Business Desk :
Experts in a dialogue on Saturday urged for comprehensive export and investment trade policy reforms to boost export competitiveness in post COVID-19 (coronavirus) situation.
They said this in the 5th dialogue of Resurgent Bangladesh on “International Trade in Covid Times: Impact and Way forward for Bangladesh” held on Saturday.
Resurgent Bangladesh, an economic recovery initiative put together by MCCI, DCCI, Chittagong Stock Exchange Ltd., BUILD, and Policy Exchange held this dialogue, said a press release.
Speaking at the dialogue as the chief guest, Tofail Ahmed, Chairman of the Parliamentary Standing Committee on Ministry of Commerce said that some 8256 products got duty free access in the Chinese market which is expected to fetch $2.5 billion more export earnings.
He said export target was hit hard by Covid-19 pandemic.
Mentioning that the present poverty level increased due to Covid-19, Tofail, also the former Commerce Minister said, “With the help of vibrant private sector, the country will be able to recover the condition soon. “In the last budget we projected 8.2 percent GDP growth. We gave cash incentives to IT sector and other services sector as well.”
Abul Kasem Khan, Chairperson, BUILD in his welcome remarks said the worldwide impact of Covid-19 is severe.
He said due to Covid situation, the window of opportunity will be opened for Bangladesh. He said, adding, “But, we need to be competitive in terms of trade especially in the ease of doing business index. If we fail to be competitive, the window of opportunity will not be open for a long time for us,”.
He also emphasized on strengthening the backward linkage industries as well as urged the government for establishing a global bonded warehouse system.
He said considering covid crisis, Bangladesh needs to reform its export, import, industrial, foreign exchange, investment, taxation, FDI policies.
Shams Mahmud, President of DCCI presented the keynote paper.
He suggested to negotiate with export destinations to avoid restrictions on export goods as well as port infrastructure like container terminals while Bay terminal needs to be expedited.
Shams said Stimulus packages needs to be increased and disbursed with flexible terms and conditions. To do better in international trade, he suggested to expedite economic diplomacy, focus on FTA, PTA, TICFA’s implementation.
The DCCI President also urged the government to accelerate the procedure of getting the observer status of ASEAN.
Prof. Dr. Mustafizur Rahman, Distinguished Fellow of CPD said after LDC graduation Bangladesh will have to export its products giving 12 percent duty whereas Vietnam will enjoy zero tariff.
Experts in a dialogue on Saturday urged for comprehensive export and investment trade policy reforms to boost export competitiveness in post COVID-19 (coronavirus) situation.
They said this in the 5th dialogue of Resurgent Bangladesh on “International Trade in Covid Times: Impact and Way forward for Bangladesh” held on Saturday.
Resurgent Bangladesh, an economic recovery initiative put together by MCCI, DCCI, Chittagong Stock Exchange Ltd., BUILD, and Policy Exchange held this dialogue, said a press release.
Speaking at the dialogue as the chief guest, Tofail Ahmed, Chairman of the Parliamentary Standing Committee on Ministry of Commerce said that some 8256 products got duty free access in the Chinese market which is expected to fetch $2.5 billion more export earnings.
He said export target was hit hard by Covid-19 pandemic.
Mentioning that the present poverty level increased due to Covid-19, Tofail, also the former Commerce Minister said, “With the help of vibrant private sector, the country will be able to recover the condition soon. “In the last budget we projected 8.2 percent GDP growth. We gave cash incentives to IT sector and other services sector as well.”
Abul Kasem Khan, Chairperson, BUILD in his welcome remarks said the worldwide impact of Covid-19 is severe.
He said due to Covid situation, the window of opportunity will be opened for Bangladesh. He said, adding, “But, we need to be competitive in terms of trade especially in the ease of doing business index. If we fail to be competitive, the window of opportunity will not be open for a long time for us,”.
He also emphasized on strengthening the backward linkage industries as well as urged the government for establishing a global bonded warehouse system.
He said considering covid crisis, Bangladesh needs to reform its export, import, industrial, foreign exchange, investment, taxation, FDI policies.
Shams Mahmud, President of DCCI presented the keynote paper.
He suggested to negotiate with export destinations to avoid restrictions on export goods as well as port infrastructure like container terminals while Bay terminal needs to be expedited.
Shams said Stimulus packages needs to be increased and disbursed with flexible terms and conditions. To do better in international trade, he suggested to expedite economic diplomacy, focus on FTA, PTA, TICFA’s implementation.
The DCCI President also urged the government to accelerate the procedure of getting the observer status of ASEAN.
Prof. Dr. Mustafizur Rahman, Distinguished Fellow of CPD said after LDC graduation Bangladesh will have to export its products giving 12 percent duty whereas Vietnam will enjoy zero tariff.
