Bangladesh can become export powerhouse: WB report

November 14, 2016

Bangladesh can become an export powerhouse by improving its business

competitiveness and trade regime, says a World Bank report.

Bangladesh can become an export powerhouse at the level of its East

Asian neighbours by improving its business competitiveness and trade
regime which will help firms compete globally, says a new report of the
World Bank.

The report, which was launched jointly with the Policy Research
Institute in Dhaka today, said South Asia will be home to more than a
quarter of the worlds working adults by 2030 and should take
advantage of the favorable demographics, increasing education levels,
and growing cities.

The report - South Asias Turn: Policies to Boost Competitiveness and

Create the Next Export Powerhouse - identified four policy levers that
can help Bangladesh enable its firms to boost productivity and become
more globally competitive: improving the business environment,
connecting firms to global value chain, maximising agglomeration
benefits, and strengthening firm capabilities, said a World Bank media
release.

With rising labor costs in East Asian countries, investors and buyers
are now turning to South Asia, including Bangladesh, said lead
economist (Trade & Competitiveness Global Practice) of World Bank
Group Vincent Palmade.

With over two million youths entering the labor market every year,
Bangladesh needs to act now to seize the opportunity and create more
jobs, Palmade added.

To realise Bangladeshs competitiveness potential, the country needs to

start by focusing on improving its trade policy regime and the business
environment, and address the acute shortage of industrial land, said
World Bank country director for Bangladesh, Bhutan and Nepal Qimiao
Fan.

With the right set of policies and enabling environment, there is no

reason why Bangladesh cannot become the next Asian export
powerhouse.