FBCCI for ‘equal opportunity’ in every industry

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) on Saturday sought “equal opportunity” from the government for every industry, instead of priority treatment for a few selected ones, to ensure export diversification and capacity building.

The apex body of traders made the call at a seminar on “Export Challenges of Bangladesh after Graduation from LDC Status: Options for the Private Sector,” organised at the FBCCI conference room in Dhaka.

Addressing the event, FBCCI President Md Jashim Uddin said, “Export-oriented industries will face more challenges after Bangladesh’s LDC graduation.  So, all industries should be given equal benefits to boost the country’s export volume.

“The FBCCI has sent a work-plan for tackling such challenges to different ministries. We need more seminars and workshops to discuss these issues. We need policy reforms, assistance for trade simplification, export cost reduction, and quality products for the global market.”

Jashim also urged the Export Promotion Bureau (EPB), National Board of Revenue (NBR) and other agencies to implement a “Single Window System” for proper implementation of all export related activities. He further stated, “The government should take the necessary initiative to simplify investment management in all sectors, particularly in the service sector, to meet the challenges of post-LDC graduation.

“The electricity and gas services in all export-oriented industries should be ensured, and required steps should be taken to tackle competition in the global market.” Jashim recommended that the government develop the skill and capacity of the Bangladesh Standards and Testing Institution (BSTI) so that local products get easier access to the global market.

Presenting the keynote, former member of Bangladesh Trade and Tariff Commission Dr Mostafa Abid Khan said, “The private sector will face three major challenges in trade.

“Which are – the Loss of Duty-Free Quota-Free (DFQF) market access, loss of flexibility to provide export subsidy, and loss of flexibility under Trade-Related Aspects of Intellectual Property Rights (TRIPS).”

He continued, “As a result, garment exports to Canada will be taxed at 16.5 per cent, in the European Union (EU) at 11.5 per cent, in Japan at 9 per cent and in Korea at 12.5 per cent. So, total exports may go down by 26.6 percent worth $6,380,306 million.

“Bangladesh should work on reducing business costs, increasing the efficiency of customs, increasing productivity, and increasing foreign investment to meet the challenges of the future.”

Research Director of Centre for Policy Dialogue (CPD) Dr Khondaker Golam Moazzem recommended including an action plan to tackle post-LDC challenges in the upcoming national budget for 2022-23.

He added that now is the time for ministries and organisations to set a strategy on how they will tackle these challenges. Speaking as the chief guest, Principal Secretary to the Prime Minister Dr Ahmed Kaikaus called upon businesses to strengthen their own capacity to face future challenges.

“We all have to think positively as we achieved our previous goals. We are working cordially, so we hope that Bangladesh will move forward tackling all challenges,” he added. Bangladesh Investment Development Authority’s (BIDA) Executive Chairman Md Sirazul Islam said it provides 99 per cent of the services in a timely manner.

“There are 58 organisations except BIDA who provide trade related services. BIDA provided 50,000 services till now, while other organisations provided only 134 services,” he added. Senior Secretary at commerce ministry Tapan Kanti Ghosh, Planning Commission Member Sharifa Khan, Industries Secretary Zakia Sultana spoke at the programme among others.