FBCCI stresses skills dev for smooth LDC graduation
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) is putting emphasis on sectoral skills development to help the country face any challenge when it leaves the United Nation's list of least developed countries (LDC).
"We will submit a proposal to the government that will turn the challenges of LDC graduation into opportunities by building up negotiation skills, among other expertise," said FBCCI President Md Jashim Uddin.
Uddin made this comment while briefing the media at the federation's office in Dhaka yesterday on an ongoing 16-day event commemorating the country's 50 years of independence.
Prime Minister Sheikh Hasina launched the programme earlier on Wednesday. On making the status graduation to a developing country, innumerable possibilities will be created for Bangladesh as there will be increased demand for new products.
And as a part of its efforts to facilitate a smooth graduation, the FBCCI is preparing a 10-year masterplan for the development of trade and the overall economy.
As such, the FBCCI is working with the government to develop the domestic private sector as 85 per cent of Bangladesh's economy is dominated by private enterprises.
"Now, we have to work to utilise the next four years to cope with the challenges after graduation," he added.
According to the FBCCI chief, every industry requires foreign direct investment for research and innovation. For example, players in the local manmade fibre industry currently lack experience.
Agro-industries will be the next potential area for investment as it will turn Bangladesh into a hub in this regard, he said.
Uddin then suggested developing warehouses and other related facilities at airports as Bangladesh would need a huge amount of storage space in the future as the country's exports were projected to hit $300 billion by 2041 from the existing $40 billion.
The FBCCI president went on to say that Bangladesh's present capacity in the logistics and transport sector will not be able to handle the rising economic activities in the coming days.
Around 50 per cent of the country's products already go to waste due to improper protective measures during transportation.
"So, if an investor invests an extra 5 per cent for transportation, they will be able to prevent around 45 per cent of the potential losses that may occur due to wastage," Uddin said.
Asked about the reason behind hosting this event, the president of the country's apex trade body clarified that 50 years of independence was an important feat.
"For this reason, the FBCCI took this initiative to celebrate the 50-year anniversary of independence," he said.
Uddin also clarified that they have not included any intellectual discussions or seminars on specific subjects due to the nature of the event, which is being celebrated through cultural events.
Running from 7:00pm to 10:00pm each day, the Hatirjheel amphitheatre will be the venue for these cultural events.
"It is a milestone achievement for us and this is why we are celebrating the day," Uddin said.
According to him, Bangladesh has a lot of achievements and the private sector played a vital role on the economic front.
Mostofa Azad Chowdhury Babu, senior vice president of the FBCCI; MA Momen, vice president; and directors Md Aminul Hoque Shamim, Md Amin Helaly, Md Salahuddin Ahmed and MA Razzak Khan Raj were also present.
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