ZCZC
BSS-52
BDF-SESSION-PRIVATE SECTOR
Speakers for further ease of doing business, diversifying exports
DHAKA, Jan 29, 2020 (BSS) – Speakers at a session of the Bangladesh Development Forum (BDF) 2020 today said the country is going to face a challenge after its preferential trade benefits are gone following LDC graduation and if it also fails to diversify exports and not improves further in ease of doing business.
The observations were made by private sector analysts and foreign experts at a session titled “Private Sector Engagement and Trade Facilitation” on the first day of the two-day BDF at the Bangabandhu International Conference Center (BICC) in the capital this afternoon.
They also said that change in the mindset for both the policymakers and people is a prerequisite for ease of doing business, otherwise no legal framework will pay off in trade facilitation.
Moderated by FBCCI President Sheikh Fazle Fahim, Commerce Secretary Md Jafar Uddin made the key-note presentation.
Paban Chowdhury, Executive Chairman of Bangladesh Economic Zones Authority (BEZA), Bangladesh Investment Development Authority (BIDA) Executive Chairman Md Sirazul Islam, BGMEA President Rubana Huq, World Bank’s private sector expert Yutaka Yoshino and USAID official John Smith Sreen spoke on the occasion.
“It is very important to bring changes to the mindset of both the government and people, otherwise no law, rules and guidelines will work in trade facilitation,” said Paban Chowdhury, Executive Chairman of Bangladesh Economic Zone Authority (BEZA).
He put special emphasis on pulling in more foreign direct investment to become more competitive and export more to cope up with other competing countries.
Bangladesh Investment Development Authority (BIDA) Executive Chairman Md Sirajul Islam informed that Bangladesh’s FDI inflow is merely 1 percent of GDP, which is far behind its other competitors.
“The government has set a target to raise FDI to GDP’s 2 percent while private investment to GDP’s 28.2 percent in the mid-term from around 24 percent now,” he informed.
“BIDA is now more focused on ease of doing business to attract FDI and private investment.” he said.
World Bank’s private sector expert Yutaka Yoshino observed that an economy cannot be diversified, if it is not competitive.
Mentioning that, export and import cost is very high in Bangladesh, he stressed on continuing with the export and import policies and making industries more competitive.
USAID official John Smith-Sreen said the country has a big challenge ahead to take 16 million people out of poverty who live on only Tk 163 daily income.
He also suggested prioritising some promising sectors like agriculture, light engineering, pharmaceuticals, ICT, telecom, tourism, among others, to create more jobs and diversify exports.
Commerce Secretary Md Jafar Uddin in his presentation said the government will go for some bilateral trade arrangement like preferential trade agreement, free trade agreement or comprehensive economic partnership to face LDC graduation challenges.
“For export diversification, the government has identified areas like footwear, light engineering, plastic, leather goods, jute goods and agro-based industries,” he said adding that market diversification efforts are also on.
BGMEA President Rubana Huq stressed on diversifying skills.
BSS/ASG/GM/MRU/2045hrs