Stakeholders call for the development of the local market, production capacity
FE OFFICE REPORT |
Aug 29, 2021 9:25:06 AM
Aug 29, 2021 10:57:09 AM
Speakers in a virtual dialogue on Saturday stressed the need to develop the local market and manufacturing capacity to face emerging challenges and remain competitive in the post-LDC era.
They also suggested modernization and automation of tax, VAT and tax structures, development of supply chain ecosystem, attraction of new investments, use of technology, development of human resources. and ensuring low-cost financing to make local businesses more competitive.
The Dhaka Chamber of Commerce and Industry (DCCI) organized the dialogue on “Local Market Development: Preparing for the Post-LDC Era”. Commerce Secretary Tapan Kanti Ghosh joined the event as the main guest, a press release said.
In his opening remarks, DCCI President Rizwan Rahman said the country’s exports will face different issues of compliance, branding, IPR, international support measures, rights challenges and more. other rights after obtaining least developed country (LDC) status.
“Based on our current economic situation, the development of the local market is also just as important as the export market,” he said during the dialogue.
As the total market scenario will be changed after graduation, he added, developing local businesses, increasing local manufacturing capacity and increasing product quality are also very important. .
FMCG, fashion clothing, footwear, lifestyle and pharmaceutical products have good demand in the local market. “Therefore, taking into account the tariff structure, the tax structure, a good manufacturing environment and a change in consumer behavior, we can make our supply chain ecosystem more competitive. “
To develop an environment for the local market, innovative implementation strategies will bring about changes, said the president of DCCI.
He also asked the Bangladesh Bank to extend the loan moratorium period.
Taking part in the discussion, Commerce Secretary Tapan Kanti Ghosh focused on enhancing value addition to enhance export competitiveness and said the government has focused on signing FTAs and d ‘ACP, but after protecting the local market and collecting revenue.
Ensuring low cost financing, ease of doing business, efficiency in ports and customs and skills development are some of the other major issues for the post-LDC period, he said.
“In addition, we need to strengthen our local industry,” the secretary said, alerting businesses that the government will not be able to provide cash incentives directly to the export sector after the country’s graduation.
However, he said the government would try to facilitate the private sector in another way. “The current government is more pro-business and will make any necessary reforms according to the needs of the private sector.”
Mr. Ghosh said attracting FDI will help create market access opportunities while companies need to be competitive to seize the opportunities.
To make doing business easier, he suggested simplifying the documentation process and automating all government departments.
Md. Masud Sadiq, Member (VAT Policy) of the National Revenue Council (NBR), stressed the need to improve the efficiency of enterprises for the development of the local market in the post-PMA era.
He also emphasized the efficiency of ports, ease of financing, automation of the VAT system, infrastructure development and technological adaptation.
Dr. Md. Habibur Rahman, Executive Director (Research) of the Bangladesh Bank, said that the local market is important and pointed out that regulatory authorities like Bangladesh Bank, BSEC, Ministries of Finance and Trade , the NBR and all relevant regulators will play an important role in making companies competitive after graduation.
He informed that in the last monetary policy, the interest rate was drastically reduced. Therefore, the private sector will have access to low cost finance because there is sufficient liquidity in the banks.
Monetary policy has tried to focus on expanding credit to the private sector, he said, adding that the Bangladesh Bank will soon launch another Tk 5.0 billion refinancing program for the survival of the economy. tourism industry.
Sha Md. Abu Raihan Alberuni, Member (TPD) of the Bangladesh Trade and Tariff Commission (BTTC), stressed the need to strengthen the backward link industry. He said the government should also strengthen the BTTC.
Ahsan Khan Chowdhury, Chairman and CEO of PRAN-RFL Group, suggested identifying existing bottlenecks and resolving issues immediately. He identified productivity as the main obstacle to the competitiveness of exports. He also urged the government to allow bonded warehouses for all export-oriented sectors, including the bicycle industry.
Mirza Nurul Ghani Shovon, president of the Bangladesh National Association of Small and Small House Industries (NASCIB), focused on training small entrepreneurs and said a human resource development fund has been established. , but that it was not yet operational.
Dr M. Abu Eusuf, Executive Director of Research and Policy Integration for Development (RAPID), said that as the country may lose little preferential treatment after graduation, it is imperative to focus on market development local.
“We are in a period of transition, but now we need coordinated planning and implementation including all stakeholders over the next five years. We need to resolve compliance issues,” a- he added.
SM Shafiuzzaman, secretary general of the Bangladesh Pharmaceutical Industries Association, said Bangladesh exports pharmaceuticals to nearly 151 countries.
“Even after graduation, we will be able to keep our market because the quality of Bangladeshi pharmaceuticals is quite good. But we need to end the Park API as soon as possible.
Abul Bashar Howlader, additional managing director of Walton Hi-Tech Industries, stressed the need to focus on export diversification. “In addition, we need to sign FTAs with different potential trading partners.
DCCI Vice-President Monowar Hossain expressed his thanks.