The development of the local market and supply chain ecosystem is very essential for facing challenges once Bangladesh makes the United Nations status graduation from a least developed to a developed country, stakeholders told a dialogue yesterday.
Besides, modernisation and automation of tax, VAT and duty structure; attraction of new investment and use of technology are also important for post-LDC competitiveness, they said. The Dhaka Chamber of Commerce and Industry (DCCI) virtually organised the dialogue on “Local Market Development: Preparedness for the post-LDC era”.
In his opening remarks, DCCI President Rizwan Rahman said after the graduation, the country’s export market would have to face compliance, international support measures, duty and non-duty related challenges.
“Based on our present economic situation, development of the local market is also equally important besides the export market,” he said.
As the total market scenario will be changed after the graduation, development of local businesses, boosting local manufacturing capacity and enhancing product quality are also very important, said Rizwan.
“Therefore, in consideration with reformed duty structure, tax structure, good manufacturing environment and changed consumer behaviour pattern we can make our supply chain ecosystem more competitive,” he said. Tapan Kanti Ghosh, secretary to the commerce ministry, said, “In terms of building export competitiveness we have to enhance value addition.”
Ensuring low-cost financing, ease of doing business, efficiency in port and customs and skills development are some of the major issues for the post-LDC period, he added.
Md Masud Sadiq, member (VAT policy) of the National Board of Revenue, said ensuring easy funding, VAT system automation, infrastructure development and technology adaptation were some of the major issues that needed more focus.
Md Habibur Rahman, executive director (research) of Bangladesh Bank, said in the latest monetary policy the interest rate has been cut drastically and therefore, the private sector would get access to low-cost funding as banks had adequate liquidity.
“We have to strengthen our backward linkage industry,” said Sha Md Abu Raihan Alberuni, member of the Bangladesh Trade and Tariff Commission. Ahsan Khan Chowdhury, chairman and CEO of Pran-RFL Group, spoke at the programme among others.
