Nat'l Logistics Policy set to 'propel economic growth’

Reform agenda under the policy must be implemented first, say experts

FE Report | Published: June 25, 2024 22:00:47

Experts at a seminar on Tuesday said the National Logistics Policy 2024 represents a pivotal step for Bangladesh towards bolstering its position in the global market and spurring economic development.
It's aligned with the country's ambition to become a 'High-Income Country' and transform into a 'Smart Bangladesh' by 2041, they said.
They pointed out that this policy aims to lower business costs, boost exports, and integrate into the Global Value Chain (GVC), which are essential for building a 'Smart Bangladesh'.
They also suggested that the prescribed reform agenda under the policy must be implemented first before full execution of the policy.
The Foreign Investors Chamber of Commerce and Industry (FICCI) organised the seminar titled 'National Logistics Policy 2024 of Bangladesh: From Policy Framework to Execution' at a city hotel.
Speaking as the chief guest, Mohammad Tofazzel Hossain Miah, Principal Secretary to the Prime Minister, said the Chittagong Port Authority still has so much to do in order to enhance logistics.
The private sector has played its role in introducing the policy, he said and urged them to come up with more such policies to create a competitive business climate.
The seminar brought together dignitaries from the government, industry, and academia to deliberate on translating the recently formulated National Logistics Policy 2024 into actionable plans to achieve sustainable economic growth and expand both local and global trade and investment by building a top-notch logistics network.
Chairman of Chittogong Port Authority (CPA) Rear Admiral Mohammad Sohail attended the seminar as a special guest.
He said, "Bangladesh has given the green light to its first-ever National Logistics Policy. By putting this policy into action effectively, we aim to develop a top-tier, up-to-date, and high-performing logistics network."
"It will help achieve our economic targets," he added.
He emphasised the policy's role in building a leading logistics network to meet economic goals.
Former MCCI President Barrister Nihad Kabir highlighted the National Logistics Policy 2024 as a catalyst for private investment in vital areas like ports and railways.
She noted that this policy will attract capital, create jobs, and demand new skills, reflecting joint efforts by the private and public sectors. The policy is expected to enhance logistics, increase competitiveness, and boost productivity.
FICCI President Zaved Akhtar said the new monitoring mechanisms and councils will ensure the policy's success.
He expressed the hope that the establishment of the National Logistics Development Council and the National Logistics Development and Coordination Committee (NLDCC) will provide essential guidance and coordination, ensuring that the logistics policy is implemented effectively and efficiently.
He also highlighted the 2025-2035 decade as a key period for infrastructure development. This period will be marked by the roll-out of a Reform Plan to overcome sector challenges, the development of a skilled workforce, and the creation of an investment-friendly environment to attract both local and foreign investments.
"These measures, along with the performance monitoring and regular engagement with the private sector, are crucial for ensuring that our logistics sector not only meets but also exceeds the expectations of both national and international business community. We are on the edge of a new era of efficiency and competitiveness, and I am confident that these recommendations will lead us to success," he added.
The seminar was moderated by Dr M Masrur Reaz, Chairman and Founder, Policy Exchange Bangladesh.
He said the National Logistics Policy is the only policy in Bangladesh that has in-built reform agenda.
Syed Ershad Ahmed, President of AmCham and former president of FICCI, said the policy now requires action plan.
He urged the government to remove the cap in investment in some areas of logistics, including warehouse, by foreign investors.
Abul Kasem Khan, former President of DCCI, said the logistics policy requires policy coordination with other policies.
Shahida Sultana, Director General (Executive Cell), PMO, and Member Secretary of National Logistics Development and Coordination Committee, and Nikhil D'Lima, Managing Director of Maersk Bangladesh, also spoke as the panel speakers.
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