Encouraging Businesses to Embrace ESG Compliance for Sustainable Growth and Competitive Advantage

The Dhaka Chamber of Commerce and Industry (DCCI) recently hosted a roundtable discussion on the importance of embracing an Environmental, Social, and Corporate Governance (ESG) compliance framework for businesses in Bangladesh. The event, titled ‘Navigating the Challenges and Opportunities of ESG Compliance in Bangladesh,’ highlighted the significance of aligning business values with sustainability objectives to foster economic growth and competitiveness.

During the roundtable, DCCI President Ashraf Ahmed emphasized the need for businesses to adopt ESG practices, pointing out challenges such as the absence of a compliance culture, weak corporate governance, and lack of data in Bangladeshi industries. He highlighted the increasing importance of ESG compliance as Bangladesh becomes more connected to the global market and international trade.

The trend of ESG reporting is on the rise in Bangladesh, with organizations across different industries starting to report on their ESG performance. The government has also taken initiatives to promote and encourage ESG reporting.

Keynote speaker Zaku Uz Zaman, Country Representative of UNIDO, Bangladesh, explained that ESG evaluation focuses on a firm’s engagement with environmental, social, and governance factors. He emphasized that compliance with ESG reporting can help Bangladeshi companies remain competitive after graduation from the Least Developed Country (LDC) status.

The roundtable also featured insights from industry experts and government officials, including Md. Munim Hassan, Director General of the Department of Patent, Design & Trademarks, and Md Anwarul Alam, Director General of the Bangladesh Accreditation Board. The event underscored the importance of integrating ESG considerations into decision-making processes and organizational culture to drive sustainable business practices in Bangladesh.