Logistic sector has huge investment potentials

Staff Reporter :
Speakers at a seminar on Thursday said that there is a huge opportunity to attract local and foreign investment in the country’s logistics sector as the sector will be seven times higher in 2041 than present.

They further said simplification of rules of releasing goods from ports is a must for easing doing business and trade expansion in the wake of country’s LDC graduation.

They came up with the observation while speaking at a seminar on “Logistics Sector of Bangladesh: Challenges and Way Forward” organized jointly by Prime Minister Office and Economic Relation Division (ERD) at a city hotel.

Emphasising modernization of ports and increasing the capabilities of the country’s internal rail path and inland water transport, Prime Minister’s Principal Secretary Md Tofazzel Hossain Mia said, “The development of logistic sector is a must to accelerate the country’s socio-economic development, trade expansion, create investment friendly environment and to attain competitiveness.”

Considering the importance of the logistic sector, a National Logistics Development and Coordination Committee has been formed.

“It is necessary to implement the policies, have been taken to develop the logistic sector.

Along with this, structural reforms of the sector should be started immediately,” said Tofazzel.

Both public and private sector should come forward to develop the sector, he added.

ERD Secretary Sharifa Khan said policy for ease of doing business and increase on competitiveness in private sector are needed to face the upcoming challenges caused by the LDC graduation.

In his key-note paper, Policy Exchange Bangladesh Chairman Dr Mashrur Riaz said the size of goods transport will be around seven times higher in 2041 than currently transport in the country.

“So, there is a huge opportunity to attract local and foreign investment in the logistic sector,” he added.

Commerce Ministry Senior Secretary Tapan Kanti Ghosh, NBR Member (Customs Policy) Masud Sadik, Chattagram Port Authority Chairman Real Admiral Mohammad Sohail, LFMAB President Syed Nasim Manjur and BKMEA Executive President Mohammad Hatem, among others, spoke on the occasion.