Speakers at a seminar on Saturday said better negotiation skill, diversification, improved competitiveness and institutional capacity building are key to success after LDC graduation.
They made the comment in a webinar titled “LDC Graduation of Bangladesh: Journey towards Economic Excellence” organised 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 ERD Secretary, Ministry of Finance Fatima Yasmin and FBCCI President Md Jashim Uddin spoke as special guests. Terming Bangladesh’s LDC graduation as a milestone, Dr Ahmad Kaikaus said now Bangladesh has to focus on how to become competitive.
“The more the country will be competitive the less there will be the cost of managing funds. We have to look for exploring regional and Asian markets,” he added.
ERD Secretary Fatima Yasmin said that as per the 8th five year plan the role of private sector is about 81 percent. LDC graduation will boost own resources and increase the confidence of entrepreneurs.
LDC graduation may have a few challenges but the government is taking necessary preparations, added Fatima Yasmin.
“It is true that we may lose duty free, quota free access, special waiver and preferential treatment. But EU will give us preferences until 2029. Moreover, after graduation, government is planning to negotiate with WTO for giving us preferences for the next 12 years after 2026,” ERD secretary said adding that government is in discussion with 11 countries for signing PTA and FTA.
Underscoring the importance of engaging private sector in the implementable policy framework, FBCCI President said to become competitive after LDC graduation Bangladesh have to strengthen its backward linkage industry.The knit and the woven sectors need value addition to attract local and foreign investments, he added urging the government to faster implement SEZs.
DCCI President Rizwan Rahman also said it is the right time to increase trade and investment as well as adopt long term strategic planning and their effective implementation to strengthen Bangladesh’s position in the international arena after the graduation from LDC.
As a developing nation, after 2026, RMG including other major export sectors will have to face different duty and non-duty (tariff & non-tariff) measures in the international market.
Considering this reality, the DCCI president requested the government to frame a roadmap in order to chalk out necessary preparations from the private sector, policy measures with a view to widen export market of traditional and non-traditional items.