'Businesses should be more competitive for

post-LDC era'
Senior Commerce Secretary Tapan Kanti Ghosh says at DCCI seminar

Star Business Report

Thu Feb 23, 2023 05:36 PM Last update on: Thu Feb 23, 2023 06:26 PM

Senior Commerce Secretary Tapan Kanti Ghosh and DCCI President Sameer Sattar
attend a seminar on “Bi-annual economic state & future outlook of Bangladesh
economy: private sector perspective” organised by the Dhaka Chamber of Commerce
and Industry (DCCI) at the DCCI auditorium in the capital today. Photo: DCCI
Senior Commerce Secretary Tapan Kanti Ghosh has urged entrepreneurs to work to
stay competitive as the government will not able to extend subsidy and incentives in
large amounts amount after Bangladesh's graduation to least developed country in
2026.

At present, the government gives cash incentive to 43 sectors, but it will not continue
after the country's graduation because of the conditions set by the World Trade
Organisation (WTO), he said.

Businesses need to be competitive at home and abroad as the country will not get
duty-free benefits after 2026, he said at a seminar.

The Dhaka Chamber of Commerce and Industry (DCCI) organised the event on "Bi-
annual economic state & future outlook of Bangladesh economy: private sector
perspective" at the DCCI auditorium today.

After LDC graduation, Bangladesh will have to comply with international rules on
governance, labour, social and environmental issues for sustaining export market, said
Sameer Sattar, president of the DCCI.

To face the challenges with ease, the DCCI chief recommended signing free trade
agreement or regional trade agreement or comprehensive economic partnership
agreements for new markets.
He also suggested going for product diversification and searching for new export
destinations, strengthening the backward and forward linkage of industries and
developing skills and technological efficiency.

He also proposed going for negotiations with the WTO and urging Korea and the
USA to continue extending duty- and quota-free trade benefits until 2029.