Experts focus on tech, innovation, design

Technology, Innovation and design are the most important aspects the country should focus on to move forward to the LDC Graduation.

The industry experts made the remarks while addressing a session at the Dhaka Apparel Summit - 2022 on Wednesday.

The speakers said technology can provide economical as well as ecological progress. Current or future generation can only thrive by keeping a balance between social responsibility, economic activities and environment.

They stated that Bangladesh should start that planning and its implementation from now on to avoid Middle Income Trap.

Asif Ashraf, Managing Director and CEO of Urmi Group, moderated the session of the second day of the Dhaka Apparel Summit - 2022 styled ‘Bangladesh’s LDC Graduation- Impediments and Way Forward’.

“Of course we have a lot of challenges but we have capability to overcome them. We have capacity of diversification. We need to grow institutional, technical expertise, advanced infrastructure and also need political stability to face the challenge.”

It is a natural process to be a middle income country with a gradual progress and our country has shown a tremendous development during the leadership of Prime Minister Sheikh Hasina.

Bangladesh will still have GSP facility despite its graduation into a middle income country and in that case we will need better working environment as well as good governance.

Rising competitiveness, proactive role in regional, bilateral and global initiatives like Bay of Bengal Initiative and various comprehensive partnerships like ASIAN have largely contributed to the economic development, he said.

Bangladesh should keep in touch with its trade partners even after transition to middle income country for export facilities, he said. Economic diplomacy should be strengthened to achieve the goal.

Sharifa Khan, Secretary of the Economic Relations Division, mentioned that though the LDC graduation period was set at 2024 Bangladesh got another three years of extension to 2026 to take preparation. She said the condition might be a little bit tough now but the country has an experience to overcome economic meltdown in 2005.

“We sustained and we showed our resilience even during the 2009 global financial crisis. The Covid-19 period has also proven that we can handle crisis efficiently.” Particularly the country has successfully competed in the US market, he said. GSP facility will continue until 2029.

“We will ask other countries to urge WTO to continue providing GSP facility for Bangladesh for the next 6 years,” he said.