‘Better negotiation skill, diversification key to success after LDC graduation’

Developing negotiation skills, export diversification, skill development and institutional capacity development will play a pivotal role in being competitive after LDC graduation, experts suggested at at webinar. 

Effective policy adoption, necessary policy reforms and implementation using 4IR technologies, conducting research with the help of international experts and academics and joint efforts from the public and private sector can help achieve to this end, they also said.

Their suggestions came at the webinar on “LDC Graduation of Bangladesh: Journey towards Economic Excellence” organised by Dhaka Chamber of Commerce and Industry (DCCI) on Saturday.

To this effect, considering the importance of CMSME sector even after the LDC graduation, DCCI is keen to conduct a research study on “identification of CMSMEs challenges in local industry and international trade and their likely solutions in post-LDC graduation time” with the fullest cooperation of Prime Minister’s Office and in association with BIDA, SME Foundation and Ministry of Commerce, said the DCCI President Rizwan Rahman.

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 Md Jashim Uddin, president, FBCCI participated as special guests.

In his opening remarks, 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.

Bangladesh’s identity as a developing nation in the international arena will uphold the competitiveness of the country which will take us to a greater height and will contribute to enhance export and FDI, he added.

 Dr Ahmad Kaikaus said that LDC graduation for Bangladesh is a milestone. We have to mainly focus on how to become competitive.

Role of the government is to remove barriers, he added.  Bangladesh is a land of 165 million people so we have a big market of our own, he said.

 ERD Secretary, Ministry of Finance Fatima Yasmin said that as per 8th five year plan the role of the private sector is of about 81 per cent.

 LDC graduation will boost our own resources and increase the confidence of our entrepreneurs. LDC graduation may have a few challenges but the government is taking necessary preparations, she said.

Md Jashim Uddin, president, FBCCI said that to become competitive after LDC graduation Bangladesh have to strengthen its backward linkage industry.

He also urged for faster implementation of SEZs. He also underscored the importance of engaging private sector in the implementable policy framework.  

Barrister Nihad Kabir, president, MCCI thanked the government for forming a 22-member national steering committee under the Principal Secretary to overview the LDC graduation preparedness process.

She said LDC graduation is an opportunity for Bangladesh. Apparently, we may think of losing a few benefits, but in the long run we will be benefited a lot.

Taufiqur Rahman, board member, Head of LDC Unit, Development Division, WTO, Geneva said that we have to be strategic to explore untapped market.

He also urged for setting a long-term goal of combination.

 Dr Muinul Islam, UGC Professor, Professor (retd.), Department of Economics, Chittagong University said Vietnam is a success story in the world. For preparedness, the private sector of Bangladesh should play a vital role.

We have to reduce corruption and attract FDI. He also urged to control non-performing loans (NPL), he added.

NKA Mobin, senior vice president, DCCI gave vote of thanks.

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