BUSINESS

Export diversification should give equal benefits to all industries: FBCCI President

FBCCI President Md Jashim Uddin sought adjustments in trade rules and asked the government to strengthen bilateral relations with potential trade partners.

His suggestions came at a conference on “Export Challenges of Bangladesh after Graduation from LDC Status: Options for the Private Sector” organised by the Federation of Bangladesh Chamber of Commerce and Industries.

He said to face the LDC graduation challenges, the non-apparel sectors should be facilitated like what has been done to the readymade garment subsector in the areas of tax and tariff realisation.

Export diversification should give equal benefits to all industries: FBCCI President at Seminar

In seminar Experts have suggested that the government take initiatives to prepare a roadmap for making products competitive in the international market for trade sustenance after Bangladesh’s graduation from LDC status to a developing one.

The experts also put their emphasis on maintaining labour standards as per ILO conventions.

Syed Nasim Manzur, managing director of Apex Group, said, “Backward linkage industries should enjoy the bonded warehouse facility equally like apparel and clothing subsectors.”

He also emphasised on reducing the cost of doing business across the country.

In addition, he sought the government’s strong action over signing Free Trade Agreements with potential countries like Australia, Canada and Japan. He called upon the government to cut the import costs of raw materials and machineries, as well.

Former director of FBCCI Manzur Ahmed said, export-oriented and other industries need government support to sustain amid adverse global realities.

“We have to accept the labour complaints. Otherwise, only tax and tariff reduction will not help the industries sustain after LDC graduation.”

Experts said the government should provide equal facilities to both export and import trades and need a harmonised trade rule.

To create skilled manpower, the government should start training the workforce for at least five years through a commission, he said.

The middle-income status is a trap, he said. “If we want to sustain in the post LDC period, we have to go for product diversification and enhance productivity.”

The chief guest of the Principal Secretary to the Prime Minister Ahmed Kaikaus asked the private sector entrepreneurs to work with the government closely.

As the economy is progressing, Bangladesh is likely to become a developed nation after 2040. The sectors need to work on automation and complaints leaving aside duty-free quota-free (DFQF) benefits, the experts said.

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