Trade
2 days ago
BGMEA seeks three-year deferral of LDC graduation to sustain RMG sector
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The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has urged the government to seek a three-year deferral of the country’s graduation from Least Developed Country (LDC) status to help sustain the ready-made garment (RMG) industry in the post-graduation period.
Speaking at a roundtable titled “Business Climate: Reforms, Opportunities, and Challenges Ahead”, organised by The Financial Express, BGMEA Senior Vice-President Inamul Haq Khan said, “We strongly believe that we must make sure that we get three years’ time for LDC graduation and that is going to help us to actually sustain and survive.”
During his intervention, Khan outlined several reforms necessary for reducing the cost of doing business. These include low-cost financing for industries, special and concessional loans for SMEs and green initiatives, rationalising electricity, gas, and port tariffs, and removing policies like the bond licence requirement for opening back-to-back LCs.
Khan also stressed the need for regulatory alignment among the National Board of Revenue (NBR), Bangladesh Bank, and ports, and highlighted major logistical concerns. He called for reducing travel time between Dhaka and Chattogram from seven to three or four hours and sharply improving Chattogram port efficiency.
On energy security, he urged the immediate establishment and operationalisation of the third Floating Storage Regasification Unit (FSRU) to address gas shortages. He also noted that export incentives have been reduced by over 60 per cent and stated that although the government had assured alternative support mechanisms, these were yet to be implemented.
Khan further added that the government needs to accelerate FTA and EPA negotiations with the EU, UK, Japan, Canada, China, India, Korea, Eurasia, and ASEAN countries and called for demand-driven training and technology adoption programmes to improve skills and productivity in the sector.
Speaking at a roundtable titled “Business Climate: Reforms, Opportunities, and Challenges Ahead”, organised by The Financial Express, BGMEA Senior Vice-President Inamul Haq Khan said, “We strongly believe that we must make sure that we get three years’ time for LDC graduation and that is going to help us to actually sustain and survive.”
During his intervention, Khan outlined several reforms necessary for reducing the cost of doing business. These include low-cost financing for industries, special and concessional loans for SMEs and green initiatives, rationalising electricity, gas, and port tariffs, and removing policies like the bond licence requirement for opening back-to-back LCs.
Khan also stressed the need for regulatory alignment among the National Board of Revenue (NBR), Bangladesh Bank, and ports, and highlighted major logistical concerns. He called for reducing travel time between Dhaka and Chattogram from seven to three or four hours and sharply improving Chattogram port efficiency.
On energy security, he urged the immediate establishment and operationalisation of the third Floating Storage Regasification Unit (FSRU) to address gas shortages. He also noted that export incentives have been reduced by over 60 per cent and stated that although the government had assured alternative support mechanisms, these were yet to be implemented.
Khan further added that the government needs to accelerate FTA and EPA negotiations with the EU, UK, Japan, Canada, China, India, Korea, Eurasia, and ASEAN countries and called for demand-driven training and technology adoption programmes to improve skills and productivity in the sector.
Lutfey Siddiqi, Special Envoy on International Affairs to the Chief Adviser, attended the discussion as the chief guest, while Md Anwar Hossain, Secretary at the Ministry of Science and Technology, and Mohammad Hasan Arif, Vice Chairman of the Export Promotion Bureau (EPB), joined as special guests.
The session was chaired by Shamsul Huq Zahid, Editor and CEO of The Financial Express, and moderated by Shiabur Rahman Shihab, Head of Online and Digital Content at FE.
The session was chaired by Shamsul Huq Zahid, Editor and CEO of The Financial Express, and moderated by Shiabur Rahman Shihab, Head of Online and Digital Content at FE.