The private sector as a catalyst for sustainable development in Bangladesh
As Bangladesh races to meet the SDGs by 2030, the private sector must move beyond profit-making to become a driving force for inclusive, sustainable, and climate-resilient growth
Bangladesh's ambitious journey toward achieving the Sustainable Development Goals (SDGs) by 2030 hinges on a powerful yet often underutilised force: its private sector. While government initiatives and policy frameworks provide the foundation, businesses—from dynamic startups to established industries—hold the key to unlocking sustainable, inclusive growth. Their role extends far beyond profit-making; they are essential partners in building a resilient, equitable, and green economy.
The private sector is the backbone of Bangladesh's economy, accounting for over 85% of employment. Industries such as ready-made garments (RMG), textiles, and ICT have transformed the nation into a global competitor while lifting millions out of poverty. By aligning with SDG 8 (Decent Work and Economic Growth), businesses not only create jobs but also enhance productivity through skills development and fair labour practices. However, ensuring worker rights, gender equity, and safe working conditions remains critical to sustaining this progress.
Under SDG 9 (Industry, Innovation, and Infrastructure), private enterprises are revolutionising Bangladesh's economic landscape. Investments in digital infrastructure, renewable energy, and logistics are bridging urban-rural divides and fostering industrialisation. The rise of tech startups and export-oriented manufacturing demonstrates how innovation can drive competitiveness while addressing local challenges. To accelerate this momentum, businesses must embrace sustainable technologies and circular economy models that minimise waste and maximise efficiency.
The global demand for sustainability is reshaping industries, and Bangladesh's private sector is no exception. Leading RMG manufacturers are adopting eco-friendly practices—reducing water usage, cutting carbon emissions, and recycling waste—to comply with SDG 12 (Responsible Consumption and Production). Meanwhile, climate-conscious businesses are investing in solar energy, energy-efficient factories, and disaster-resilient supply chains (SDG 13: Climate Action). Yet, broader adoption of ESG (Environmental, Social, and Governance) standards is needed to future-proof industries against climate risks and regulatory shifts.
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Despite its potential, the private sector faces hurdles in fully contributing to the SDGs. SMEs struggle with limited access to green financing, while inconsistent policies and weak enforcement of sustainability regulations deter long-term investments. Many companies lack robust ESG frameworks, and public-private collaboration remains fragmented. Addressing these gaps requires policy incentives such as tax breaks, subsidies, and low-interest loans for sustainable businesses.
Stronger governance through mandatory sustainability reporting and accountability mechanisms is equally crucial. Additionally, public-private partnerships (PPPs) must be prioritised to drive joint ventures in infrastructure, clean energy, and digital transformation.
Bangladesh's SDG success depends on a synergistic alliance between the government, private sector, and civil society. By integrating sustainability into core business strategies, fostering innovation, and prioritising inclusive growth, companies can turn developmental challenges into opportunities. The government, in turn, must create an enabling environment through stable policies, financial support, and platforms for dialogue.
The clock is ticking toward 2030, but with a united effort, Bangladesh's private sector can be the engine that propels the nation toward a sustainable and prosperous future.
Asif Ibrahim is a core committee member of the Citizens' Platform for SDGs, Bangladesh.
Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinions and views of The Business Standard.
