The country director for Bangladesh and Bhutan at the World Bank (WB) Abdoulaye Seck on Monday laid emphasis on developing high valued new products and exploring new exports destinations, policy reforms to improve business climate as well as addressing climate change impacts to tackle post- least developed country (LDC) graduation challenges.
He highlighted improving the business environment for the private sector, transcending financial obligations to support long-term growth, and improving the effectiveness of public institutions as WB’s priorities for Bangladesh.
“Navigating these would require constant dialogues among the public and the private sectors along with multilateral organisations,” the WB representative came up with the remarks while addressing at Third Quarterly Luncheon Meeting organised by Metropolitan Chamber of Commerce and Industry (MCCI) at its Gulshan office in Dhaka.
As the chief guest, Abdoulaye Seck said that the country’s exports may fall by 14 per cent after the LDC as it would lose duty-free market opportunities. Bangladesh’s export as a percentage of GDP was very low, even when compared to other competing exporting nations.
Around 2 million young people enter in job market of the country. There is a challenge in job market. Bangladesh needs to focus on skill development through technical and AI-based education. However, climate change required adaptations.
He added that Bangladesh is the second largest RMG exporter country in the global market. It is time for the country to go in producing high-value new design products. Besides, the country needs negotiate for trade agreements.
Seck also suggested the country to improve business climate and make sure commercial friendly to attract more investment in private sector. Bonded warehouse and business efficiency are very important as well.
The country also needs to focus on competitiveness considering Vietnam, Malaysia, Thailand, and Singapore. Bangladesh has a potential of light engineering, leather, jute, agricultural and pharmaceuticals sectors to grow more in export markets. However, our relation and partnership will be stronger in future, he furthered.
Giving welcome speech in the programme, MCCI president Md. Saiful Islam said the WB has been supporting Bangladesh in its development projects for a long. It has also been a major contributor to the development of business and commerce in Bangladesh. Since 1972, the WB has committed over $40 billion in grants, interest-free, and concessional financing credits to Bangladesh.
With 56 ongoing projects and a total commitment of 16.3 billion, Bangladesh currently holds the position of having the largest International Development Association (IDA) programme globally, with the WB being its largest external funder.
From supporting the development of a sound financial sector to improving the investment climate, they have always been by our side. It also actively promotes trade and investment and capacity building of businesses. Digital development is also a focus of their current efforts, with investments made in e-commerce, financial inclusion, and cultivating a skilled workforce, MCCI president reiterated.
