Warehouse to be set up in a CIS country: Muhith

Finance Minister Abul Maal Abdul Muhith on Saturday said Bangladesh will set up warehouse at any country among Commonwealth of Independent States (CIS, former Soviet republic) to boost exports. "The government will take every necessary step to introduce warehouse at a CIS country. Besides, warehouses will be set up in two more countries including Gujarat of India," he said while addressing as the chief guest at a seminar on "Russia and CIS Countries: Third Destination of Bangladeshi Export Goods" in Dhaka. CIS, a regional organisation whose participating countries were parts of former Soviet Union, formed during the breakup of the Union of Soviet Socialist Republic, and Bangladesh Foreign Trade Institute jointly organised the seminar, held at a Gulshan hotel. Commerce Minister Tofail Ahmed addressed it as the special guest while Commerce Ministry Senior Secretary Hedayetullah Al Mamun, Finance Ministry Senior Secretary Mahbub Ahmed, Foreign Secretary Shahidul Huq, Export Promotion Bureau vice-chairman Shubhashish Basu, Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) former president AK Azad, former commerce secretary Sohel Chowdhury, BGMEA former president Anwarul Alam Chowdhury Parvez, Plastic Goods Manufacturers and Exporters Association President Jasim Uddin Ahmed addressed, among others. The finance minister said cash assistance would be provided by next December for plastic, drug and leather and several other goods export.
"Bangladesh will come out from the list of least developed countries (LDCs) within 2021. We have seven years as we came to know that Bangladesh enter into the list of lower middle income countries," he added. Speaking on the occasion Tofail Ahmed said main impediment to commerce in CIS countries are banks and letter of credit (LC). "It will not be possible to expand commerce in CIS countries through World Trade Organisation (WTO). Bilateral and free-trade agreement (FTA) is needed for that. But India and Australia are providing hundred percent duty-free accesses. So, there is no necessity to make FTA with the two countries," he added.
The minister said, "We should not rely on only readymade garments to achieve the goal of 50 billion US dollar export by 2021. Export diversification is essential for that. For that reason, cash assistance will be provided in exporting plastic, drug and leather and several other goods. There is no alternative to subsidy for export diversification," according to BSS.
- biplab