Written by The Banking Post
The ongoing global trade war is creating fresh opportunities for Bangladesh as US imports continue to shift away from China, economists said on Monday.
“Amid this situation, Bangladesh, as a non-aligned and non-political country, can emerge as a promising destination,” said Masrur Riaz, economist and Chairman of Policy Exchange Bangladesh.
He was speaking at a seminar titled “Bangladesh’s Actions in the Context of Trade War and the Role of FBCCI”, organised by Bangladesh Business Forum (BBF) at a city hotel. Riaz stressed the importance of competitiveness, trade facilitation, product diversification and good governance to fully tap into the emerging opportunities.
Executive Chairman of Power and Participation Research Centre (PPRC) Dr Hossain Zillur Rahman emphasised the need to identify new growth drivers to keep the economy stable in the wake of recent political changes.
He also urged policymakers to recognise harassment in business activities as a “state malady”, similar to how corruption is globally indexed. “While the RMG sector remains vital, new sectors such as pharmaceuticals, agriculture, IT and leather must be explored,” he said.
Business leaders, however, criticised the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) for failing to play an effective role, saying the apex trade body has remained inactive while businesses continue to struggle with challenges, including the ongoing energy crisis.
