Home ›› 10 Feb 2023 ›› Front
Speakers at a seminar on Thursday called for measures such as expansion of exports, product diversification, and exploring new markets in order to maintain the country’s economic growth after graduating from the Least Developed Countries (LDC) in 2026.
The seminar, titled “Contemporary Global Economic Scenario: Challenges and way forward for EPZ enterprises in Bangladesh,” was organised by the Bangladesh Export Processing Zones Authority (BEPZA).
The prime minister’s Principal Secretary and chief guest of the seminar Tofazzel Hossain Miah said Bangladesh has achieved significant growth in trade and export despite the US-China trade war, the Covid pandemic, and the ongoing Russia-Ukraine war.
He said, “To continue this trend even after graduating from least developed country status in 2026, we need to increase our internal capacity, and at the same time focus on diversification and expansion of export products.
“To expand our exports, we have to explore non-traditional markets in the Middle East, Africa.”
Mentioning the various incentives provided to investors by the present government under the leadership of the prime minister, he urged exporters to bargain with foreign buyers to ensure fair prices of products.
BEPZA organised this seminar to analyse the present economic challenges that have arisen in the context of the post-Covid situation and the Russia-Ukraine War, as well as find out the possible ways to use the opportunities created by the economic uncertainty.
Research and Policy Integration for Development (RAPID) Chairman Mohammad Abdur Razzaque presented the keynote paper of the seminar. He emphasised on internal capacity building and bilateral trade agreements for transition from LDCs.
The researcher said, “To increase exports, we need to diversify our products and give importance to the production and export of man-made fiber apparels in addition to cotton fiber apparels.”
He pointed out that the Export Processing Zones (EPZ) has a leading role in expanding exports. To meet this challenge, he emphasised on integration of the global value chain, ensuring greater compliance, transfer of technology and relocation of industry, and attracting foreign investment.
Welcoming the participants of the seminar, BEPZA Executive Chairman Major General Abul Kalam Mohammad Ziaur Rahman said that the whole world is experiencing many economic challenges as well as Bangladesh.
He said, “The domino effect of the Russian-Ukraine war has created instability in the region and reduced export demand from countries such as Bangladesh.
“The seminar was organised to closely study the ongoing economic ups and downs and explore the challenges therein, especially for the EPZ enterprises.”
High officials and representatives of the government, including chief of different departments and organisations related to investment and export, foreign and local investors and their representatives of the enterprises of EPZs and high officials of BEPZA were present in the seminar.
