President Md Abdul Hamid cutting the ribbon to inaugurate the 24th Dhaka International Trade Fair (DITF-2019) at Bangabandhu International Conference Centre ground in the city on Wednesday — PID The local exporters and manufacturers needed to enhance their capacity to face the rising global competition in the post-LDC (least developed country) era, President Md. Abdul Hamid said on Wednesday.
The President also asked the local and foreign investors to tap the country's blue economy potentials.
He was speaking at the opening ceremony of the month-long Dhaka International Trade Fair (DITF) in the capital.
"Once Bangladesh graduates from the Least Developed Country status in the coming years, we will lose our preferential market access", Mr Hamid cautioned.
"Simultaneously, we will also face many non-tariff barriers", he added.
"In view of such a scenario, our exporters and manufacturers need to enhance their capacity to survive the rising global competition", the President said.
The veteran politician also noted that the recent expansion of the country's maritime border created new opportunities in the area of blue economy.
"I would ask the local and foreign investors to tap this immense untapped potential of maritime resources," he added.
The President also called for putting more emphasis on the export of agro-based products to diversify the country's exports.
"Items like jute-based products, processed foods, shrimp, mango and potato have huge export potential," he added.
Speaking on the occasion, Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) President Md. Shafiul Islam (Mohiuddin) called for more predictable business environment.
"We want political stability. We want more predictable regulatory regime", the FBCCI President said.
"At the same time, there should be 5-10-year long forecast for energy and utility prices", he said.
"The planned special economic zones should be implemented in time. There should also be greater connectivity between Chattogram, Mongla and Payra ports", Mohiuddin added.
The FBCCI president also said that commercial counsellors working at overseas missions should come under a greater accountability framework through introduction of target-based performance.
Currently, the government is planning to move the DITF venue to another on 20 acres of land at Purbachal on the outskirts of the capital.
Referring to this, the FBCCI president said the total area of the proposed venue should be increased to 35 acres to accommodate more stalls in the future.
Speaking on the occasion, Commerce Minister Tipu Munshi laid emphasis on exploring new markets.
Referring to an earlier observation of the FBCCI president, the new commerce minister said that Russia, with its big domestic market, could be a major destination for Bangladesh's exports.
Later, the President formally inaugurated the month-long trade fair.
A total of 593 companies from 23 countries are participating in the 24th version of DITF in different categories.
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