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Dhaka Tribune

Salman: Advanced logistics sector must to address post-LDC challenges

He said that the economy is on the verge of another breakthrough as Bangladesh is expected to be graduating from LDC in 2026. However, it will also bring many new challenges

Update : 27 Nov 2022, 07:46 PM

An advanced logistics sector is a must to address the challenges that will be brought by graduation from the list of least developed countries (LDC), said Salman F Rahman, advisor to the Prime Minister for Private Industries and Investment. 

He said that the economy is on the verge of another breakthrough as Bangladesh is expected to be graduating from LDC in 2026. However, it will also bring many new challenges.

“Among them, developed logistics is an important one. The PMO is working on this challenge with utmost priority. Along with the economic development of the country, a developed logistics sector has become our key requirement,” he added.

He was speaking as the chief guest at the virtual launching ceremony of “Whitepaper on FDI in Logistics in Bangladesh,” organized by the Nordic Chamber of Commerce and Industry (NCCI).

He also said that they are working on road development from Dhaka to Chittagong port as part of this. 

“Our plan is to connect every region of the country by road, rail, sea and air and we are working on it. We are also working on the construction of the second air cargo hub in Chittagong,” he added.

There is a lot of talk about custom clearance and fully digital and online-based custom service is mandatory. He said that they are working on it.

The government is also working on a new terminal, along with the Patenga terminal and a bay terminal at Chittagong Port. A deep-sea port at Matarbari is also in progress. 

“With these developments, we will be able to move forward with the full advantage of these infrastructures,” he added.

He also said that logistics is the most efficient part of the global supply chain and the Nordic Chamber working on such a thing is appreciable.

The Ambassador of Denmark Winnie Estrup Petersen said that the economy of Bangladesh is strong and resilient, which was seen during the pandemic.

“Bangladesh will graduate from LDC soon and the country needs to develop its logistics and infrastructure to address the post-LDC challenges through global connections,” she added.

Bangladesh is investing a lot in logistics and Nordic companies are ready to help Bangladesh with technology and policy support, she also said.

The recommendations of the whitepaper may assist the government to find out challenges and possible solutions, she further said.

In his welcome remarks, NCCI President Tahrin Aman said that Bangladesh has always received adequate support from the Nordic countries in any economic aspect.

“In the 50 years of the independence, Bangladesh emerged as an economic miracle,” he said, adding that the Nordic companies have also played a vital role in the economic development.

The bilateral trade between Bangladesh and Nordic countries is worth $1.7 billion and Bangladesh exported 5% of its total export to the Nordic countries, he also said.

After the LDC graduation, the country will face challenges including logistics and without developed logistics, the desired trade volume will be tough to achieve.

“In the whitepaper on FDI in Logistics, there are some concrete recommendations which can play a vital role in mitigating the challenges in the logistics sector,” he added.

Riaz A Chowdhury, country head of corporate and commercial banking of HSBC Bangladesh, said that a developed logistic sector of a country shows how resilient the economy is.

“HSBC is always upholding the interests of the logistic sector. The white paper will help Bangladesh to understand the challenges and HSBC will help to the transformation,” he added.

Asif Khan, CFA, co-founder of EDGE Ventures Limited, presented the keynote at the virtual event.

Mohsina Yasmin, executive director of the Bangladesh Investment Development Authority (Bida) also spoke at the event.

Angshuman Mitra Mustafi, country head of Maersk, remarked on the vote of thanks while Mashiur Rahman, executive director of the NCCI moderated the event.

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