an estimated investment of $1.5 to $1.71 billion, the CPD reported.
China, the world’s largest investor in renewable energy, has already invested around $676 billion in clean energy in 2023 alone—accounting for 38% of the global total. This positions China as a crucial partner in helping Bangladesh meet its energy goals.
Chief Adviser of the interim government, Prof Muhammad Yunus, had earlier urged Chinese Ambassador to Dhaka, Yao Wen, to consider relocating some of China's solar panel manufacturing facilities to Bangladesh.
During the recent visit of the Chief Adviser to the UNGA, Chinese Foreign Minister Wang Yi indicated that China wants to invest in solar panels in Bangladesh and deepen trade and economic ties.
Today’s event featured prominent figures from both the public and private sectors. Among the speakers were Md. Abdur Rahman Khan FCMA, Chairman, National Board of Revenue (NBR); Chowdhury Liakat Ali, Director, Sustainable Finance Department, Bangladesh Bank; Md. Ariful Hoque, Director General, Bangladesh Investment Development Authority (BIDA); Syeda Afzalun Nessa, Head of Sustainability, HSBC; Md Shahidur Rahman, Country Manager, Jinko Solar Bangladesh; Shafiqul Alam, Lead Energy Analyst, Institute for Energy Economics and Financial Analysis (IEEFA); and Gan Peng, Chairman, Chint Solar (Bangladesh) Co. Ltd. Dr Fahmida Khatun, Executive Director, CPD, moderated the event.
3 months ago
CPD ED outlines challenges facing the economy at BIPSS policy circle
Executive Director, Centre for Policy Dialogue (CPD) Dr Fahmida Khatun on Sunday provided an idea regarding the current picture of Bangladesh’s economy by stressing on the challenges at first.
She divided the obstacles that are currently being faced by the country’s economy into two types- short term or immediate term problems and medium or structural problems.
Dr Fahmida particularly mentioned the high inflation rate and low rate of foreign exchanges.
Bangladesh Institute of Peace and Security Studies (BIPSS) organized the policy circle titled “Bangladesh: The Economy Under Stress” in Dhaka.
The discussion focused on examining the present condition of Bangladesh’s economy and other associated factors.
Assistant Professor, Department of Economics, East West University Parvez Karim Abbasi also spoke at the event.
Major General ANM Muniruzzaman (Retd), President of BIPSS, moderated the event.
Foreign exchange reserve is declining in the country. In a question from the moderator if the declining foreign reserve might have an impact on the food security, Dr Fahmida said, saying that a decline in foreign exchange reserve will not only affect the food security but it will also effect the sustainability of the energy security.
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She pointed out that due to the Russia-Ukraine war, the supply chain has been disrupted globally and the condition of Bangladesh’s economy is no exception as it is integrated with global economy.
"Bangladesh has experienced and is still experiencing high inflation,” she said.
Dr Fahmida also highlighted that Bangladesh’s reliance on imports is exacerbating the current economic challenges.
She mentioned that in the last year the country has witnessed very little FDI which is not sufficient.
She cited that according to a research study conducted by CPD, 67% people surveyed in the private sector felt that corruption is the number one hindrance to doing good business in Bangladesh.
She even conveyed a sense of concern as both exports and flow of remittance in the country have been decreasing.
Again, she voiced apprehension about how the dominance of businessmen is being prevalent in the politics of the country and how good politics has ended overtime due to this.
Parvez Karim Abbasi focused on the issue of rising income inequality among the citizens of Bangladesh.
He brought up the point that the poverty rate affects 1 out of every 7 individuals of the country. This clearly shows a great disparity in terms of income level and wealth concentration.
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He also mentioned that the rising level of unemployment among youth is constraining the possibilities of upgrading the current economic condition of the country as substantial portion of the labor force of Bangladesh is made up of youth.
“Roughly 36% of our labor force comprises people between 18 to 30 years of age”, he said.
Parvez also underscored the significance of various other factors such as rising public debt, non-performing loans, systematic weaknesses in the banking sector etc. which are contributing to the decline of economic growth of the country.
In his opinion, focus should be on the RMG sector and increasing the flow of remittance as these two important sectors are in threatening condition.
The interactive session covered some critical assumptions and exchange of conversations among the honorable guests and the panelists including redefining poverty, ways to solve the economic stress, inflation and mega-projects.
Questions were raised about banking sector governance and how important it is to bring back discipline in this sector.
Concerns were also raised about the high volume of non-performing loans.
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The panelists felt that this should be curbed with proper regulatory mechanisms and controlled by the central bank. They also felt that one of the reasons for a lower flow of remittances is the fluctuations in the rate of foreign currency.
Muniruzzaman wrapped up the session by articulating that the current economic challenges can be overcome by ensuring accountability, transparency and establishing democratic governance.
Ambassadors and Diplomats based in Dhaka, former Bangladeshi Ambassadors, representatives from international and business organizations, academicians and journalists attended the event.
1 year ago
Abnormal increase in MPs' wealth should be investigated: CPD's Mustafizur Rahman
Distinguished fellow of the Centre for Policy Dialogue (CPD) Professor Dr. Mustafizur Rahman has said that the government and Anti-Corruption Commission (ACC) should investigate how the assets of MPs have increased manifold.
He said this at a view exchange meeting on the contemporary economic situation of Bangladesh organized by the Economic Reporters Forum (ERF) at Paltan in the capital today (Tuesday).
The CPD fellow said, “I was surprised to see the rate of increase in wealth in the affidavits of the candidates in the 12th parliament elections. Where a plot of land costs Tk 1.0 crore; shown taka one lakh.”
Even then, wealth increases hundreds of times, then what is the real picture? “Seeing this, it is not clear how much wealth has actually increased,” Prof Mustafiz raised question.
