Cut cost of doing business to compete in post-LDC era
Says CPD at a dialogue Star Business Report Star Business Report
Bangladesh needs to reduce the cost of doing business locally to be more competitive globally in the post-LDC era as the country will face duties on exports because of the erosion of trade privileges, said a noted economist yesterday.
Mustafizur Rahman, a distinguished fellow of the Centre for Policy Dialogue (CPD), speaks at a dialogue on “Moving out from the LDC group: Strategies for graduation with momentum”, organised by the CPD yesterday. Photo: Collected Local businessmen will have to be facilitated by offsetting costs in the domestic markets so that they can remain competitive in the international markets even after graduation from the LDC, said Mustafizur Rahman, a distinguished fellow of the Centre for Policy Dialogue (CPD).
Apparel diplomacy for the post-LDC era
The recommen-dation of the United Nations Committee for Development Policy (CDP) for Bangladesh s graduation out of the Least Developed Country (LDC) status is both a matter of pleasure and of pride for every patriotic person of the nation. After the committee s recommendation for Bangladesh to become a developing nation, the proposal now will be sent to the United Nations Economic and Social Council (ECOSOC) for its endorsement in June this year. The UN General Assembly is scheduled to finally approve the proposal in September.
In the recommendation, three eligibility criteria for graduation such as per capita income, human assets, and economic and environmental vulnerability were considered, all of which Bangladesh met in the second triennial review of the LDC category by the CDP. We all know that our Readymade Garments (RMG) industry, which accounts for more than 83 percent of the country s total export earnings, has largely contributed to
Earnings from exports declined 3.92 per cent year-on-year to $3.19 billion in February because of a fall in apparel shipment as the lingering coronavirus pandemic continues to hurt the country's key markets. The merchandise shipment was also 4.83 per cent below the month's export target of $3.35 billion, according to data from the Export Promotion Bureau (EPB).
Earnings from exports declined 3.92 per cent year-on-year to $3.19 billion in February because of a fall in apparel shipment as the lingering coronavirus pandemic continues to hurt the country's key markets. The merchandise shipment was also 4.83 per cent below the month's export target of $3.35 billion, according to data from the Export Promotion Bureau (EPB).