Trade war an opportunity for Bangladesh: Economists

Prominent economist and Chairman of Policy Exchange Bangladesh Masrur Riaz on Monday said the ongoing global trade war has created new opportunities for Bangladesh as American imports are shifting away from China.

“Amid this situation, Bangladesh, as a non-aligned or openly non-political country, can become a promising destination,” he said.

Masrur was addressing a seminar titled ‘Bangladesh’s Actions in the Context of Trade War and the Role of FBCCI’, organised by Bangladesh Business Forum (BBF) at a city hotel on Monday.

He stressed the need for improving competitiveness, trade facilitation, product diversification and governance to capitalise on such opportunities.

Speaking at the event, Executive Chairman of Power and Participation Research Center (PPRC) Dr Hossain Zillur Rahman underscored the importance of identifying new growth drivers to keep the economy on track in the wake of the recent political change.

He called for recognising harassment in business activities as a ‘state malady’, much like corruption is indexed globally.

“While the readymade garment (RMG) sector exists, new sectors must be explored,” he said, pointing to pharmaceuticals, agriculture, IT and leather as potential areas.

Business leaders at the programme, however, criticised the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), saying the apex trade body has failed to play any effective role while the business community continues to face problems, including the energy crisis.