Staff Reporter :
Stakeholders on Saturday emphasized on adopting policies for strengthening domestic industries to face the upcoming challenges of the post-LDC competitiveness.
Low cost financing, use of modern technologies, full automation of revenue system and development of supply chain ecosystem and human resource will be the key tools for strengthening the local industries, they said.
The stakeholders came up with the remarks while speaking at a virtual dialogue on “Local Market Development: Preparedness for post-LDC era” organized by Dhaka Chamber of Commerce & Industry (DCCI) virtually. DCCI President Rizwan Rahman said development of local businesses, boosting manufacturing capacity, enhancement of products quality are very crucial as the total market scenario will be changed after the graduation.
Innovative strategies should be adopted for developing environment for local market, he added.
Tapan Kanti Ghosh, Secretary of the Commerce Ministry, said in terms of building export competitiveness, we have to enhance value addition.
“Government is focusing on signing Free Trade Agreement (FTA) and Preferential Trade Agreement (PTA) by protecting local market and revenue collection,” he added.
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. After LDC graduation, government will not be able to give any cash incentives directly to the export sector. But the government will try to facilitate the private sector in another way,” Tapan said.
For ease of doing business, he suggested for simplification of documentation process and automation of all government services.
Md Masud Sadiq, Member (VAT Policy) of the National Board of Revenue (NBR) said we have to increase 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.
“Currently, NBR receiving 1,70,000 VAT returns. Around 60 percent of them come through online,” he informed.
Dr Md Habibur Rahman, Executive Director (Research) of Bangladesh Bank said that central bank, BSEC, Ministry of Finance, Ministry of Commerce, NBR and all related regulators have to play equal role to become competitive after the LDC graduation.
Sha Md Abu Raihan Alberuni, Member (TPD) of Bangladesh Trade and Tariff Commission, said that the backward linkage industry must be strengthened.
“Moreover, we have to focus on skilled manpower, technological advancement and creating at least 15-20 subsectors other than RMG,” he added.
Ahsan Khan Chowdhury, Chairman and CEO of PRAN-RFL Group, requested to allow bonded warehouse facility for all export oriented sector including agro processing and bicycle industry.
