The government will provide all kinds of policy support to boost exports to the European market and diversify the product basket.
The Prime Minister’s principal secretary MdTofazzel Hossain Miah made the statement while speaking as the chief guest in a seminar on Thursday.
Bangladesh Export Processing Zones Authority (BEPZA) organized a seminar on “Contemporary Global Economic Scenario: Challenges and Ways of Transition for Industries in Bangladesh’s EPZ”.
Tofazzel said, “If Bangladesh exits from the Least Developed Countries (LDC) category, it will lose some trade advantages in exporting garments to the European market. To face that challenge, we need to focus on diversifying our exports. Export markets should also be created in different countries or regions. The government will provide all kinds of policy support for this.”
Private industry is the driving force of the economy, he said, adding that if we pull out of least developed countries (LDCs) completely, there will be some challenges in exports.
That is why we need to create new areas of business, he mentioned.
“We need to diversify our exports to meet the challenge. The demand for garments made from synthetic materials is increasing worldwide. We need to capture the Man Made Fiber (MMF) market. For this reason, the government will provide all kinds of policy support to increase exports,” he said.
Bepza Executive Chairman Major General Abul Kalam Mohammad Ziaur Rahman presided over the seminar.
Chairman of Research and Policy Integration for Development spoke at the seminar. Mohammad AbdurRazzak, EPZ Investors Association President SM Khan, Bangladesh Bank Additional Director IftekharAwalBhuiyan, Revenue Board Member (Customs Exports, Bonds and IT) Hossain Ahmed and others.
Bepza Member (Investment Development) Ali Reza Majid, chairman of Research and Policy Integration for Development Mohammad AbdurRazzak, EPZ Investors Association President SM Khan, Bangladesh Bank Additional Director IftekharAwalBhuiyan, Revenue Board Member (Customs Exports, Bonds and IT) Hossain Ahmed and others spoke at the seminar.
Senior officials of Bepza said in the seminar, the post-Covid global economic situation, the Russia-Ukraine war and other geopolitical issues have put the global economy in a challenging situation.
As a result, there has been a sudden downward trend in exports in Bangladesh, they mentioned.
“Its effect is also observed in many institutions of EPZ. However, on the contrary, the demand for some products has also been created. Besides, investment interest among foreign investors in EPZ has been generated and is increasing,” an official said.
