Commerce Minister Khandaker Abdul Muktadir has said the government aims to enhance the efficiency of Chattogram Port to reduce business costs and create an investment-friendly environment ahead of LDC graduation.
He made the remarks on Wednesday while addressing a seminar jointly organized by the Ministry of Commerce and BGMEA at a hotel in the capital.
At the event, the European Union expressed interest in investing in the circular economy, saying it would help small and medium-sized enterprises grow.
The commerce minister said, “Transitioning to a circular economy is no longer just an environmental issue; it is a key precondition for ensuring future industrial competitiveness, sustainable growth, and strengthening Bangladesh’s position in the global market.”
He said the global market is rapidly evolving, and sustainable production has become a major determinant of competitiveness in international trade, with buyers, investors, and consumers increasingly favoring responsible and efficient production systems.
Referring to the “Switch to Circular Economy” initiative, Muktadir said pilot projects have already demonstrated that the transition is realistic and achievable, with implementation already underway.
Entrepreneurs at the seminar said they need sustainable waste management solutions to remain competitive globally. Around 600,000 tons of textile waste are generated annually from the country’s readymade garment sector, but only about 5 percent is currently recycled.
They said the lack of proper processing of textile waste is negatively impacting both industry and the environment, stressing the need to increase capacity to reduce raw material wastage and ensure sustainable waste management.
EU Ambassador Michael Miller said Bangladesh will lose low-interest loan facilities and preferential market access after graduating from Least Developed Country (LDC) status.
The commerce minister stressed the need to create an investment-friendly environment to address post-LDC challenges and reiterated the importance of improving port efficiency to cut logistics costs.
Bd-Pratidin English/ AM
