Commerce Minister Tipu Munshi has said that there is a need to move forward with a long-term plan to increase the country’s exportable items and also to expand the export markets considering the smooth LDC graduation.
“There is a huge scope for increasing the export of RMG items and we need to capitalise on this opportunity. It won’t work to keep the sector dependent on only one commodity,” he said.
The minister said this while chairing working session-1 (Preferential market access and WTO issue) and working session-2 (investment and export diversification) under the “National Seminar on LDC Graduation” at a city hotel on Thursday.
The Seminar was organized by the Economic Relations Division (ERD) under its ‘Support of Sustainable Graduation Project’.
Tipu said since Bangladesh would have to face many challenges for smooth LDC graduation by 2026, massive preparations have been undertaken to face these challenges, reports BSS.
He informed that the government has been working with due priority to sign Preferential Trade Agreements (PTAs) and Free Trade Agreements (PTAs) with different countries to gain various trade-related benefits.
The minister said the government wants to move ahead to accomplishing its tasks properly in line with the rules and regulations of the WTO while the country also aspires to attain the SDGs by 2030 and becoming a developed country by 2041.
He noted that all concerned stakeholders would have to perform their duties properly from their respective positions since the country would have to shoulder many responsibilities following the LDC graduation.
Tipu said, the RMG as being the largest exportable item of Bangladesh, has made a big market in the EU, USA and also in India.
He mentioned that some 100 special economic zones are being set up across the country to attract both local and foreign investment while the construction work of many of those is nearing completion.
The commerce minister informed that many firms have started their commercial operations in these economic zones while the local and foreign investors would be benefitted from making investments in the economic zones due to the availability of a huge skilled workforce and an investment-friendly environment.
Principal Secretary to the Prime Minister Dr Ahmad Kaikaus moderated the working session-1 where Senior Secretary of the Ministry of Commerce Tapan Kanti Ghosh presented the key-note paper. Deputy Head of Mission of the EU Dr Bernd Spanier and RAPID Chairman Dr Mohammad Abdur Razzaque spoke as panelists.
Senior Secretary of the Prime Minister’s Office Md Tofazzel Hossain Miah presented the key-note paper at the working session-2 where Foreign Secretary Masud Bin Momen, DCCI President Rizwan Rahman and UNDP Bangladesh Country Economist Dr Nazneen Ahmed spoke as discussants.