Local entrepreneurs losing competitiveness abroad

The rising cost of doing business has made it difficult for local entrepreneurs to survive in the global competition, according to the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI).

Add to this high inflation caused by an abnormal increase in the prices of energy, food, farm produce, industrial raw materials, spare parts, and transport, said Md Jashim Uddin, president of the country's apex trade body.

He then emphasised obtaining certificates from various institutions, reducing complexities in their renewal, effective automation, and increasing the capacity of port management to attract more foreign investment.

In such a situation, the private sector should focus on increasing the use of technology, creating a skilled workforce, improving the efficiency of business management, and the capacity to produce goods at competitive prices, Uddin suggested.

Speaking at the trade body's annual general meeting at a convention hall in Dhaka yesterday, the FBCCI chief also discussed the challenges Bangladesh will face after its graduation to a developing country in early 2026.

He said graduating from the least developed country (LDC) status will bolster Bangladesh's image in the international arena.

"As a result, new paths will be opened in trade and foreign investment will also increase," Uddin said.

However, along with these possibilities, several challenges are also waiting for the private sector and so, it should prepare to face these from now on, he added.

The FBCCI chief went on to say that Bangladesh will lose its special trade privileges in several markets including Europe, one of the country's top export destinations, as a result of the LDC graduation.

"The private sector will have to face competition in terms of price and product quality. This is why emphasis should be given on research, innovation, and product diversification," he said.

Uddin urged the government to initiate more bilateral trade agreements, including free trade agreements and preferential trade agreements, for wider market access for Bangladesh's products after graduation.

He also suggested businesses be more proactive in maintaining productivity. At the same time, he suggested identifying sector-wise problems and bringing them up at the policy-making level through the FBCCI.

At the event, the FBCCI also announced plans to organise a three-day programme to celebrate its golden jubilee, including a two-day international business summit to brand Bangladesh as an investment-friendly country.

On the third day of the golden jubilee celebration, it would honour distinguished businessmen, freedom fighters, and entrepreneurs for their contributions to the national economy.

Moreover, a three-day international fair, styled "Best of Bangladesh", will be organised to highlight local products and services to the world, Uddin said.