WTO asks Bangladesh to diversify export

Dhaka University students burn Lamy’s effigy on the campus to protest his presence in the convocation ceremony on March 31, 2012 (Photo: Abdur Rahman Khan)

DHAKA, Bangladesh –The WTO director general Pascal Lamy has suggested Bangladesh to address non-tariff barriers for boosting the country’s trade besides diversifying its export basket.

Addressing a discussion meeting on recent developments in the global economy and the role of WTO, organized by the Federation of Bangladesh Chambers of Commerce and Industry at a city hotel on Sunday, Pascal Lamy said that there was a huge potential for Bangladesh to become a developed country like Singapore.

He, however, stressed that Bangladesh needed to address energy constraints and develop transport infrastructure to attract foreign direct investment.

Pascal Lamy suggested Bangladesh to diversify its export basket and develop trade infrastructures for getting access to more international markets.

‘Bangladesh should not depend only on locally produced products like readymade garments in international trade.

The country can re-export the imported products by adding value, taking advantage of global supply chain system,’ the WTO DG said.

According to the International Monetary Fund, Bangladesh ranked as the 43rd largest economy in the world with a gross domestic product of US$269.3 billion in PPP terms. The economy of Bangladesh is a rapidly developing market-based economy with the present per capita income at around US$1700.

The economy has grown at the rate of 6-7% per annum over the past few years. More than half of the GDP is generated by the service sector; while nearly half of Bangladeshis are employed in the agriculture sector. Other goods produced are textiles, jute, fish, vegetables, fruit, leather and leather goods, ceramics and ready-made garments.

Remittance from “Bangladeshis working overseas, mainly in the Middle East, is the major source of foreign exchange earnings; exports of garments and textiles are the other main sources of foreign exchange earnings. In recent years, ship building has become a major force of growth.

Improve energy supply and infrastructure

Addressing a separate public lecture on Role of Trade in Development on Sunday, Lamy observed that energy was a fundamental constraint Bangladesh like many other least-developed countries.

Without improving the transport infrastructure, the FDI and other investments would not come to Bangladesh. The government has to pay special attention in this regard, he said at the lecture, organized by Bangladesh Economic Association (BEA).

He noted that Bangladesh boasts one of the largest young labor forces in the world and the past decade had witnessed rapid economic growth of Bangladeshi economy.

He appreciated that, ‘Bangladesh is known for its globally competitive garments industry and it is a major player in world exports of clothing. The pharmaceutical and chemical industries are also thriving.’

Protest against Pascal Lamy

WTO director general arrived  Bangladesh on Saturday  to  address  the  biggest  convocation of Dhaka University  where  the progressive  and left wing student groups  protested against  his presence as the guest.

Progressive Student Alliance, a combine of leftist student’s organizations, burnt Lamy in effigy and brought out a procession on the camps protesting at his attendance at the convocation ceremony.

The  student group  branded  Pascal Lamy  as a stooge  of  the imperialists block which   was responsible  for  commercializing  the  education  by  squeezing  the  rights to  education for  the  ordinary citizens  of   the  nations  and  monopolizing  global economy  by depriving  the  rights  of   the  poor  people  around  the globe.

One Response to WTO asks Bangladesh to diversify export

  1. Ashok byanju 14 April , 2012 at 10:37 pm

    Good

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