Speakers at webinar on Friday said Bangladesh is located in a strategic location in the Asia and Pacific and poised to improve its competitiveness to make its vibrant position in this region but the country needs to work more in policy reforms, product diversification, market diversification, infrastructure development to harness the economic potentials,
The webinar on “Asia & Pacific and Bangladesh: Harnessing Economic Potentials” was held on the 4th day of Bangladesh Trade & Investment Summit 2021.
Secretary, Prime Minister’s Office, Md. Tofazzel Hossain Miah joined the event as chief guest while Fatima Yasmin, Secretary, ERD, Ministry of Finance joined as special guest and Ito Naoki, Ambassador of Japan to Bangladesh joined the webinar as guest of honor.
While addressing, Tofazzal Hossain Miah said Bangladesh has a very strategic location in the Asian region. Asia is the new economic frontier and Bangladesh is a part of it. Bangladesh is poised to transform in many areas with some commendable achievements.
He said LDC graduation is a sign of Bangladesh’s proven macroeconomic strength and resilience as well as our readiness. We are trying to uplift the living standards of the vulnerable class of people.
Special Guest Fatima Yasmin said Bangladesh is the fastest growing economy in Asia. Covid led pandemic has hampered our growth momentum though our economic pace was very smooth. Due to adequate policy support, investment in infrastructure, resilient, dynamic and engaging private sector Bangladesh has been able to maintain a sustainable economic growth momentum.
She said Bangladesh is going in a right direction and government is giving holistic approach especially in the mega infrastructure sector investing almost USD40 billion alone in this sector. Policy reforms are a continuous process to facilitating businesses.
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Ito Naoki, Ambassador of Japan to Bangladesh said in next 5 years per capita income of Bangladesh will reach to USD 3000 dollars.
He said that lack of infrastructure is a bottleneck for investment but for Bangladesh it will be solved soon. Japan has been the largest export market for Bangladesh. Trade between Bangladesh and Japan has increased by 10% in the last fiscal. Bangladesh will be the first choice for China-plus-one destination for Japan, he informed.
DCCI President Rizwan Rahman in his power point presentation said that the Bilateral trade of Bangladesh and Asia and Pacific region hovers around USD36 Billion. Asia & Pacific is the third largest export destination of Bangladesh but Bangladesh does not have any PTA and FTA with Asia and Pacific member countries.
Dr. Rajan Sudesh Ratna, Deputy Head and Senior Economic Affairs Officer, UNESCAP (South and South West Asia Office) said over dependence on a specific product or specific market is not good for any economy. Product diversification and market diversification are more important, he added
Abdul Matlub Ahmad, Chairman, Nitol Niloy Group said there is a lot of business opportunities in Asia Pacific region. Now we need partners and global value chain. Automobile sector is a huge space for backward linkage industries where Bangladesh can tap the Asian light engineering components sector.
Barrister Nihad Kabir, President, MCCI said Bangladesh is focused on its various visions and is on its right direction. From the foreign investors’ perspective she said dispute resolution process, taxation regime, tax compliance issues, improved business climate, tariff and non-tariff structure, trade facilitation, simplification of procedures, infrastructure development, supporting service industry, connectivity, person to person connection are some of the major issues a foreign investors.
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Dr. Masrur Reaz, Chairman, Policy Exchange of Bangladesh said 50 percent of the global GDP will come from the Asia Pacific region by 2040. The Asia Pacific market will surpass the other markets in future, he said.
He also said that regional blocks or trade blocks are playing a catalyst role for increasing businesses. China, India, Thailand, Philippines, Malaysia, Vietnam and other few other Asian countries are growing tremendously and it is an opportunity for Bangladesh to be part of it.