Country’s export-driven manufacturing sector reached a new height with an average 12.7 pc growth, supported by the greater role of modern service sector activities in areas of transport, banking, real estate, ICT and education, said Commerce Secretary, Dr. Zafar Uddin on Monday.
He was addressing the second stakeholder consultation meeting of the joint study on CEPA between Bangladesh and India on Monday, organized by the BFTI through the zoom platform.
The Bangladesh Foreign Trade Institute (BFTI) has been assigned to conduct Joint Feasibility Study on Comprehensive Economic Partnership Agreement (CEPA) with India by the Ministry of Commerce to facilitate the bilateral trade between Bangladesh and India.
In response to the study, BFTI organized the consultation.
Dr. Md. Jafar Uddin, Senior Secretary, Ministry of Commerce and the Chief Guest of the meeting also said the service is a vibrant driver of economic growth, employment generation, poverty elevation, and critical in sustaining export-driven growth”.
Drawing attention to mutual cooperation for building human capital, the meeting was focused on promoting services sectors including tourism and travel-related services, engineering services, IT and IT-Enabled Services, health-related services, construction services, etc. in Bangladesh.
Md. Obaidul Azam, Chief Executive Officer (In-charge), BFTI chaired and moderated the event. He pointed out that the service’s sector contribution to the country’s international trade is also growing and it could facilitate the growth of Total Factor Productivity (TFP) and become a key component for future growth acceleration. Md. Abdul Quaiyum, Sectoral Consultant of the Study presented the key-note presentation at the meeting.
Stakeholders from diverse sector provided pragmatic input and address that like manufactured products, many services are now tradeable on which Bangladesh should concentrate to reduce the trade deficit with India. All the stakeholders expected that the proposed CEPA agreement will enhance the basis for increasing trade in other services sectors for mutual interest and ease of doing business process for trade. Officials from public sectors, business leaders, academicians and representatives from different associations participated in the meeting as stakeholders.
Md. Jashim Uddin, President of FBCCI, Mr. Rizwan Rahman, President of DCCI, Mr. Md. Shahidul Islam, Additional Secretary (FTA Wing) of Ministry of Commerce, Dr. Selim Raihan, Lead Consultant of the CEPA Study, Mr. Syed Almas Kabir, President of BASIS, Mr. Rahel Ahmed, CEO of Nagad, Eng. Rabiul Alam, Director & CEO of Energypac Engineering Ltd., Mohammad Hatem, 1st Vice President of BKMEA (R&D Dept), Jabed Ahmed, Chief Executive Officer of Bangladesh Tourism Board and Taufiq Rahman, Director of Tour Operators Association of Bangladesh (TOAB), etc. had participated in the meeting.
The First Stakeholder Consultation Meeting of CEPA on the investment sector was held on 19th May, 2021 through zoom platform.