Experts at a webinar on Saturday recommended for developing negotiation skills, export diversification, skill development, institutional capacity development, effective policy adoption, necessary policy reforms and ensuring their effective implementationfor being competitive in the world market after LDC graduation.
They also suggested using 4IR technologies, conducting research with the help of international experts and academics and joint efforts from the public and private sector for attaining the expected goal
Dhaka Chamber of Commerce and Industries (DCCI) arranged the webinar on “LDC Graduation of Bangladesh: Journey towards Economic Excellence”.
Principal Secretary to the Prime Minister Dr. Ahmad Kaikaus joined the webinar as the chief guest while ERD Secretary, Ministry of Finance Fatima Yasmin and Md. JashimUddin, President, FBCCI participated as special guests.
Principal Secretary to the Prime Minister Dr. Ahmad Kaikaus said that LDC graduation for Bangladesh is a milestone.
“We have to mainly focus on how to become competitive. Role of the government is to remove barriers, he added. Bangladesh is a land of 165 million people so we have a big market of our own, he said. The more the country will be competitive the less will be the cost of fund, he added.”, he added.
ERD Secretary, Ministry of Finance Fatima Yasmin said that as per 8th five year plan the role of private sector is of about 81%. LDC graduation will boost our own resources and increase the confidence of our entrepreneurs. LDC graduation may have a few challenges but the government is taking necessary preparations.
She said it is true that we may lose duty free, quota free access, special waiver and preferential treatment. But EU will give us preferences till 2029. Besides, we have to best capitalize the existing benefits in the next 5 years.
Md. JashimUddin, President, FBCCI said that to become competitive after LDC graduation Bangladesh have to strengthen its backward linkage industry. The knit and woven sector need value addition to attract local and foreign investments.
He also urged for faster implementation of SEZs. He also underscored the importance of engaging private sector in the implementable policy framework.
In his address of welcome DCCI President RizwanRahman said considering the importance of CMSME sector even after the LDC graduation, DCCI is keen to conduct a research study on “identification of CMSMEs challenges in local industry and international trade and their likely solutions in post LDC graduation time” with the fullest cooperation of Prime Minister’s Office and in association with BIDA, SME Foundation and Ministry of Commerce.
He said it is the right time to increase trade and investment as well as adopt long term strategic planning and their effective implementation to strengthen Bangladesh’s position in the international arena after the graduation from LDC.
Barrister NihadKabir, President, MCCI thanked the government for forming a 22-member national steering committee under the Principal Secretary to overview the LDC graduation preparedness process. She said LDC graduation is an opportunity for Bangladesh.
Apparently we may think of losing a few benefits, but in the long run we will be benefited a lot. Many business scopes are still coming into Bangladesh, Nihad added.
TaufiqurRahman, Board Member, Head of LDC Unit, Development Division, WTO, Geneva said that we have to be strategic to explore untapped market. He also urged for setting a long term goal of combination.
