'Businesses should be more competitive for post-LDC era'
Senior Commerce Secretary Tapan Kanti Ghosh has urged entrepreneurs to work to stay competitive as the government will not able to extend subsidy and incentives in large amounts amount after Bangladesh's graduation to least developed country in 2026.
At present, the government gives cash incentive to 43 sectors, but it will not continue after the country's graduation because of the conditions set by the World Trade Organisation (WTO), he said.
Businesses need to be competitive at home and abroad as the country will not get duty-free benefits after 2026, he said at a seminar.
The Dhaka Chamber of Commerce and Industry (DCCI) organised the event on "Bi-annual economic state & future outlook of Bangladesh economy: private sector perspective" at the DCCI auditorium today.
After LDC graduation, Bangladesh will have to comply with international rules on governance, labour, social and environmental issues for sustaining export market, said Sameer Sattar, president of the DCCI.
To face the challenges with ease, the DCCI chief recommended signing free trade agreement or regional trade agreement or comprehensive economic partnership agreements for new markets.
He also suggested going for product diversification and searching for new export destinations, strengthening the backward and forward linkage of industries and developing skills and technological efficiency.
He also proposed going for negotiations with the WTO and urging Korea and the USA to continue extending duty- and quota-free trade benefits until 2029.