The 1992 Harkins Bill and subsequent consumer and industry boycott of RMG

The 1992 harkins bill and subsequent consumer and

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The 1992 Harkins Bill and subsequent consumer and industry boycott of RMG products by the USA and the consequent remedial moves by local RMG sector are examples here. Moreover, some buyers from the EU visited the sites of recently collapsed garments factories. A temporary ban was also imposed on shrimp export to the EU on grounds of health and hygienic standards; appropriate remedial action followed in that instance, too. But, some of the exporters found difficulty in convincing the US/EU buyers to
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have positive attitude towards Bangladesh due to inadequate CSR practices. Businessmen need to recognise the implications of CSR for business activities. Companies are facing the challenges of adapting effectively to the changing environment in the context of globalization and in particular in the export sector. Although consumer rights movement, enforcement of government regulations and a structured view regarding the economic importance of CSR are not yet so widespread in the corporate world in Bangladesh, companies have gradually been attaching more importance to CSR in the local market as well. They are increasingly aware that CSR can be of direct economic value. Companies can contribute to social and environmental objectives, through integrating CSR as a strategic investment into their core business strategy, management instruments and operations. This is an investment, not a cost, much like quality management. So, business organisations can thereby have an inclusive financial, commercial and social approach, leading to a long term strategy minimizing risks linked to uncertainty. CSR in Bangladesh can also contribute a lot to community development. The corporate house can develop the community by creating employment, providing primary education, contribution to infrastructure development like roads and highways and addressing environmental concerns. This is more relevant to a country like Bangladesh where the government interventions in these fields augmented by corporate alliance can go a long way in developing the economy, society and environment. Lack of enforcement of industrial laws and regulations, weak unions, absence of consumer rights groups and high level of corruption within the regulatory bodies make CSR violation rampant in Bangladesh. Two most significant sources of country's foreign exchange earnings are the RMG sector and the overseas manpower export. Unbelievably low compensation, working hours, health/hygiene/sanitation conditions, fire safety and various types of abuse are common and prevail to the extent of inhumanity that will shock any conscientious individual to the core. Recently, the RMG sector employees
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