Sectoral studies to assess competitiveness soon

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FE Report
In a move to gauge the level of global competitiveness, the government plans to carry out sectoral studies shortly in selective areas that will lead to the formulation of a competition policy.
Primarily, separate studies will be conducted in five to six areas, notably apparel, textiles, pharmaceuticals, telecommunications, energy and commodity sectors.
"A move is underway to launch sectoral studies in the country to assess the competitiveness," a source said.
"We'll assign think-tanks to conduct the competitiveness studies in a number of sectors. It will not only ensure the welfare of consumers, but also bring about competitiveness in the economy as a whole," the source added.
The formulation of competition policy is being contemplated in line with the requirements of the World Trade Organisation (WTO), of which Bangladesh is a member.
"Policy formulation is a daunting task. That's why, we'll engage think-tanks and seek donors' assistance in conducting sectoral competitiveness studies to assess the strength of local industries having competitiveness," the source said.
When contacted, an official of the International Finance Corporation (IFC) said the global private sector lender will help Bangladesh in designing the methodology of both sectoral study and the competition policy.
A senior IFC official is expected to visit the country to hold talks with the government and the private sector in moving the matter forward, he added.
A national competition policy is seen as critical in view of the fiercely competitive global business environment, characterised by sophisticated human resources, good taxation policy and efficient import regime.
"Competitiveness is not simply a good exchange rate, a positive balance of trade, and low inflation rate, rather it is human resources, capital and physical assets," the IFC official pointed out.
He noted that "wealth in future" is contingent on insight, sophisticated human capital, cultural attitudes focused on embracing competition, cooperation and investing in complex advantages.
The US-based OTF Group has identified apparel, fish and seafood, ceramics, vegetables, leather and footwear as the country's competitive exports.
Bangladesh is painfully less efficient in import procedures than its regional competitors, such as China and Indonesia, due to poor infrastructure and slow customs processing.
Various studies say it takes 57 days to import an item in Bangladesh, compared to 30 days in Indonesia and 24 days in China.