Graduation from least developed country (LDC) to a developing cone will bring about a plethora of possibilities for Bangladesh – demand for new products will be created in the trade and export sectors, the economy will be bigger, and foreign investment will increase once the various ongoing government infrastructure projects are complete.
With all this in mind, the Federation of Bangladesh Chamber of Commerce and Industry (FBCCI) was developing a 10-year master plan to determine necessary logistics strategies in the coming days, said the federation's president, Md Jashim Uddin, at a press conference on Saturday afternoon.
Enhancing sector-based capacity to meet the changing global demand would be the biggest challenge in the post-LDC graduation period, he observed, adding, "To address this challenge, the FBCCI is going to set up an innovation centre to boost the capability of domestic industries. A concept paper will be submitted to the government next month."
North South University is working with the FBCCI on circular economy and recycling.
The FBCCI president expressed his hope that completion of these ongoing activities will help increase power generation from waste and boost production of recycled materials in the country.
Speaking on their recent visits to the United Kingdom and France, the FBCCI president said the 2nd and 3rd generations of Bangladeshi expatriates have been closely associated with the main economies of the two countries but they do not have much idea about Bangladesh.
If these expatriate entrepreneurs could be connected with the international trade of Bangladesh, it would be easier to capture the mainstream markets of the two countries, he added.
To this end, the FBCCI signed memoranda of understanding (MoU) with the mainstream trade organisations of the United Kingdom and France, he continued.
"The FBCCI has also signed a MoU with the HSBC to list new potential products outside of readymade garments, to explore their export opportunities and barriers."
These initiatives would enable the country to utilise the potential of a developing nation and thus accelerate the pace of economic progress, he expected.
The press conference was organised at the FBCCI office in the capital as a part of a programme entitled "Bijoyer 50 Bochhor: Laal Shobujer Mohotshab" – a 16-day gala celebration being held to mark the 50th anniversary of the country's independence.
Besides taking various steps to expand trade and commerce, the FBCCI celebrates the golden jubilee of independence as an expression of love and gratitude to the country, the Father of the Nation Bangabandhu Sheikh Mujibur Rahman and millions of martyrs, said the FBCCI president.
He urged all to take part in the festival.
The press conference was also attended, among others, by FBCCI Senior Vice President Mostofa Azad Chowdhury Babu, vice presidents MA Momen, Aminul Hoque Shamim, Md Amin Helaly, Md Salahuddin Ahmed and MA Razzak Khan Raj. The directors of the FBCCI were also present.