Beef up capacity, diversify products to fend off recession: Dilip Barua
Friday, 14 August 2009
FE Report
Minister for Industries Dilip Barua has called for strengthening domestic industrial capacity and diversifying local product range in a bid to fend off ongoing global meltdown.
"In the midst of current economic crisis, global trade is contracting and as a member of the global community, Bangladesh and other Asian countries are not free from the threats of recession," he said in the city Thursday.
"In order to face the challenges of global economic recession, we have no other alternative but to strengthen our local industrial capacity and diversify our product ranges," Dilip Barua added.
The minister said this on the eve of opening the second Asian International Trade Expo in the city.
"We need to develop our local industries so that we can meet the domestic demand from our local production," Mr Dilip said.
The industries minister also stress the need for effective economic and trade cooperation among the Asian countries.
"Asian countries can cooperate and help each other in exchanging bilateral and multilateral experts and delegations for their industrial development," he said.
"It is also extremely important to sensitize the people to bring these countries under one roof through events like exhibitions to create consumer awareness, build business network and to create a B2B (business-to-business) platform," Dilip added.
Later, he formally inaugurated the trade expo organised by CEMS at the Bangabandhu International Conference Centre in the city.
Over 150 participants from six countries from South, East and South East Asian region are participating in the seven-day fair.
Earlier, speakers at the opening ceremony hailed the staging of the event as timely and underlined the need for inter-regional trade within the Asian region.
Asia, which is the fastest-growing region in the world with an annual GDP growth rate of 6.3 per cent, is the real driver of the world economy, accounting for over half of the world's growth since 2001 and 21 per cent contribution to the increase in world GDP, they observed.
President of American Chamber of Commerce in Bangladesh Syed Ershad Ahmed, Managing Director of Rupayan Group Sadat Hossain Salim, Additional Managing Director of Green Delta Insurance ASA Muiz and President and Group Managing Director of CEMS Meherun N Islam also spoke on the occasion.
Minister for Industries Dilip Barua has called for strengthening domestic industrial capacity and diversifying local product range in a bid to fend off ongoing global meltdown.
"In the midst of current economic crisis, global trade is contracting and as a member of the global community, Bangladesh and other Asian countries are not free from the threats of recession," he said in the city Thursday.
"In order to face the challenges of global economic recession, we have no other alternative but to strengthen our local industrial capacity and diversify our product ranges," Dilip Barua added.
The minister said this on the eve of opening the second Asian International Trade Expo in the city.
"We need to develop our local industries so that we can meet the domestic demand from our local production," Mr Dilip said.
The industries minister also stress the need for effective economic and trade cooperation among the Asian countries.
"Asian countries can cooperate and help each other in exchanging bilateral and multilateral experts and delegations for their industrial development," he said.
"It is also extremely important to sensitize the people to bring these countries under one roof through events like exhibitions to create consumer awareness, build business network and to create a B2B (business-to-business) platform," Dilip added.
Later, he formally inaugurated the trade expo organised by CEMS at the Bangabandhu International Conference Centre in the city.
Over 150 participants from six countries from South, East and South East Asian region are participating in the seven-day fair.
Earlier, speakers at the opening ceremony hailed the staging of the event as timely and underlined the need for inter-regional trade within the Asian region.
Asia, which is the fastest-growing region in the world with an annual GDP growth rate of 6.3 per cent, is the real driver of the world economy, accounting for over half of the world's growth since 2001 and 21 per cent contribution to the increase in world GDP, they observed.
President of American Chamber of Commerce in Bangladesh Syed Ershad Ahmed, Managing Director of Rupayan Group Sadat Hossain Salim, Additional Managing Director of Green Delta Insurance ASA Muiz and President and Group Managing Director of CEMS Meherun N Islam also spoke on the occasion.