The business community has to make sure that it continues to experiment and innovate
Many have been apprehensive about Bangladesh transitioning to a developing country, as it will have to conduct business under new rules, and will lose a lot of the competitive advantages it used to enjoy as a Least Developed Country (LDC).
Bangladesh has been doing business in certain sectors in a certain way for a long time, and change like that is known to inspire anxiety among vested parties. In that regard, it is good to see Prime Minister Sheikh Hasina maintain her calm and confidence during these turbulent times and maintain that Bangladesh will prosper under the new rules.
The prime minister made the remarks while inaugurating the newly-constructed Bangabandhu Bangladesh-China Friendship Exhibition Centre at Purbachal. She has rightly pointed out that while we will be losing a lot of opportunities, there are alternative opportunities available under the WTO rules that we can take advantage of. If other countries are able to do that, Bangladesh should be able to do that as well.
The prime minister has urged the business community for product diversification, expansion of the export basket, and the exploration of new markets. We will soon be competing on a much wider scale, and the key is making sure that we have a competitive edge over other players across the globe.
Bangladesh has long been a dominant player in the garments sector due to cheap labour, but this will not be enough much longer. The business community has to make sure that it continues to experiment and innovate. Only then we can emerge as a formidable economy, not just in the context of Asia, but in the world.