Re-assessing export-import policies necessary to meet the challenges of post-LDC challenges, said speakers at a seminar on Saturday citing that the export-import policy reform is key to resilience and long-term competitiveness.
Dhaka Chamber of Commerce & Industry (DCCI) organised the seminar on “Export-import policies in Bangladesh: Requirements and Challenges upon LDC Graduation” at the DCCI office, Matijheel in the capital.
Taskeen Ahmed, President of DCCI presided over the seminar while Lutfey Siddiqi, Special Envoy to the Chief Adviser on International Affairs attended as chief guest.
While addressing, Lutfey Siddiqi said that structural and institutional reforms among the government agencies are also necessary, and the pace of doing the reforms needs to be faster.
He said, we do not have any roadmap in the industrial sector not even in other sectors as well, but there should be a roadmap for national tariff policy.
He said that institutionalizing and government readiness are the master-key of development. Ports are the heart of the economy, so it is important to ensure logistic and keep their management running and operating smoothly.
DCCI President Bangladesh’s export sector, heavily concentrated on ready-made garment industry, as a major engine of economic growth, is contributing over 84% of total export earnings.
While other sectors like pharmaceuticals, leather, jute, agro-processed goods, automobile industry and ICT are not gaining traction likewise the RMG sector.
He also said that, Bangladesh’s import composition reflects a strong industrial reliance on foreign inputs, including capital machinery, raw materials and intermediate goods. This structural dependence has made the economy particularly vulnerable to external shocks.
Moreover, recent inflation surge coupled with ongoing U.S. reciprocal tariffs and export ban by India have exerted significant pressure on the balance of payment, foreign exchange reserve and import control mechanisms.
Dr. Selim Raihan, Professor of Economics, Dhaka University & Executive Director, SANEM said customs duties and tariff rates in Bangladesh are higher compared to neighboring countries.
Moreover, the country has still high dependence on import taxes. Lack of reform in the taxation sector and the government’s inability to raise taxes through direct taxation resulted in high dependence on indirect taxes and import taxes.
Dr. Anisuzzaman Chowdhury, Special Assistant, Economic Relations Division (ERD), Ministry of Finance said Bangladesh has to graduate from the LDC status and we have no option to come back now, but we have to focus on producing high-value ready-made garment, medicine and light engineering items to meet the post-LDC challenges.
He said a national dialogue will be held soon with the participation of all stakeholders to chalk out the next course of action for the post-LDC era.
Kazi Mostafizur Rahman, Member (Customs: Audit, Modernization & International Trade), NBR said that after 1993, NBR has been implementing ASYCUDA and various other automated systems to ensure the services are transparent.
Meanwhile, former DCCI Directors A.K.D. Khair Mohammad Khan, M. Bashir Ullah Bhuiyan, and Joint Convenor Salahuddin Yusuf, among others, participated in the open discussion.
Senior Vice President of DCCI, Razeev H. Chowdhury, Vice President Md. SalimSulaiman, members of the Board of Directors, and stakeholders from both public and private sectors were present during the event.
