Garment Sector Stakeholders Unite for Circularity
A diverse array of stakeholders hailing from the garment and textile industry congregated on September 4th at the BGMEA Complex in Dhaka, Bangladesh, to engage in a profound discussion regarding the promising prospects of a circular economy within the country.
This roundtable brought together an impressive roster of participants, encompassing industry titans, policy shapers, renowned brands, development collaborators, suppliers, recycling experts, and financial institutions.
Within the hallowed halls of this dialogue, they delved deep into the intricate fabric of challenges and opportunities entailed by the transition to a circular economy in Bangladesh. Their collective vision was set on establishing a thriving circular industrial ecosystem within the nation.
This pivotal roundtable was an integral component of a broader discourse under the banner of "Switch to Upstream Circularity: Pre-consumer Textile Waste in Bangladesh."
The event was orchestrated as part of the "Switch to Circular Economy Value Chains" project (SWITCH2CE), generously co-funded by the European Union and the Government of Finland.
This endeavour is spearheaded by the United Nations Industrial Development Organisation (UNIDO) in collaboration with esteemed partners such as Chatham House, Circle Economy, and the European Investment Bank. The project's mission is to champion the adoption of circularity within select global value chains.
Inaugurating the event, Faruque Hassan, President of BGMEA, extended his heartfelt gratitude to all participants, emphasising that this gathering was a cornerstone towards amalgamating diverse perspectives, ideas, and experiences to embark on a collective journey to transform the industry into a flourishing hub of circular manufacturing.
The participants passionately explored avenues through which Bangladesh could embrace circular practices, diminish the textile sector's ecological footprint, foster novel employment opportunities, and enhance its global standing as a hub for sustainable manufacturing.
Amidst these discussions, there was a resounding call for rapid progress in terms of technology, innovation, and investment in circularity. The importance of bolstering partnerships between buyers and suppliers to expedite the transition towards a circular economy was underlined.
An additional focal point of deliberation centered on pricing strategies to incentivise and support suppliers in integrating circularity into their industrial operations. The participants collectively championed a collaborative approach among all stakeholders to cultivate an ecosystem that would drive circularity in Bangladesh.
They fervently believed that by recycling pre-consumer textile waste, Bangladesh could reap a bountiful harvest of economic, social, and environmental benefits, fortifying its position on the global stage.
For more investor-related news
To view and compare company ESG Ratings and Sustainability Reports, visit our Company ESG Profiles page.
Source: BGMEA
