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Local market dev to help in post-LDC competitiveness

Speakers tell DCCI dialogue

  • Staff Correspondent
  • 29 August, 2021 12:00 AM
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Local market dev to help in post-LDC competitiveness

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Local market development, modernisation and automation of tax, VAT and duty structure, development of supply chain ecosystem are important for post-LDC competitiveness, speakers said at a dialogue of an apex trade body on Saturday.

They also said attraction of new investment, use of technology, human resource development and low cost financing are essential to gaining competitiveness after the LDC graduation.

The observations were made at a dialogue on “Local Market Development: Preparedness for post-LDC era” organized by Dhaka Chamber of Commerce & Industry (DCCI), said a press release.

Secretary of Ministry of Commerce Tapan Kanti Ghosh joined the event as chief guest.

Speaking on the occasion, Tapan said, “In terms of building export competitiveness, we’ve to enhance value addition. The government is also focusing on signing FTA and PTA, but protecting local market and revenue collection.” 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,” he added.

The commerce secretary also said after LDC graduation, the government will not be able to give any cash incentives directly to the export sectors. However, the government will try to facilitate the private sector in another way, he added.

“The present government is more business friendly and will do all necessary reforms as per the need of the private sector,” he added.

Tapan further said that attracting FDI would help create market access and for that businesses need to be competitive.

For ease of doing business, he suggested for simplified documentation process and automation of all government services.

DCCI President Rizwan Rahman said, “After graduation, our export market will have to face compliance, barding, IPR, International Support Measures, duty and non-duty related challenges.” As the total market scenario will get changed after graduation, he said, development of local businesses, boosting local manufacturing capacity, increasing products quality are also very important.

He also said that FMCG, fashion wear, footwear, lifestyle and pharmaceutical have good demand in the local market. 

He requested the Bangladesh Bank to extend the moratorium period of loan.

Member of National Board of Revenue (NBR) Masud Sadiq, Executive Director (Research) of Bangladesh Bank Dr. Md. Habibur Rahman, Member (TPD) of Bangladesh Trade and Tariff Commission Shah Md. Abu Raihan Alberuni and Chairman and CEO, PRAN-RFL Group Ahsan Khan Chowdhury also spoke at the event.