Timely reforms essential to create business friendly environment: Principal secretary

Timely reforms and good governance are essential for creating a business friendly environment with a view to prepare the country for post-LDC graduation scenario, M Tofazzel Hossain Miah, principal secretary to the prime minister, said today.

He also called for increased investment in human resource by the readymade garment (RMG) sector to meet the existing gap of managerial skills in the RMG industry.

Tofazzel made the remarks while speaking as the chief guest of the 'Validation Workshop on Final Draft Study Reports on Market Access, Comparative Advantage and Export Diversification and Upscaling the RMG Sector' held at the NEC Conference Room of the capital on the day.

Support to Sustainable Graduation Project (SSGP) of the Economic Relations Division (ERD) organised the event, reads a press statement.

Senior Commerce Secretary Tapan Kanti Ghosh and Bangladesh Textile Mills Association (BTMA) President Mohammad Ali Khokon attended the event as special guests. ERD Secretary Md Shahriar Kader Siddiky chaired the workshop.  

Speaking on the occasion, Tapan Kanti Ghosh said Bangladesh has to explore alternative to cash incentives to prepare the country's exporters for post-LDC graduation scenario.

President of Bangladesh Textile Mills Association Mr. Mohammad Ali Khokon said that Bangladeshi apparel manufacturers can move towards multi-fibre arena through ensuring duty-free access of all fibres.   

ERD Secretary Shahriar, observed that the private sector must work in close collaboration with the academic institutions to meet the gap of managerial skills in the RMG sector.

According to the press statement, the government is prioritising a smooth and sustainable LDC graduation. Several in-depth sectoral studies are being carried out by the SSGP under the guidance of the National Committee on LDC Graduation to assess the impact of LDC graduation and to formulate the relevant strategies accordingly.

As part of that process, a study is being carried out on 'Market Access, Comparative Advantage and Export Diversification' with support from Policy Research Institute while another study is being carried out on 'Upscaling the RMG Sector' with support from Research and Policy Integration for Development (RAPID).

Against this backdrop, the workshop was organised to review the major findings of those studies and to disseminate them among the relevant stakeholders.

Chairman of RAPID and the Research Director of PRI Mohammad Abdur Razzaque delivered two keynote presentations highlighting the major findings of the studies. 

Reflecting on the findings of the study on 'Upscaling the RMG Sector', Dr Razzaque pointed out that although the global demand for Manmade Fibre (MMF) and blended items has increased faster than cotton products, Bangladesh's cotton export growth remains higher than its MMF exports.  

The study has called for adopting a dual-track strategy with a view to consolidate Bangladesh's position in the cotton apparel market while expanding its share in the MMF segment.

The study has also underscored the need for devising a fibre security strategy, ensuring duty-free access of all fibres and establishing a dedicated low-cost investment fund to support MMF investments.    

Focusing on the findings of the study on 'Market Access, Comparative Advantage and Export Diversification', Dr Mohammad Abdur Razzaque called for prompt and effective implementation of the National Tariff Policy.  

Former Senior Secretary of ERD and Adviser of SSGP Ms. Sharifa Khan; Vice Chairman of Export Promotion Bureau AHM Ahsan, Director General of the Duty Exemption and Drawback Office (DEDO) Mohammad Belal Hossain Chowdhury; and Director of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Mr. Abdullah Hil Rakib also spoke during the event as panellists.