Experts at a virtual dialogue called for adequate policy support to the non-RMG sectors to help them diversify exports after the country’s graduation from LDC status.
They also put emphasis on policy reforms and skill development for the export diversification during the post-graduation period, said a press release.
Dhaka Chamber of Commerce and Industry (DCCI) organized the dialogue on “Challenges and way forward on export diversification of Bangladesh upon LDC graduation” through a virtual platform.
“RMG is a success model to us. But now it is the high time to give focus on other potential non-RMG sectors like agriculture, pharmaceuticals, light engineering, ICT, leather goods and jute sector,” said noted economist Prof Dr Mustafizur Rahman, also a distinguished fellow of Centre for Policy Dialogue (CPD).
At present 70 per cent of the exports are under preferential market access. After LDC graduation compliance will be a major issue. “We’ve to enforce domestic regulations WTO compliant. In that case industry readiness is more important. Our labour may be cheap….so we have to make our labours productive,” he said.
Dr Rahman stressed the need for innovative finance, forging comprehensive economic partnership with potential partners, and enhancing legal capacity to deal with larger commercial disputes after the graduation.
DCCI President Rizwan Rahman said Bangladesh will be deprived of many international support measures and will face different duty and non-duty tariff related challenges during the post-graduation period.