The country must adopt the latest technologies in order to do so
Bangladesh has to adopt latest technology in the manufacturing industry, especially in producing the apparel sector goods, and move to negotiate tariff rates to take benefit from the ongoing US-China trade war.
Economists, researchers and business leaders came up with this observation at the Annual General Meeting (AGM) of International Business Forum of Bangladesh (IBFB) held at a hotel in the city on Thursday.
“On-going US-China trade war opens up opportunity for Bangladesh. To take advantage from this war, there is no alternative but to go to next level of automation to produce value added goods for higher export income,” Research Director of the Policy Research Institute M. A Razzaque told the meeting.
He said Bangladeshi apparel manufacturers are currently enjoying some extended export orders; mainly because of China’s phasing out from low-end manufacturing and shifting of many factories to neighboring countries.
He said extended export orders are quite different from securing strong gains through diverted investments and Foreign Direct Investment (FDI) which are critical for export growth and diversification.
"So far USA has not imposed additional tariffs on RMG import from China. But there is the apprehension of doing so. If the US imposes 10% additional duties on Chinese apparels, Bangladesh's apparel exports to the USA could increase by 11.32%. 25% duties will lead to 30% rise in BGD’s apparel exports to the USA," he pointed out.
Commerce Minister Tipu Munshi, who attended the AGM as chief guest, has stressed the need for digital services and optimum utilization of abandoned talents to produce value added products with diversity.
Commerce Minister also urged researchers and business organizations to find ways and guiding the government towards enacting plan and policy for export and use of the country's surplus potatos.
He said some 30 lakh tons of potatos remain surplus every year.
Sheikh Fazle Fahim, President of Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), Geoffrey Macdonald, Resident Program Director of International Republican Institute (IRI), Giorgi Gigauri, Chief of Mission of International Organization for Migration (IOM) were present in the event.