Structural reforms too slow to meet needs: Lutfey Siddiqi

“There is no long-term roadmap for key sectors, including industry, which is frustrating. Alongside institutional reforms, better coordination among government agencies is essential,” he said while addressing a seminar titled ‘Bangladesh’s Import-Export Policy: Requirements and Challenges in the Post-LDC Era’ organised by the Dhaka Chamber of Commerce and Industry (DCCI).

Highlighting the importance of seamless port operations, Siddiqi added that all ports are the lifelines of the economy and “the private sector is the main driver of our economy, so their [businesspeople] demands must be logically and effectively presented to the government.”

DCCI President Taskin Ahmed said prolonged inflation, US tariff policies, export restrictions from India, the ongoing energy crisis, declining reserves, mismanagement in the financial sector and law and order issues have severely disrupted industrial operations and slowed export activities.

“There is no alternative to reassessing our import-export policy to tackle the post-LDC graduation challenges expected in 2026,” Taskin said.

He pointed out that export targets for sectors like leather, pharmaceuticals, jute, and agro-processed products have not been met.

“Over 84% of our exports rely on ready-made garments and a few specific markets. To address import-side challenges, we need both stability in the financial sector and efficient tariff and customs management,” he added.

Presenting the keynote paper at the event, Prof Selim Raihan of the University of Dhaka and Executive Director of SANEM, emphasised the gradual reduction of tariffs, modernisation of import policy, simplification of the customs system, improvement of trade facilitation, and automation, reports UNB.