Private sector to become the country's development engine: Principal Secretary

Principal Secretary to Prime Minister Tofazzel Hossain Miah on Thursday said the government is simplifying rules for entrepreneurship development like in the developed countries as it wants the private sector to grow as the country's development engine.

He was speaking at a seminar titled 'Contemporary Global Economic Scenario: Challenges and a way forward for EPZ enterprises in Bangladesh' held at Bangladesh Export Processing Zones Authority (BEPZA) conference room in the city.

The BEPZA organized the seminar to highlight the business-friendly environment in Bangladesh among the local and foreign investors in the EPZs and the incentives and other opportunities for business growth.

Prime Minister Sheikh Hasina has recently formed a committee under the principal secretary's leadership with the participation of the private sector to formulate a logistics policy, which is crucial for growing entrepreneurship.

The government is working to simplify the process of permission for foreign investors and bring it under a single authority, Tofazzel said.

International trade expert Dr Mohammad Abdur Razzaque presented a keynote paper in the seminar on 'From Headwinds to Opportunities: Charting A Path to Export Success through Global Turbulence'.

He pointed out that Bangladesh has made tremendous socio-economic progress and is now set to graduate from the LDC group in 2026.

Despite this advantage, external shocks and an unfavorable global trade environment pose threats to economic stability and development prospects. Along with this, the medium- to long-term export prospects will interact with the new realities of a much less favorable post-LDC graduation international trade regime, he said.

"The recent macroeconomic developments imply the critical significance of exports in maintaining foreign exchange reserves. It is in this context that the role of Export Processing Zones (EPZs), accounting for 17 percent of the country's total merchandise exports, cannot be overemphasized," he added.

The government is striving for promoting exports, a transformed trade and investment policy is now needed," said Razzaque, who is also chairman of the research organization RAPID (Research and Policy Integration for Development).

Technological advancement is already impacting the way global trade takes place, and slow adaptation will undermine export competitiveness, he pointed out.

President of the Bangladesh Export Processing Zones Investors' Association (BEPZIA) Shahadat Musharraf Khan, Additional Director of the Bangladesh Bank Mohammad Iftakhar Awal Bhuiyan and Member (Customs Export, Bond and IT) of the National Board of Revenue (NBR) Hossain Ahmed took part in the discussion on keynote paper.

BEPZA Executive Chairman Major General Abul Kalam Mohammad Ziaur Rahman said the aftermath of strict lockdown for the COVID-19 pandemic, the ongoing Russian-Ukraine war coupled with the sanctions and counter-sanctions by the economic giants have put the world into a situation of economic turmoil and uncertainty.

Bangladesh is also experiencing the shock of this economic uproar, so alternative ways and negotiations are needed to develop a policy for overcoming the situation, he said.