Speakers at a dialogue on Saturday stressed local market development, automation of tax, vat and duty structure, development of supply chain ecosystem, attraction of new investment are important to face the post-LDC graduation competitiveness. They also emphasized on use of technology, human resource development, low cost financing to boost economic growth.
Dhaka Chamber of Commerce & Industry (DCCI) arranged the dialogue on “Local Market Development: Preparedness for post-LDC era” . Tapan Kanti Ghosh, Secretary, Ministry of Commerce joined the event as the chief guest.
DCCI President Rizwan Rahman in his opening remarks said after graduation our export market will have to face compliance, barding, IPR, International Support Measures, duty and non-duty related challenges. Based on our present economic situation, development of local market is also equally important besides the export market. As the total market scenario will be changed after graduation, for that reason development of local businesses, boosting local manufacturing capacity, increasing products quality are also very important, he said.
Tapan Kanti Ghosh, Secretary, Ministry of Commerce saidin terms of building export competitiveness we have to enhance value addition. Government is also focusing on signing FTA and PTA but protecting local market and revenue collection. He also said, ensuring low cost financing, ease of doing business, efficiency in port and customs and skill development are some of the major issues for post-LDC period. Besides, we have to strengthen our local industry.
Md. Masud Sadiq, Member (VAT Policy), National Board of Revenue said we have to enhance efficiency of businesses for development of local market in post-LDC era. He said ease of investment, port efficiency, ensuring easy funding, vat system automation, infrastructure development, technology adaptation are some of the major issues to be focused more.
Dr. Md. Habibur Rahman, Executive Director (Research), Bangladesh Bank said that our local market is a big market. Bangladesh Bank, BSEC, Ministry of Finance, Ministry of Commerce, NBR and all related regulators have to play equal role to become competitive after LDC graduation. The way government handled pandemic situation is praiseworthy. He informed that in the latest monetary policy interest rate has been cut drastically.
Sha Md. Abu Raihan Alberuni, Member (TPD), Bangladesh Trade and Tariff Commission saidwe have to strengthen our backward linkage industry. He also said that government should strengthen Bangladesh Trade and Tariff Commission. We have to utilize intellectual property, reform education curriculum and focus on vocational education. Ahsan Khan Chowdhury, Chairman & CEO, PRAN-RFL Group said first of all we have to have a positive mindset. If Vietnam and Thailand can export more than USD 200 million dollar, then it will be possible of us as well.If we want to create more companies like PRAN or Walton or RMG sector, we have to identify the existing bottlenecks and solve the problems immediately.
Dr. M. Abu Eusuf, Executive Director, Research and Policy Integration for Development (RAPID) said as we may lose few preferential treatments after LDC graduation, it is imperative to focus on local market development. We have to give emphasize on supply chain, finding out market barriers, making a database, investment on research and development.