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He said that in the affidavit of the candidates, the properties of many have increased hundreds of times. It is interesting to see how such a huge amount of wealth has grown in such a short time.
“Those properties have increased so much, the government and their party should ask to know the source of these properties. At the same time, the Anti-Corruption Commission (ACC) and the Bangladesh Financial Intelligence Unit (BFIU) should find the source of their assets,” said Prof Mustfiz.
He said that mismanagement of the banking sector, corruption, money laundering, everything is created by a 'dishonest cycle’.
He said that defaulted loans are increasing, and some banks have also fallen into disaster due to providing aggressive loans.
“It is Bangladesh Bank’s main responsibility to control this. They should be allowed to work independently either state or anyone can't interfere here, this must be ensured by the state,” he said.
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“Now the issue of merger of financially weak banks has been mentioned many times before. For this, legal weaknesses and regulations need to be fixed. Because the banking sector is the blood of the economy. The problem of this sector falls on the whole economy,” he pointed out.
He said that a large amount of money has to be provisioned by the bank against default. This means that the money is not able to participate in the economy, it is lying in the bank.
“By this, the bank's ability to give loans is decreasing and the income is decreasing,” he added.
Dr. Mustafiz said that suppose banks are paying interest against a deposit of Tk100, but the bank is able to give a loan of Tk80 out of Tk100. That means the loan interest rate has to increase, this again affects investment.
Regarding US sanctions, he said, America imposes trade restrictions (sanctions) for their own benefit.
“If necessary, contracts with countries like Venezuela. Therefore, it should be emphasized that they do not get the opportunity to sanction without paying attention to whether they will sanction or not. We must ensure the wages and rights of our workers,” he suggested.
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“The government has brought the garment industry to this level by providing various facilities. The world market of clothing is $700 billion. We have export potential. There is no other sector as big as this. Exports need to be diversified, go to new markets.”
There is still an opportunity to occupy a large part of this market, for that Bangladesh needs to modernize more.
He suggested emphasizing the export of the leather sector and pharmaceuticals. The global markets have a potential future for those products.
ERF’s general secretary Abul Kashem moderated the program while President Mohammad Refayet Ullah Mirdha presided over it.
1 year ago
CPD recommends minimum wage of Tk 17,568 for RMG industries
The Centre for Policy Dialogue (CPD) on Sunday (October 8, 2023), based on research of living expenses, recommended minimum wage of Tk 17,568, at the entry level, for export-oriented apparel industries.
Currently, the minimum wage for garment workers, set by the wage board on December 1, 2018, stands at Tk 8,000 – a sum frequently scrutinised, particularly given the prevailing economic crisis.
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CPD said, if the foreign buyers pay an additional 7 cents per apparel product, factory owners will not be under pressure to pay this wage.
The CPD made this proposal at the minimum wage revision, monitoring, and recommendation dialogue for the garment sector. The event was held at a hotel in Dhaka’s Gulshan.
CPD Research Director Khondokar Golam Moazzem unveiled the proposal. He explained that the proposed increase in minimum wage has been made through findings from a comprehensive survey on the garment sector, conducted by CPD.
The research institute said that they are making the proposal after surveying 228 workers in 76 factories.
The CPD research director and senior research assistant Tamim Ahmed presented the keynote paper at the event.
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BGMEA President Faruque Hassan, BKMEA Executive President Mohammad Hatim, Owners’ Representative in Minimum Wage Board and former president of BGMEA Siddikur Rahman, Minimum Wage Board Workers’ Representative Sirajul Islam, among others, were present at the event.
The government set a new minimum wage board on April 10, 2023, tasked with determining the new minimum wage for the RMG industry through discussions at the tripartite level.
The board has already met several times, and the new minimum wage is likely to be finalised within the next month.
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The issue of minimum wage is immensely important, particularly given that it has a substantial impact on the RMG industry’s overall competitiveness and the livelihood of workers. Hence, it is crucial to examine the current structure of wages and to determine a new wage in a way that allows workers to have a fair minimum wage.
1 year ago
CPD suggests bringing 856 risky garment factories under monitoring
The Centre for Policy Dialogue (CPD), a think tank, on Wednesday suggested taking immediate step to bring 856 hazardous garment factories under monitoring to avoid tragedies.
Khondaker Golam Moazzem, research director of CPD, made the suggestion at a briefing on 'Workplace safety in the garment industry: Challenges to sustain achievement' at the CPD office in Dhanmondi.
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Executive director of CPD Dr Fahmida Khatun moderated the event. Other researchers of the organization were present at the briefing.
Moazzem said, “There are still many risky garment factories in the country. 1887 factories are under the monitoring of the RMG Sustainability Council (RSC) and 350 factories have been identified as safe.”
He said that 659 factories are under the monitoring of the Remediation Coordination Cell (RCC) and a total of 2,896 factories are under the monitoring of RSC and RCC.
However, 856 factories, which is around 23 percent of the total factories, are currently not under any inspection.
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An eye should be kept on how these factories can be brought under security, he said.
Moazzem said 856 factories are doing business and exports are also going on but there is no monitoring of them.
This number of factories without monitoring is likely to increase and it may go up to 30 percent of the total factories in the near future, he added.
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“If there is an accident in these factories who will take responsibility? BGMEA and BKMEA will not take responsibility. We want all factories to be made accountable to some organization,” Moazzem said.
According to the CPD, 2023 marks the 10th anniversary of the Rana Plaza collapse. In the decade following this disaster, significant initiatives have been taken to improve workplace safety in the garment industry in Bangladesh.
In particular, the formation of Accords and Alliances and the activities they operate have provided strong guidance for workplace safety oversights, it said.
1 year ago