Policy, institutional reform seen as key to export diversification

Speakers at a round-table echoed the necessity for policy and institutional reforms in Bangladesh to achieve its export-led growth. 

Leading private sector representatives and policy makers, at a round table in the city, emphasised streamlining tariff structure, expanding bonded warehouse facility, harmonizing of standards, building investment facilitation and institutional capacity port diversification. 
Referring to Bangladesh’s recent success and Diagnostic Trade Integration Study (DTIS) conducted by the Ministry of Comnerce, Dr Sanjay Kathuria, lead economist, Trade and Competitiveness, Global Practice of World Bank Group, stressed the need for coordinated efforts to address the key policy and institutional changes.
The Round Table titled Export Diversification and Policy Priorities for Bangladesh was organised by Business Initiative Leading Development (BUILD) at the Pan Pacific Sonargaon in the capital on Tuesday. 
DTIS indicates that if Bangladesh captures 20 per cnt of Chinese garment exports, its own exports will double and it also create 5.4 million new jobs including 13.5 million indirect jobs which are almost enough compared to the need of the next decade.
Speaking at the round-table as the chief guest, Nojibur Rahman, chairman, National Board of Revenue, said NBR would greatly welcome implementation of the recommendations. 
“We will try to take all directives of the study and ponder actions accordingly,” he said.
Esperanza Lasagabaster, practice manager, Trade and Competitiveness Global Practice, World Bank Group South Asia said this DTIS is a comprehensive study that can guide policy makers to explore the export strengths of Bangladesh. Syed Nasim Manzur, chairman of BUILD, said that bonded warehouse facility should be extended to sectors beyond RMG. He mentioned the dispersion in taxation also affects the non-RMG sectors like leather footwear which holds $ 5 billion export potential.
He also said that BSTI capacity needs to be augmented to be accepted globally. He suggested picking the winners as Bangladesh lacks capacity to support all sectors. In this respect, he suggested an extensive analysis to identify the sectors for providing long-term supports. 
The event was attended by Dr M Masrur Reaz, program manager of Bangladesh Investment Climate Fund, T&C, World Bank Group, Ferdaus Ara Begum, CEO of BUILD, Jalal Ahmed, additional secretary of Finance Division, Shubhashis Bose, DG (Ad. Sec) WTO Cell, Ali Ahmed, CEO of BFTI, Saiful Hasib, DG of BSTI and Shaikh Yusuf Harun, DG of PMO, among others.

 

Policy, institutional reform seen as key to export diversification

Speakers at a round-table echoed the necessity for policy and institutional reforms in Bangladesh to achieve its export-led growth. Leading private sector representatives and policy makers, at a round table in the city, emphasised streamlining tariff structure, expanding bonded warehouse facility, harmonizing of standards, building investment facilitation and institutional capacity port diversification. Referring to Bangladeshs recent success and Diagnostic Trade Integration Study (DTIS) conducted by the Ministry of Comnerce, Dr Sanjay Kathuria, lead economist, Trade and Competitiveness, Global Practice of World Bank Group, stressed the need for coordinated efforts to address the key policy and institutional changes. The Round Table titled Export Diversification and Policy Priorities for Bangladesh was organised by Business Initiative Leading Development (BUILD) at the Pan Pacific Sonargaon in the capital on Tuesday. DTIS indicates that if Bangladesh captures 20 per cnt of Chinese garment exports, its own exports will double and it also create 5.4 million new jobs including 13.5 million indirect jobs which are almost enough compared to the need of the next decade. Speaking at the round-table as the chief guest, Nojibur Rahman, chairman, National Board of Revenue, said NBR would greatly welcome implementation of the recommendations. We will try to take all directives of the study and ponder actions accordingly, he said. Esperanza Lasagabaster, practice manager, Trade and Competitiveness Global Practice, World Bank Group South Asia said this DTIS is a comprehensive study that can guide policy makers to explore the export strengths of Bangladesh. Syed Nasim Manzur, chairman of BUILD, said that bonded warehouse facility should be extended to sectors beyond RMG. He mentioned the dispersion in taxation also affects the non-RMG sectors like leather footwear which holds $ 5 billion export potential. He also said that BSTI capacity needs to be augmented to be accepted globally. He suggested picking the winners as Bangladesh lacks capacity to support all sectors. In this respect, he suggested an extensive analysis to identify the sectors for providing long-term supports. The event was attended by Dr M Masrur Reaz, program manager of Bangladesh Investment Climate Fund, TC, World Bank Group, Ferdaus Ara Begum, CEO of BUILD, Jalal Ahmed, additional secretary of Finance Division, Shubhashis Bose, DG (Ad. Sec) WTO Cell, Ali Ahmed, CEO of BFTI, Saiful Hasib, DG of BSTI and Shaikh Yusuf Harun, DG of PMO, among others.