More competitive industrial and commercial sectors needed for post-LDC era
Says Mustafa Kamal
FE REPORT | Saturday, 3 June 2023
The government is considering taking necessary initiatives to make the country's industrial and commercial sectors more competitive aiming to cushion possible external shocks to such sectors in the post LDC (least developed country) era, the finance minister said.
Finance Minister AHM Mustafa Kamal in his proposed budget speech for the financial year 2023-2024 said, "We need to make our industrial and commercial sectors more competitive to meet the challenges of LDC graduation."
"To meet this overriding need, it is essential to minimise time and cost, reduce procedural and institutional complexities, and perform processing at all stages of the supply chain with maximum efficiency," he added.
He said, "If we can ensure this, we will be in an advantageous position compared to other exporting countries who are in competition and will be able to attract foreign investment as one of the sources of non-debt creating financing."
Taking these issues into consideration, 'National Logistics Development and Coordination Committee' has been set up under the direction of the Prime Minister at her office comprising members from both public and private sectors for the development of the logistics sector.
The objective of this committee is to achieve national growth targets, enhance capacity in trade and investment, and ensure efficient transportation of goods and services, he added.
At present, the finance minister said, this committee is working on formulation of the National Logistics Development Policy and simplification of policy support framework for investment in logistics sector.
To accelerate the work of the logistics sector, five sub-committees have been formed under the National Committee, which are working for improvement of policy management, institutional capacity building, infrastructure development, technology and digitalisation, and providing technical and research assistance to attract investment in the logistics sector.
The National Industrial Policy-2022 has identified the logistics sector as an export diversification industry and a priority sector, he said.