As the country prepares to graduate from Least Developed Country (LDC) status, a pivotal moment in its economic journey, the nation stands at a crossroads. Economists have raised alarm bells regarding the formidable challenges that lie ahead, particularly in the realm of export-driven growth. As per a report of this newspaper published on Tuesday, a recent conference organised by the Centre for Policy Dialogue (CPD) has underscored the urgent need for a comprehensive reassessment of the country’s economic strategies.
One of the most pressing issues highlighted is Bangladesh’s high import tariff structure. Without a thoughtful approach to import liberalisation, the country risks stifling its economic potential. Dr Mustafizur Rahman’s comparison of Singapore and Haiti serves as a stark reminder: robust institutional capacity is essential for reaping the benefits of liberal imports. Bangladesh, however, grapples with significant institutional weaknesses, particularly in revenue collection and policy implementation. Addressing these gaps is not merely advisable; it is imperative.
The insights from Dr Selim Raihan regarding the lack of a coordinated industrialisation and investment strategy resonate deeply. Disjointed policies have hindered Bangladesh from fully harnessing its economic capabilities. Former Commerce Minister Amir Khosru Mahmud Chowdhury’s call for a fundamental recalibration of economic policies is equally crucial. A shift from a revenue-centric approach to one that fosters a thriving private sector is essential for sustainable growth.
Moreover, the impending loss of duty-free access to global markets for the Ready-Made Garment (RMG) sector post-LDC graduation poses a significant threat. Dr Abdur Razzaq’s emphasis on negotiating with the European Union to retain trade benefits beyond 2027 cannot be overstated. The urgency for bilateral free trade agreements, particularly with Japan, is a clarion call for swift action.
As Bangladesh stands on the brink of a new economic era, the need for strategic reform is clear. The government must align its export goals with global market demands, creating an environment conducive to private sector investment. The voices of industry leaders, such as Zaved Akhtar and Abdullah Hil Rakib, highlight the necessity of a comprehensive strategy that not only addresses current challenges but also positions Bangladesh for future success.
The path forward for Bangladesh is fraught with challenges, but with decisive action and strategic planning, the nation can transform potential obstacles into opportunities for sustainable economic growth.
Take thoughtful measures with caution regarding import liberalisation in way to LDC shifting
