Modernization of logistics sector stressed
City Desk :
Speakers at a seminar stressed the need for identifying gaps and addressing the existing challenges in the logistics sector of the country alongside modernization of ports and enhancing the capacity of Railways and inland water transport to boost growth and enhancing the capacity of trade and investment.
They said that improvement of the logistics sector of the country will reduce the cost of doing business and production as it will reduce the cost and time of business transactions.
Improvement of the logistic sector will not only contribute to ensuring smooth and sustainable LDC graduation but also facilitate achieving other national development goals, reports BSS.
The speakers came up with such remarks on the fourteenth instant at a seminar on “Logistics Sector of Bangladesh: Challenges and Way Forward” held at the Bangabandhu International Conference Center (BICC) in the capital’s Sher-e-Bangla Nagar area.
The seminar was jointly organized by the Prime Minister’s Office and the Economic Relations Division (ERD).
The experts at the seminar also called for simplification of customs clearance process for the improvement of logistics Sector in the country.
Principal Secretary to the Prime Minister M Tofazzel Hossain Miah attended the seminar as the chief guest.
Senior Secretary of the Ministry of Commerce Tapan Kanti Ghosh spoke as special guest.
ERD Secretary Sharifa Khan chaired the event.
Speaking on the occasion, PM’s Principal Secretary Tofazzel Hossain Miah said that the government has been working in a very concerted way to frame the National Logistics Policy after reviewing the global and regional perspectives.
He said the National Logistics Policy which is being framed should be action oriented.
The Principal Secretary also urged the secretaries to the concerned Ministries and Divisions for initiating the process of necessary reforms in this sector.
He also urged for the active participation of the private sector in this process.
Tofazzel said it was the farsighted leadership of Prime Minister Sheikh Hasina for which the National Logistics Policy is being framed although no one thought of it eight years ago.
Senior Secretary of the Ministry of Commerce Tapan Kanti Ghosh put emphasis on reducing the lead time in export in order to become competitive in the post LDC period.
In this regard, he suggested that the Bangladeshi exporters could think of using the Mumbai and Gujrat ports of India to reduce the lead time.
The Senior Commerce Secretary also opined that improvement in the logistics sector could reduce the transportation cost.
ERD Secretary Sharifa Khan put emphasis on providing policy support for trade facilitation as well as enhancing the competitiveness of export-oriented sectors to prepare the country for the post LDC scenario.
Chairman of the Policy Exchange Bangladesh Dr M Masrur Reaz, in his keynote presentation, informed that Bangladesh’s freight traffic volume is projected to increase seven times by FY 2040-41 from what it was back in FY 2020-21.
He also observed that there are huge investment potentials in various fields of Bangladesh’s logistics sector.
He cited that the global logistics market size is now $9.9 trillion whereas the domestic market size is about $15 billion.
Dr Masrur said the key investment areas in Bangladesh’s logistics sector are ports and terminals, inland container depots, freight transportation, warehousing and lighter ships for inland waterways.
Taking part in the panel discussion, Chairman of the Chittagong Port Authority Rear Admiral Mohammad Sohail said that the Chattogram Port has witnessed massive development over the last one era as there is now so shortage of equipments at the port.
