However, as speakers at an ILO sponsored national policy dialogue held in Dhaka this week pointed out, there is increasing evidence to call this conventional wisdom into question.

The low cost of labour is a direct corollary of sub-standard working conditions and low skill levels, both of which factors, in actual fact, contribute to an environment that repels investment. The time has come for the government to address the issue of the sub-standard working conditions under which much of the nation's labour force toils.

Improving working conditions for those at the lower end of the employment spectrum, specifically those in industry and agriculture, is something that should be a priority for the government for a number of reasons. The principal reason is that it is the government's duty to ensure that no one is forced to work in dangerous or unhealthy or inhuman conditions. Ensuring a minimum standard for working conditions is simply and unarguably the right thing to do. There can be no excuse for the government permitting the exploitation of labour or condoning oppressive working conditions.

But there are compelling practical as well as moral reasons for the government to make improving working conditions a top priority. Implementing decent working conditions will benefit not only the workers, but the economy as a whole. Improved working conditions will not only help the nation's work force become more skilled, efficient and competitive. It will also attract investors who will view such measures as an encouraging investment in human capital and evidence that Bangladesh can be trusted to abide by international norms and standards.