Experts at a virtual dialogue suggested policy reforms, aligned polices with the WTO directives, equal treatment to the potential export oriented sectors, competitiveness and technological advancement to overcome the challenges of LDC graduation.
They also recommended for a strong negotiation with the WTO to avail exemptions on patient rights for pharmaceuticals for another 12 years under TRIPS agreement.
Dhaka Chamber of Commerce & Industry (DCCI) organised the dialogue styled “Challenges and Way forward on Export diversification of Bangladesh upon LDC graduation- A regulatory reform perspective” in association with Export Promotion Bureau (EPB) on Sunday.
Md. Tofazzel Hossain Miah, Secretary, Prime Minister’s Office joined the dialogue as the chief guest while Vice Chairman & CEO of Export Promotion Bureau (EPB) AHM Ahsan, Shaikh Yusuf Harun, Executive Chairman, Bangladesh Economic Zones Authority (BEZA), Dulal Krishna Saha, Executive Chairman, National Skills Development Authority (NSDA)joined the dialogue among others.
DCCI President Rizwan Rahman presented the keynote paper in the dialogue.
While addressing, Md. Tofazzel Hossain Miah, Secretary, Prime Minister’s Office said that it inevitable that we may lose a lot of waivers after graduation. But now it is the right time to grow other potential export items.
He urged to utilize country’s local market. Terming private sector as the engine of growth he said every person is the brand ambassador.
"We must to be competitive. We need to work out on how can we go for more FTA or RTA. High value product quality and stringent compliance will increase our branding", he added.
Vice Chairman & CEO of Export Promotion Bureau (EPB) AHM Ahsan made the opening remarks. He said that many experts estimated that due to pandemic export of Bangladesh might fall to USD 4-6 billion.
He informed that last year export earning was USD 38.75 billion. Of which RMG sector alone constitutes 81% but it was 84% in the previous fiscal. It showed that non-RMG export increased despite it is not in line with the faster pace of RMG sector.
In his keynote paper, DCCI President highlighted that light engineering, jute and jute goods, IT & ITES, pharmaceutical, agro & agro-processing, leather & leather goods are some of the promising sectors other than RMG that should be facilitated before entering into the reign of middle income country status.
He termed limited access to finance, shortages of skilled HR, high duty on import of raw materials, non-tariff barriers, lengthy customs and testing processes, lack of certification include the major challenges of these sectors to be more competitive in the international market.
Shaikh Yusuf Harun, Executive Chairman (Senior Secretary), Bangladesh Economic Zones Authority (BEZA) said after LDC graduation Bangladesh will lose its preferential benefits. But Bangladesh is a country of sustainable economy and with the help of our resilient private sector we will be able to diversify our products base, he said.
Dulal Krishna Saha, Executive Chairman (Secretary), National Skills Development Authority (NSDA) said skill is an important component for all sector. We have 58.2% workable manpower in the county.
Dr. Selim Raihan, Executive Director, SANEM said that Bangladesh need to develop its negotiation skills, specially it need to doing proper homework for identifying impact after LC graduation.
