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BD to gain more after graduation, says PM

She urges to explore new export markets to sustain in global competition


October 22, 2021 00:00:00


Prime Minister Sheikh Hasina, joining virtually from her official residence Gono Bhaban, is inaugurating the newly-constructed Bangabandhu Bangladesh-China Friendship Exhibition Centre at Purbachal on Thursday — PID

Allaying the apprehension that Bangladesh will finally be a 'loser' as a developing country, Prime Minister Sheikh Hasina on Thursday said the country would be able to avail of much more alternative facilities under WTO rules.

She made the remarks while inaugurating the new-ly-constructed Bangabandhu Bangladesh-China Friend-ship Exhibition Centre at the city's Purbachal virtually from her official residence Ganobhaban, reports UNB.

Bangladesh is now a developing country, the Prime Minister said.

It is possible to diversify the country's export products, she said, adding "We'll get much more scope to expand our exports and investment in the country."

Equipped with modern facilities, the exhibition centre is a permanent venue for different product-based fairs round the year. It was built by the Export Promotion Bureau (EPB) under a project jointly financed by Bangladesh and China.

The Prime Minister noted that many people, perhaps, have a doubt that Bangladesh will be deprived of many facilities as a developing country.

"But we'll be able to avail of the alternative facilities which are available for a developing country under the rules and guidelines of the WTO. So, I think there would be no big problem here. It would be a big deal (scope) for us," she said.

She urged the business community to produce quality products, diversify goods, expand the export basket and explore new export markets in order to sustain in the competition of the fast-changing global market.

"It's possible to diversify the country's export products," she said, stating that Bangladesh has a great scope to boost export earnings by developing different industries, including digital devices, jute and jute-processed goods and light engineering.

"We've to enhance our own capacity for competition to retain our export market," the Prime Minister said.

"So, I would like to tell our business community to produce quality products considering the changing demand and the specific (export) markets," she said, asking not to compromise with the quality of goods.

Noting that Bangladesh is now producing ICT or digital devices, she said this sector now can attract investment. "I think we've a big scope to make the digital devices as the major export product in the future," she mentioned.

About environment-friendly jute and jute goods, she stressed the need for the development of new export products from jutes through researches as people are now much conscious about the environment.

She also asked the manufacturers and exporters of readymade garment, knitwear and textiles, leather, ceramic products, frozen goods, raw and processed fish, light engineering, vegetables, fruits, pharmaceuticals goods, and the products of small cottage industries to explore new markets and assess the demand of products.

Sheikh Hasina said her government will create scopes for Bangladeshi entrepreneurs to invest in foreign countries as well so that they can produce goods and create a market for their items there. "We're taking preparations for that. We can attract investment and simultaneously we can make investment in other countries as we've graduated as a developing country now."

She also directed the commerce ministry to play a stronger role to this end.

"We want to create scope so that our industrialists can make investments not only in our own country but also foreign countries to produce and market the products there (in foreign countries)," the Prime Minister said.

She said the government is building 100 economic zones across the country and creating all facilities for local, international and joint investors there.

The Prime Minister also said Bangladesh has successfully retained the pace of business activities during the Covid-19 period. She said Bangladesh has been able to achieve 14.12 export growth and export earnings of $ 45.37 billion in 2020-21 fiscal year. "It's going to be a big achievement during the pandemic."

About the modern exhibition centre, she said the commerce ministry, EPB, exporters and businessmen to ensure the optimum utilisation of this centre by arranging fairs of all the products and services, conferences of exporters and gathering of buyers and sellers and other business promotion activities there.

"This centre would be a good source of income for the commerce ministry as well," she added.

She said the government is building 100 economic zones across the country and creating all facilities for local, international and joint investors there.

The Prime Minister said Bangladesh has successfully retained the pace of business activities during the Covid-19 period though the global economy got stagnant due to the pandemic.

She said Bangladesh has been able to achieve 14.12 export growth and export earnings of US$ 45.37 billion in the 2020-21 fiscal year. "It's going to be a big achievement during the pandemic."

Commerce Minister Tipu Munshi chaired the virtual event while Chinese Ambassador to Bangladesh Li Jiming and Commerce Secretary Tapan Kanti Ghosh spoke at the function. EPB vice chairman and CEO AHM Ahsan delivered the welcome speech.


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