Business Desk :
Speakers at a webinar on Saturday said better negotiation skills, export diversification, improved competitiveness and institutional capacity building are keys to success after LDC graduation.
They also said effective policy adoption, necessary policy reforms and implementation, using 4IR technologies, conducting research with the help of international experts and academics and joint efforts from the public and private sector will play a pivotal role to be competitive after LDC graduation.
They were participating in a webinar on “LDC Graduation of Bangladesh: Journey towards Economic Excellence” organized by Dhaka Chamber of Commerce and Industry (DCCI).
Principal Secretary to the Prime Minister Dr. Ahmad Kaikaus joined the webinar as the chief guest while Economic Relations Division (ERD) Secretary Fatima Yasmin and FBCCI President Md Jashim Uddin attended as special guests.
Principal Secretary to the Prime Minister Dr. Ahmad Kaikaus said that LDC graduation for Bangladesh is a milestone.
“We have to mainly focus on how to become competitive while the role of the government is to remove barriers,” he added.
Mentioning that Bangladesh is a land of 165 million people for which the country has a big market of its own, he said, “The more the country will be competitive the less will be the cost of fund.”
Kaikaus said that there is a need to look for exploring regional and Asian markets. “The entrepreneurial capacity of Bangladeshi people is the strength to overcome all hurdles,” he said.
ERD Secretary Fatima Yasmin said that as per the 8th five-year plan, the role of the private sector is of about 81 percent.
She said LDC graduation will boost the country’s own resources and increase the confidence of its entrepreneurs.
“LDC graduation may have a few challenges, but the government is taking necessary preparations. It is true that we may lose duty free, quota free access, special waiver and preferential treatment. But EU will give us preferences till 2029,” she added.
Besides, Fatima said the country will have to best capitalize on the existing benefits in the next 5 years.
“Moreover, after graduation, the government is planning to negotiate with WTO for giving us preferences for the next 12 years after 2026. For signing PTA and FTA, the government is in discussion with 11 countries,” she informed.
Fatima also stressed on product diversification, skill development, high value product, 4IR technological preparedness, new market exploration, improved competitiveness and negotiation skills.
FBCCI president Md. Jashim Uddin said that to become competitive after LDC graduation, Bangladesh has to strengthen its backward linkage industry.
The knit and woven sector need value addition to attract local and foreign investments, he said urging for faster implementation of SEZs.
He also underscored the importance of engaging private sector in the implementable policy framework.
MCCI President Barrister Nihad Kabir thanked the government for forming a 22-member national steering committee under the Principal Secretary to overview the LDC graduation preparedness process.
She said LDC graduation is an opportunity for Bangladesh. “Apparently we may think of losing a few benefits, but in the long run we will be benefited a lot.”
Nihad said many business scopes are still coming into Bangladesh. “Yes, there will be challenges, but if government and private sector can work hand in hand Bangladesh can gain a lot.”
Taufiqur Rahman, Board Member, Head of LDC Unit, Development Division, WTO, Geneva said that the concerned authorities will need to become strategic to explore untapped market.
Dr. Muinul Islam, UGC Professor, Professor (retd.), Department of Economics, Chittagong University said Vietnam is a success story in the world.
