Currently, the economic development is quantified based either on the degree of specialization or diversification of the country’s production and trade structure. Bangladesh, though thriving globally due to its efficient Readymade Garment sector, often had an unfavorable balance of payment due to its reliance on imports of oil and petroleum, iron and steel, etc. This, in turn, has affected the potential growth of the nation.
Thus, the Bangladesh government, headed by Prime Minister Sheikh Hasina, is more focused and aware than ever, changing the country’s trade practices and policies around the shifting market dynamics of the world— primarily with diversification in the products.
Recently, the board of directors of Dhaka Chamber of Commerce and Industry (DCCI), led by its President Shams Mahmud, called on Salman F Rahman, the Private Industry and Investment Advisor to Prime Minister in the capital. In this meeting, Salman F Rahman outlined the importance of similar facilities for all the industries for the growth of the business sector. He said that similar facilities like back to back LC and bonded warehouse should also be given to other potential sectors like agriculture, leather, ICT to facilitate them to grow more.
According to a press statement issued by DCCI, Salman said that the government has taken various timely initiatives to uphold Bangladesh’s position in the ease of doing business index.
At present, Bangladesh is at the 168th position in Ease of Doing Business Index, said DCCI President Shams Mahmud. He also thanked the adviser for his concerted efforts to increase Bangladesh’s ranking this index.
Mahmud emphasized the importance of other sectors like jute and jute products, shipbuilding, agro-processing to replicate the RMG success model to strengthen the economy. Furthermore, to increase exports, he urged the government for strengthening economic diplomacy with Southeast Asian and African countries.
DCCI Senior Vice-President NKA Mobin, Vice-President Mohammad Bashiruddin and members of the Board of Directors were also present at the meeting in Dhaka.